The Companies (Amendments) Ordinance 2018 will enter into force as of 1 March 2018, under which companies in Hong Kong are required to keep and maintain a significant controllers register (“SCR”), either in English or Chinese, for inspection by competent authorities upon demand. The Companies Registry has published a “Guideline on the Keeping of Significant Controllers Registers by Companies” (the “Guideline”) with detailed guidance on the new requirements in relation to the SCR (the “SCR requirements”).

All companies incorporated and registered in Hong Kong (except companies listed on the Stock Exchange of Hong Kong) should maintain a SCR, containing (i) the required particulars of a company’s significant controller(s) and (ii) name and contact details of a designated representative. Companies not incorporated in Hong Kong (including ‘registered non-Hong Kong companies’ as defined under the Companies Ordinance, Cap.622) are not required to maintain a SCR.

Our legal update highlights certain key SCR requirements and lists out certain key actions to be taken by Hong Kong companies (more operational details are set out in the Guideline):