Hong Kong companies to maintain a Significant Controllers Register
The Hong Kong Companies Registry announced on 25 January 2018 that a new licensing regime for trust and company service providers ("TCSPs") will come into force on 1 March 2018 under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) ("AMLO").
TCSPs will be required to apply for licences from the Registrar of Companies to provide trust and/or company services in Hong Kong. TCSPs also have to comply with statutory due diligence and record-keeping requirements under Schedule 2 of AMLO.
Following the passing of the Companies (Amendment) Bill 2017 on 24 January 2018, Hong Kong companies are required to obtain and maintain up-to-date beneficial ownership information through keeping a Significant Controllers Register (“SCR”) with effective from 1 March 2018 for internal records and inspection by law enforcement officers upon demand.
Significant controllers include:
Five conditions for significant control over a company:
Contents of the SC Register
Which are the compan(ies) require to complete the SCR?
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