When Hong Kong government passed the Companies Ordinance Amendment law and added the requirement for the Significant Controllers Register Hong Kong, a lot of things changed. As a company operating in Hong Kong, it is time to start rethinking about the new requirement and work with speed to remain compliant. The focus has now changed to ensure that the register is in the perfect condition. Here is an account of how to prepare the SCR / register of beneficial owners Hong Kong.
The best way to prepare Hong Kong beneficial ownership register
After company incorporation in Hong Kong, you now need to carefully capture all the details of the shareholders and ensure they are available for inspection by authorities. Here is an account of how to prepare the register in five steps.
Start by identifying the significant controllers and the required info. This includes an examination of the company records such as the register of members and Articles of Association.
Send written notices to the significant controllers and ask them to provide confirmation of details. All companies were required to do this within seven days starting from 1st of March, 2018. Make sure to capture the date of notice in the beneficial ownership register Hong Kong.
After receiving the details of the shareholders with significant control, make sure to include them in the register. Where no confirmation is received from the shareholder, you have to capture the same in the register. You should also follow the same steps to get the details of a controlling entity.
If you want to change the particulars of the significant controllers register Hong Kong, the outlined procedure should also be followed. You must send a notice to the person within seven days after realizing that he is a controller. If the controller is not known, you have to send a notice to a third party who is believed to know him.
Then, enter the details in seven days after getting the confirmation. If no confirmation is received, you have to enter the negative statement in the register.
The final take
As the Hong Kong administration puts into force the new law, you only need to follow the procedure in order to be compliant. This means operating within the established guidelines and capturing the right information whether it is positive or negative. Do not let the new requirement pull your focus, commitment, and progress down.
Consider working with secretary services in Hong Kong for assistance in case of a problem.