Primasia: What is the register of significant controllers?

The Companies (Amendment) Ordinance 2018 "the Amendment Ordinance" has introduced new requirements on the maintenance of registers of significant controllers. This will also meet Hong Kong's international obligations. The Amendment Ordinance came into force on 1 March 2018. Let's talk about it.

What type of company is required to maintain a material controller register (MCR)?

The requirement to keep a SCR applies to all companies incorporated and registered under the Companies Ordinance. You can visit the Primasia in Hong-Kong website for further information. These are locally incorporated companies, including : - companies limited by shares - companies limited by guarantee - unlimited companies Companies whose shares are listed on the Hong Kong Stock Exchange are exempt from the requirement.

What should a company do to identify its significant controllers?

A company is required to take reasonable steps to identify the material controller(s). Steps include reviewing the company's register of members, articles of association, shareholder agreements or other agreements. There is also the issue of a or notice to any person who is deemed to be the controller.

What are the required details of its significant controllers?

The details required for a registrant are: - name - correspondence address (but not a PO Box number) - identity card number or, if the person does not have an identity card, the number and country of issue of a passport the person held - the date on which the person became a registered person of the company - nature of the person's control over the business The details required for a registrable legal entity are... - the registration number of the legal entity or the equivalent at its place of incorporation or formation - the address of its registered or principal office At the same time, there is the legal form of the legal entity and the law governing it and the date on which the legal entity became a registrable legal entity of the company. Finally, the nature of the legal entity's control over the company.

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