New obligation for unlisted Hong Kong companies to keep a register of their significant controllers
From 1 March 2018, companies incorporated in Hong Kong will need to maintain a register of persons having significant control over them, known as a "significant controllers register". This register will not be made public and it will not need to be filed with the Companies Registry, but law enforcement officers can have access to it upon demand. This new obligation does not apply to overseas companies even if they have a Part 16 "non-Hong Kong company" registration status. Hong Kong companies with shares listed on the Hong Kong Stock Exchange will be exempt, as information on their significant shareholders is already disclosed to the public pursuant to the Securities and Futures Ordinance. However, their Hong Kong subsidiaries will still need to comply.
In this short, four-minute video we summarise the key points to note and the suggested action Hong Kong companies should take to comply with the new obligation.