Changes in Hong Kong regulatory legislation company faces

According to the latest amendments to the law “On the Companies (Amendment) Ordinance 2018”, which entered into force on March 1^st, 2018, new requirements are established for persons having a significant impact on the company.

In accordance with the changes, a company registered in Hong Kong should identify persons that have a significant influence on the company and maintain a register of controlling persons accessible to law enforcement agencies. The law also establishes the need to appoint a company representative as a contact person to provide information on the SCR register and assist law enforcement agencies.

Failure to comply with obligations under Hong Kong Companies Law (as amended) entails criminal liability. In addition, the company and each responsible person are liable in the form of a fine of $ 25,000.

Since March 1^st, 2018 organizations engaged in servicing companies should periodically review documentation, store Company documents as part of a legal audit in their archives and maintain company information up to date, keep copies of all documents and company information during 5 years after the end of the service company.

On materials of the following website: https://www.cr.gov.hk/en/publications/docs/es1201822053-e.pdf