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The Companies (Amendment) Ordinance 2018 (the “Amendment Ordinance”) comes into effect on 1 March 2018. It introduces a new requirement to keep a “Significant Controllers Register” (“SCR”) by all companies formed and registered in Hong Kong (including companies limited by shares or by guarantee), except listed companies.
What is a SCR?
What actions a company should take now
What are the consequences of non-compliance?
Failure to comply with the obligations is a criminal offence. The company and every responsible person of the company are liable to a fine at level 4 (i.e. HK$25,000). Where applicable, there is a further daily fine of HK$700.
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