Hong Kong Significant Controllers Registers: maintaining accurate records.

Companies subject to the SCR requirements must identify their significant controllers, maintain the prescribed information and designate an eligible representative to assist law enforcement officers. Review the register when ownership or control changes.

Check whether the company is in scope

The requirements concern companies within the Companies Ordinance framework, subject to exclusions such as listed companies. Registered non-Hong Kong companies are not simply treated as local companies for this purpose. Re-domiciled companies should check the current applicable requirements.

Look beyond a share percentage

1. 01

   More than 25% of shares, or the relevant capital or profit rights where the company has no share capital.

2. 02

   More than 25% of voting rights, directly or indirectly.

3. 03

   The right to appoint or remove a majority of the board.

4. 04

   A right to exercise, or actual exercise of, significant influence or control over the company.

5. 05

   Having the right to exercise, or actually exercising, significant influence or control over a trust or non-corporate firm’s activities, where its trustees or members meet at least one of the first four conditions in relation to the company.

Registrable legal entities may also need recording. Review indirect ownership and control with the supporting agreements and records; an overseas corporate shareholder does not automatically end the enquiry.

The designated representative is a different role

An eligible representative may be a Hong Kong-resident natural-person member, director or employee, or an eligible accounting professional, legal professional or TCSP licensee. The role assists law enforcement in relation to the SCR; it is not the definition of a significant controller.

Location, confirmation and updates

The SCR can be kept at the registered office or another permitted Hong Kong place. The relevant notification requirements and exceptions should be checked. Maintain the prescribed information, notices and confirmations; different entry and update provisions should not be replaced by one universal seven-day rule.

Ask IMSG to confirm the records and designated-representative work included in the engagement and any separately quoted investigation or correction work. We do not promise every historical gap can be resolved in the first week.