{"id":1843,"date":"2018-02-22T00:00:00","date_gmt":"2021-09-08T06:07:57","guid":{"rendered":"https:\/\/oln-law.zegal.xyz\/?p=1843"},"modified":"2021-09-10T05:30:43","modified_gmt":"2021-09-10T05:30:43","slug":"the-companies-amendment-ordinance-2018","status":"publish","type":"post","link":"https:\/\/oln-law.com\/zh-cn\/the-companies-amendment-ordinance-2018\/","title":{"rendered":"The Companies (Amendment) Ordinance 2018"},"content":{"rendered":"\n<p>The<strong>&nbsp;Companies (Amendment) Ordinance 2018&nbsp;<\/strong>requires non-listed Hong Kong companies to keep a \u201csignificant controllers register\u201d (SCR), and comes into effect on 1st&nbsp;March 2018.<\/p>\n\n\n\n<p>A \u201c<strong>significant controller<\/strong>\u201d is a person or entity who:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>holds over 25% of a company\u2019s issued shares or over 25% of its voting rights;<\/li><li>holds the right to&nbsp;appoint or remove the majority of the board of directors of the company; or<\/li><li>exercises significant influence or control of the company in any other way.<\/li><\/ol>\n\n\n\n<p>Company\u2019s obligation to serve notices and to notify Companies Registry<\/p>\n\n\n\n<p>Every Hong Kong company has the obligation to identify all \u201c<strong>significant controllers<\/strong>\u201d, and to keep the SCR up-to-date by entering the particulars of all \u201c<strong>significant controllers<\/strong>\u201d and their nature of control in the SCR.<\/p>\n\n\n\n<p>If a Hong Kong company knows, or has reasonable cause to believe, that a person or entity is a \u201c<strong>significant controller<\/strong>\u201d or that person or entity knows the identity of another \u201c<strong>significant controller<\/strong>\u201d, the company has an obligation to serve a notice on such person\/entity within 7 days.<\/p>\n\n\n\n<p>The person\/entity on receiving the notice then has to respond to the notice advising if it is a \u201c<strong>significant controller<\/strong>\u201d, and if so confirm its particulars as stated in the notice and providing any missing particulars. The person\/entity also has to advise if it knows the identity of another \u201csignificant controller\u201d, all known particulars of that other \u201csignificant controller\u201d.<\/p>\n\n\n\n<p>For a Hong Kong company held by another company, or held by several companies in the same \u201cchain of ownership\u201d, \u201c<strong>significant controllers<\/strong>\u201d would include the immediate holding company of the Hong Kong company and the person\/entity at the end of the \u201cchain of ownership\u201d.<\/p>\n\n\n\n<p>The company should also serve a notice on a \u201c<strong>significant controller<\/strong>\u201d if the company knows, or has reasonable cause to believe, that the particulars of that \u201c<strong>significant controller<\/strong>\u201d have changed, or if it has ceased to be a \u201csignificant controller\u201d.<\/p>\n\n\n\n<p>The company also has an obligation to notify Companies Registry where the SCR is kept.<\/p>\n\n\n\n<p><strong><u>Regulatory oversight<\/u><\/strong><\/p>\n\n\n\n<p>Failure to comply with the above obligations is an offence which attracts a level 4 fine (HK$25,000) and where applicable, a further HK$700 for each day the offence continues.<\/p>\n\n\n\n<p>Law enforcement officers from various authorities, including Companies Registry, Customs and Excise Department, Hong Kong Monetary Authority and the Hong Kong Police Force, can require the company to make its SCR available to them for inspection, and to make copies of the SCR.<\/p>\n\n\n\n<p>Additionally, any \u201c<strong>significant controller<\/strong>\u201d whose name is on the SCR also has the right to inspect the SCR.<\/p>\n\n\n\n<p>If you need further information, please do not hesitate to contact&nbsp;<a href=\"https:\/\/oln-law.com\/stephen-chan\">Stephan Chan<\/a>&nbsp;at&nbsp;<a href=\"https:\/\/oln-law.com\/jade-tang\">Jade Tang<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The&nbsp;Companies (Amendment) Ordinance 2018&nbsp;requires non-listed Hong Kong companies to keep a \u201csignificant controllers register\u201d (SCR), and comes into effect on 1st&nbsp;March 2018. A \u201csignificant controller\u201d is a person or entity who: holds over 25% of a company\u2019s issued shares or over 25% of its voting rights; holds the right to&nbsp;appoint or remove the majority of &#8230;<\/p>\n","protected":false},"author":20,"featured_media":2760,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[35],"tags":[],"featured_post":[],"class_list":{"0":"post-1843","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-corporate-and-commercial-law","8":"entry"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Companies (Amendment) Ordinance 2018 | OLN<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/oln-law.com\/zh-cn\/the-companies-amendment-ordinance-2018\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Companies (Amendment) Ordinance 2018 | OLN\" \/>\n<meta property=\"og:description\" content=\"The&nbsp;Companies (Amendment) Ordinance 2018&nbsp;requires non-listed Hong Kong companies to keep a \u201csignificant controllers register\u201d (SCR), and comes into effect on 1st&nbsp;March 2018. 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