Is Your Significant Controllers Register (SCR) Up-To-Date? Find Out Fast Because In Hong Kong It Is Mandatory!

Every private limited company in Hong Kong is required by law to maintain a document called the Significant Controllers Register (SCR). This is a list of information – such as name, address and identity proof -  of all Significant Controllers of the company.

Significant Controllers of a company in Hong Kong is a person or a legal entity that exercises influence over company decisions and activities such as hiring and firing of the board of directors. It can also be someone (or an entity) who controls over 25% of the company’s shares, gets more than 25% of the capital or profits in a company or has over 25% of the total
voting power.

The main reason for maintaining this report is to keep the ownership of firms transparent and available to the authorities. Failure to comply can result in steep fines, and spreading misinformation or deception intentionally can even lead to imprisonment. So, go ahead and check if your SCR is updated, and while you are at it, do also take a minute to read up more details about the register here.