Under the latest Companies (Amendment) Ordinance 2018, effective from 1st of March 2018, every HK corporation is required to keep its Significant Controllers Register (SCR) for identifying the particulars of those who have significant control over the company (a.k.a. significant controllers), and it should be accessible by law enforcement.

Ensure your company has well fulfilled this requirement to stay away from Governmental penalty!
 

According the latest Companies (Amendment) Ordinance, every company should get their Significant Controllers Register ready on or before 1st March 2018.

Who’s a Significant Controller of the Company?

A significant controller includes -

• a registrable person who is a natural person;
   
• a registrable legal entity which is a shareholder of the company

The person holds directly or indirectly more than 25% of the issued shares in the company. One scenario that needs your attention is that even your company B is owned by another mother company A or it has more than 25% of the shares of company B, then the owner of mother company A should be identified as the significant controller of company B by owning more than 25% of the shares of company B indirectly.

What to Include & Where to Keep the SCR?

The SCR should contain the required particulars of every significant controller(s) and designated representative of the company. Every company must appoint at least one person located in HK as designated representative to provide assistance relating to the SCR of the company to law enforcement officers. The SCR can be kept at the registered office of the company or the same place as the register of members or any other place in HK by submitting a declaration form within 15 days after the SCR is first kept at that place.

We can act as your Designated Representative for the SCR to save your time and hassles.

What Should I Do Next?

You should have all required particulars on the SCR well-ready before 1st March 2018 (if not, please act fast). Then, start keeping your company’s SCR at one place and coordinate with your designated representative to provide assistance relating to the SCR to law enforcement officers at any inspections.

If you’re not sure about how to comply with this Govt requirement properly based on your case background, feel free to chat with our company secretary team via info@bridges.hk today for further support. Rest assured the documents will be managed in good hands and safely guarded.

Our Company Secretarial Service Package already includes:

1. Prepare the SCR under the Govt required format, keep it at the registered office address (please find location details here: BRIDGES Registered Office) and act as your company’s designated representative for the SCR.

2. Help prepare the required paperwork if the SCR is neither kept at your registered office address nor the same place as the register of members.

3. Other company secretarial compliance like filing of Annual Return, etc.

As said at the beginning, under this mandatory requirement from the HK Companies Registry, every company incorporated in HK is required to keep its Significant Controllers Register, no matter the company’s significant controller is a registrable person or a legal entity.

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* Failure to comply with the above obligations is a criminal offence, meaning the company and every responsible person of the company will be liable to a fine at level 4 (i.e. HK$25,000). Where applicable, there is also a further daily fine of HK$700 (e.g. the situation happens continuously). Please refer to: HK Companies Registry for more details. All information contained here shall be subject to the final announcement by the HKSAR Govt and the Companies Registry.

(Updated in 2023)

Planning to start a business but feeling puzzled with the bank part? Wonder if there are other options besides opening a bank account in those traditional banks? Any way to shorten your time in waiting for a bank account to be opened? Any means to get a bank account more conveniently? The answers to these questions are YES because Hong Kong Monetary Authority (HKMA) has announced a grand total of eight virtual banking licenses in 2020 which provides more handy alternatives for entrepreneurs, not to mention an array of fintech solutions that are gradually maturing in the market these days. 

Currenxie and Statrys – two fintech platforms offering alternatives to the traditional bank account. The platforms have become more popular among those who target to operate their business right away with instant money transactions by having a dedicated Hong Kong account number. And the account setup process of these platforms is usually simple and quick as a piece of cake. Airwallex, another platform chosen by many cross-border e-commerce owners which is widely recognised and has been rapidly expanding. Take a glimpse of the facts of each platform below to see why.

The emerging banking alternatives provide more convenience to start-ups like quick signup and real-time transactions dashboard.

1. Currenxie - Digital B2B Business Accounts

Currenxie account is a licensed Money Service Operator and holds a Money Lenders License. The platform's virtual account network now spans 9 jurisdictions and more than 40 countries.

• Currenxie has a team to review and approve the account application. So pretty much the process runs 24/7 and you can get your account opened in just 24 hours the fastest. All you need to do is to fill-up the online application form, submit the required documents, and sit back in front of your desk to wait for assessment and approval.


• Different types of accounts available to cater to your needs, from small local business to medium cross-border business. Currenxie offers transactions in 20 currencies, which is quite beneficial to businesses that require a multi-currency account.
   
• Currenxie values the local market a lot, especially here in HK. If you own a HK corporation or planning to enter Asia’s market, Currenxie will have an experienced support team available to answer your questions and support your needs, like sending your money to bank accounts in China or worldwide.

2. Statrys - Payment Services for SMEs

Statrys is a rising star in alternative payment solutions for SMEs in Hong Kong and abroad. It offers Business Accounts as well as local currency accounts where applicable. Along with a Forex trading solution, allowing users to trade in 11 currencies.

• Statrys requires no physical visit, so new applicants can get approved online in 48 hours. As soon as they are approved, they can begin sending and receiving payments.
   
• Like most digital payment platforms, Statrys only requires company documents in the application process, including the beneficiaries and shareholder details for compliance purposes. Simply submit your documents, and kick back while your account is processed.
   
• With Statrys, it doesn't stop at a simple Business Account. With a Local Currency Account, users can access markets abroad with a localised business account, including a full IBAN code as well. That means there's no need to leave your country of business account registration to accept payments in local currency in Europe for instance.
   
• Statrys's Forex trading package will soon launch with round-the-clock trading for users so they may trade effectively at any time they wish.

3. Airwallex - A Global Business Account for Modern Businesses

Supporting more than 30 currencies in 130 countries, Airwallex is one of the Top Global 100 Fintech firms which specialises in providing payment solution to e-commerce owners.

• Airwallex's Global Business Accounts (whether in local or foreign currency) is free to open and doesn't require any monthly account fee. It can be opened in minutes and provides real-time currency conversion from one to another with a competitive market rate.
   
• To help e-commerce owners streamline their business transactions, Airwallex's accounts can integrate to major online marketplaces including Amazon, Shopify, Paypal and eBay.
   
• An extra bonus for business owners, Airwallex also partnered with Xero, meaning account owners can integrate their accounts to the cloud-based accounting software to make bookkeeping a breeze.
   
• Airwallex launches its border-less virtual card (physical version will be available soon) which is also foreign-currencies-friendly, empowering every team member of the business to make purchasing decisions.

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After knowing more of the specific features of Currenxie, Statrys and Airwallex, have you figured out which fits your business the most? Find the free signup links dedicated to BRIDGES community members below and own your multi-currency account today -

Currenxie account signup

Statrys account signup

Airwallex account signup

Still struggling on what to prepare for incorporation or which bank alternative to pick? Shoot us an email at info@bridges.hk or call +852 2159 9666 to get our practical advice and kickstart your HK business journey soon!

If you're one of the entrepreneurs who are looking forward to starting up their businesses or using Hong Kong as a stepping stone to unlocking the opportunities in Asia, it's best to find a trustworthy consultant who provides appropriate advice, and takes care of the whole application process with great attention like BRIDGES. Read on to see how your start-up venture can be aided by experienced and skillful business consultants in this article.

FASTER >> to Form All-New Limited Company

Whether you would like to set up an all-new company, or purchase a ready-made one as your HK business vehicle, the incorporation process can be as fast as 2 working days. Before it used to take almost 10 days to finish setting up an all-new company but now with our 2 DAYS EXPRESS services, your company can be up and running in a much shorter time.

Since most HK banks require clients to make the account opening bookings around 1 month in advance, our consultants will help you make the bank appointments straightway once your company is being set up (in 2 days as mentioned above) to speed up the whole process and let you operate with a corporate bank account as soon as possible. 

Not in HK or can't travel? Not a problem! Due to COVID-19, our team sees some clients aren't able to travel because of lockdown, we, therefore, can help incorporate a business remotely. We also have partnered up with several renowned online finance platforms which allow clients to open a corporate bank account within 48 hours even they can't be in HK.

EASIER >> to Set up Your Business with Only 1 Person

When considering gaining a foothold in Asia, it's always a struggle between HK and Singapore. Yet, the flexibility of the former city is probably one of the biggest advantages for foreigners to take and start their business here as the first stop in Asia. As forming a Singapore company requires foreign entrepreneurs to partner up with a local Singapore citizen, there is no limit on the nationality of the Director(s) and Shareholder(s) in setting up a HK company. It means regardless of your nationality, you are free to form your own company in HK without including a HK citizen as your company’s stakeholder, giving you higher flexibility in the company structure.

Not to mention it takes only one person to form the HK company (meaning the Director and Shareholder can even be the same person), and the mandatory Company Secretary can be provided by us which is already included in our all-in-one HK Company Formation Package.

MORE CONVENIENT >> to Open HK Bank Account

One final step before actually running your venture - opening a corporate bank account. However, this is the most crucial yet painful process that can be an obstacle since many applicants aren't familiar with what and how to catch up with ever-changing bank compliance. The assessment criteria of opening a bank account are also getting more rigorous to prevent illegal operations. Hence, our experienced consultant can uplift the account opening success rate for clients with the intensive know-how and extensive banking network. For more details, please refer to ‘How Your Bank Acc. Opening Success Rate Is Raised by a Skillful Consultant’.

The high global ranking on banking and financial infrastructure. the secured monetary system, well-established legal regime and free currency exchange circulation of HK (especially when compared with mainland cities) are the powerful basis for every business, and that’s why many savvy entrepreneurs have picked HK as their base in Asia.

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Get the support of BRIDGES' on-site advisory team who will save your various hassles so your venture in HK will guarantee to be a successful one.

Shoot us an email at info@bridges.hk or call +852 2159 9666 to get our practical advice and kickstart your HK business journey as soon as possible!