https://www.budget.gov.hk/2023/eng/budget01.html

In an effort to enhance Hong Kong’s regulatory regime for combating money
laundering and terrorist financing, a new licensing regime for trust or company
service providers (TCSPs) and new requirements on the keeping of Significant
Controllers Registers by companies took effect today (March 1, 2018).

The new licensing regime for TCSPs has been introduced under the
Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615)
to require TCSPs to apply for a licence from the Registrar of Companies by June
28, 2018, the end of a four-month transition period.
Any person who carries on a trust or company service business in Hong Kong
without a licence commits an offence. TCSP licensees are also required to
comply with the statutory customer due diligence and record-keeping
requirements.

In addition, with effect from today, all Hong Kong companies (except listed
companies) are required to ascertain and maintain up-to-date beneficial
ownership information by way of keeping a Significant Controllers
Register. The Register should be open for inspection by law enforcement
officers upon demand.

“The two new regimes are in line with international requirements as
promulgated by the Financial Action Task Force (FATF). The initiatives will
safeguard the integrity of Hong Kong as an international financial centre, and
add to our credibility as a trusted and competitive place for doing business,” the
Registrar of Companies, Ms Ada Chung, said.

The FATF is an inter-governmental body that sets international standards on
combating money laundering and terrorist financing.

On 12 July 2012, the Legislative Council in Hong Kong passed the new Companies Ordinance (the “New Ordinance”). This is a significant milestone for the development of company law in Hong Kong. The last major overhaul of the existing Companies Ordinance (the “Old Ordinance”) was almost 20 years ago in 1984. The New Ordinance is one of the largest pieces of legislation in Hong Kong.

The Companies Ordinance provides the legal framework which enables the business community to form and operate companies in Hong Kong (including overseas companies operating in the jurisdiction). The changes to be introduced by the New Ordinance are extensive and many of them will affect the interests of those parties who have dealings with companies, such as members and creditors.

The New Ordinance was published in the Government Gazette in August 2012. It will become effective on a day to be appointed and published in the Gazette (“Commencement Date”), which is expected to be in 2014. From the Commencement Date, all the provisions in the Old Ordinance concerning existing companies will be repealed.

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