Designated Representative

IPO IN HONG KONG

According to Hong Kong Companies (Amendment) Ordinance 2018, all companies incorporated in Hong Kong must keep a Significant Controllers Registers by the company. This law was enforced since 1st March 2018.

Failure to comply with the above obligation is a criminal offence. The company and every responsible person of the company are liable to a fine at HK$25,000, and further daily fine of HK$700.

Who is a Significant Controller of a company? When a person or a company holds more than 25% directly / indirectly control power of another company, then who is a significant controller.

Who can be a Designated Representative? Company shareholder , director or an employee of the company who is a natural person resident in Hong Kong or an accounting professional, a legal professional or a person licensed to carry on a business as trust or company service provider (TCSP license holder).

Company’s main Obligations

Establishing the Significant Controllers Register ("the SCR”) of the company
Appointment of Designated Representative and allowing inspection of SCR by law enforcement officer
Identifying significant controllers
Giving notices to significant controllers & others

Updating information in the register. Within 7 days after required particulars have been confirmed by the registrable person or legal entity
Entering particulars in the register
Notify the registrar of the place where the SCR is kept or any change thereafter in specified Form NR2 within 15 days after the SCR is first kept at that place or the change

Designation Represntative one year Services Packages
(provided by "Eden Pro Services Limited")

Assistance of establishing the SCR

Assisting law enforcement officer inspecting the SCR

Assistance company to take reasonable step to identifying significant controllers

Assistance to company in updating information in the register

Assistance to company in entering particulars in the register

Assistance to company giving notices to significant controllers once significant controller being discovered

A company must designate at least one person as its representative to provide assistance relating to the company’s significant controllers register to a law enforcement officer.