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).