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 Govt 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 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 live with our company secretary team here 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 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.

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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 now are YES! YES! 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. 

You most likely might have heard of 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.
 

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

1. Currenxie - How It Works?

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 30 countries.

  • Fast : Currenxie has a team to review and approve the account application. So pretty much the account process runs 24/7 and you can get your account opened in just 24 hours the fastest.
     
  • Simple : 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.
     
  • Operation-Effective : There are different types of accounts for fitting your needs, from local business to worldwide business. Currenxie offers transactions in up to 18 currencies, which is quite beneficial to businesses that require a multi-currency account.
     
  • Local SMEs Targeted : 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 - Who Are They and What Do They Offer? 

Secured US$5M in funding round in 2020, 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.

  • Fast : 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.
     
  • Simple : 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.
     
  • Flexible Payment : 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.
     
  • 24/7 Forex Trading Coming Soon : 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.

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After knowing more of the specific features of both Currenxie and Statrys, have you figured out which type is the best fit for you and your business? If you have decided to apply for these multi-currency account services after a thorough assessment, here please find the free signup links dedicated to Bridges community members that do not require to queue up in their waiting list:-

Currenxie account signup : please click here.

Statrys account signup : please click here.

Still struggling on what to prepare for incorporation or which bank alternative to pick? Shoot us an email at info@bridges.hk or just leave us a private message to get our practical advice and kickstart your HK business journey soon!

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As time passes by, Hong Kong remains as the Hottest Pick among global entrepreneurs (including our clients) for starting up their businesses or using this place as a stepping stone to unlock the opportunities in Asia.  Although it is nothing new that worldwide banks have set higher standards for account opening if compared to years ago, still, more and more companies manage to successfully open their corporate bank accounts by getting solid n’ comprehensive start-up assistance, as long as they have found someone they can trust to solve all their queries out, provide appropriate advice, and take care of  the whole application process with great attention.

In this article, we will take you inside the circle to see how your start-up venture and follow-up arrangement like bank account opening can be aided by the experienced and skillful business consultants in the market, that a full-support service hub shall provide to its clients.

 

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 timeline is as FAST as 2 working days in here. In previous days, it takes longer (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.

What’s more, since most HK banks require clients to make the account opening bookings around 1 month in advance due to their full schedule, our consultants will help you make the bank appointments straightway once your company is being set up (in 2 days as mentioned above) and we have got your business registration no. from the Govt for providing to the bank, so as to speed up the whole process and let you operate with a corporate bank account as soon as possible.

 

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

When considering to gain a foothold in Asia, there are always two popular options popping up - HK and Singapore. Yet, HK’s flexibility is probably one of the biggest advantages for foreigners to take and start their business here as the first stop in Asia. As you might know, forming a Singapore company requires foreign entrepreneurs to partner up with a local Singapore citizen, while there is no limit on the nationality of the Director(s) and Shareholder(s) in setting up a HK company.  It means no matter what your nationality, you are free to form your own company in HK without the need to include a HK citizen as your company’s stakeholder, giving you high 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. Once you completed all the official registration process, the company can be ready before your visit to HK and meeting up with bankers.

 

MORE CONVENIENT >> to Open HK Bank Account

Here comes how we make the entire start-up procedures even more convenient. It’s generally recognized that HK topped the global ranking on banking and financial infrastructure for its secured monetary system, well-established legal regime and free currency exchange circulation (especially when compared with mainland cities), and that’s why many savvy entrepreneurs have picked HK as their base in Asia.

We understand the assessment criteria of opening a bank account in here is getting higher under the global trend (while the assessment criteria of worldwide banks is getting more rigorous too to prevent illegal operations like money laundering) and most of the applicants might not always be familiar with what to prepare and how to prepare to match up with ever-changing bank compliance. Hence, an experienced consultant can turn this whole situation around with the intensive know-how and extensive banking network, ultimately uplifting the account opening success rate for clients. For more details, please refer to another blog of us ‘How Your Bank Acc. Opening Success Rate Is Raised by a Skillful Consultant’ here: bit.ly/2vD15Wj.

Currently we work closely with HSBC, OCBC Wing Hang Bank, China Citic Bank, Standard Chartered Bank, Hang Seng Bank, DBS, Dah Sing Bank and different overseas banks, and we believe you will find your best option among them for operating your business in this place.

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Now you see how a competent consultant could ease your application pain and smoothen your ride in HK. Especially you wouldn’t want to waste time to get rejected over and over again so this is where a consultant can make a total difference.

Following our provided guidance, standing out from a bunch of account opening applicants, getting everything done in only one trip to HK... all these can be your personal experience with the support of BRIDGES on-site consultant team who will save your various hassles and time cost so you shall find having your own business in HK is not that difficult.

Still struggling on what to prepare for incorporation or which bank to pick? Shoot us an email at info@bridges.hk or just leave us a private message to get our practical advice and kickstart your HK business journey soon!

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