The Hong Kong Companies Registry has announced new disclosure requirements for non-Hong Kong companies (NHKC) operating on the island.
The Non-Hong Kong Companies (Disclosure of Company Name, Place of Incorporation and Members’ Limited Liability) Regulation will come into operation on 1 August 2019.
The regulation aims to bring into line the disclosure obligations of NHKCs with those of Hong Kong companies.
It obliges an NHKC to disclose its name, place of incorporation and members’ liability status, and defines the offences for contravening the regulation after it comes into effect.
An NHKC must state prescribed information in all of its communication documents, such as business letters, notices or official publications.
The same information should also appear on transaction instruments, such as contracts or deeds, bills of exchange, promissory notes or endorsements, cheques, orders for money or goods, consignment notes, invoices, receipts or letters of credit.
If a NHKC contravenes the relevant disclosure obligations of the regulation, the NHKC and its responsible persons and agents who authorise or permit the contravention commit an offence, then each is liable to a fine of HK$10,000 (US$1,278).
The Hong Kong Companies Registry said that NHKCs and their responsible officers and agents should prepare for the necessary measures to ensure compliance with the disclosure obligations stipulated by the regulation to avoid committing an offence after it comes into effect.
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