When the Hong Kong administration released the new requirements for significant controllers register, investors started wondering how they will meet the new demand. While significant effort is required to help every company comply with the new requirement, you can move a step ahead to get more from the significant controllers register in Hong Kong.
Make sure the company is compliant in line with the new law
The first thing is ensuring to understand the new law and how it works. This entails moving a step ahead to ask crucial questions about the law. For example, you should try to establish why does the Hong Kong administration require companies to create a new register yet it has all the details in the companies registry? Once you appreciate the requirement for the law, go ahead and ensure the company is compliant with it. This will put the company at the front of enjoying government support.
Work towards demonstrating tax substance
As you work towards creating a Hong Kong beneficial ownership register, make sure to maintain focus on tax substance. Experts in business incorporation Hong Kong and tax matters are of the view that Hong Kong wants to leverage its ability to identify valuable enterprises that assist the economy to grow and reward them. By holding more meetings in Hong Kong, engaging directors and shareholders in Hong Kong, and forming partnerships with other enterprises, the administration will be there to assist the company to grow faster.
Adjust the significant controllers to put more active personalities at the front
The people who appear in the beneficial ownership register Hong Kong are very important in giving the enterprise the right image. You want these personalities to help the company win the affection of the administration, other businesses, and even community. Therefore, you should reconsider adjusting the shareholding of the company so that personalities in the register can help the enterprise move to the next level.
Ensure that the business is compliant with all laws
Though Hong Kong has released the new amendment to the Companies Ordinance, you can only be sure of operating on the right side of the law by meeting all the laid down laws. These include having a certificate of incorporation, registering with IRS, and maintaining an address in Hong Kong. If you are in a niche that requires additional certification such as telecoms or finance, ensure that such authorization is also available.