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Why do Hong Kong companies need to update their directors' residence certificates every year?

Released Date: Nov 24,2021 Article Source: HUANZE

since2018After 2000, every company in Hong Kong was required to provide up-to-date proof of its directors' residential address annually under the then amended Companies Legislation.

since2018In accordance with the then amended Companies Legislation of Hong Kong, eachHong Kong companyThe latest proof of the director's address must be provided annually. The proof of address may be any kind of document that meets the requirements, such as: invoices for water, electricity and gas charges in the name of the director, credit card statements, bank statements, telephone bills, etc., provided that the names and full addresses of the directors of the Hong Kong company (full addresses such asXXThe cityXXareaXXRoad,XXNo.XbuildingXunitXThe date of issue of the proof of address must be the most recent3monthly

Such proof of address is required to be kept at the Registration secretariat of the company in Hong Kong in case the Companies Registry of Hong Kong can obtain it in a timely manner when required. The purpose is to fulfil Hong Kong's international obligations in combating money laundering and terrorist financing. If the Hong Kong Companies Registry wins the lottery and is unable to provide proof of the director's address, it will result in a government fine, which the Hong Kong company will also have to bear. Therefore, when Hong Kong company does annual inspection every year, it needs to update the latest address certificate of the director of Hong Kong company.

Why do Hong Kong companies need to update their directors' residence certificates every year?

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