As from 27.11.2016, the UK has introduced a mandatory Register of Beneficiaries for local companies with the only exception made for Public companies that have their shares listed on the stock exchange. Pursuant to UK law, all Beneficiaries that hold a 25% shareholding are subject to be included to the Register.
Having yielded to pressure of the movers and shakers, Hong Kong hurried up to follow Singapore’s example and have introduced the Register accordingly.
Government authorities are currently preoccupied with consultations to define whether the Beneficary Register is going to be public or not. The current law does not impose any restrictions on companies with respect to Beneficiaries accounting and keeping their data with secretaries.