EPIC answer in CS Interview!!
Interviewer(??): Are you aware of the latest Amendments in Companies Act?
CS applicant: Sir I try to keep up with the latest amendments in Companies Act around the world!!??
Interviewer?? : Really so what is the latest amendment that you read?
Cs applicant: Sir I recently read about the UBI amendment in Hong Kong ….here are the quick highlights about it!!!
CS Applicant be like:-
Notification?
The Companies Registry External Circular No. 3 / 2023 issued on 27 October 2023 announces the implementation of Phase 2 of Unique Business Identifier ("UBI") on 27 December 2023.
What is happening?
Business Registration Certificate Number assigned by the Business Registration Office of the Inland Revenue Department is replacing Company Number on “Certificate of Incorporation”, “Certificate of Registration”, or “Certificate of Change of Name” and thus we will have the BRN as unique business identifier.
How this Number came?
The Business Registration Number (“BRN”) (i.e. the first 8 digits of the Business Registration Certificate number) assigned by the Business Registration Office of the Inland Revenue Department (“IRD”) will be adopted as the UBI of companies / entities.
What is the use?
Implementation Date for us ?
Are we covered?
The Companies Registry (“the Registry”) undertook the implementation of ?UBI in two phases for entities under the administration of the Registrar of Companies
a.Phase One :
It was of a small scale implemented for Limited Partnership Funds (“LPFs”) with effect from 1 November 2021.
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b.Phase Two:-
It will be implemented simultaneously with the launch of the Registry’s revamped Integrated Companies Registry Information System (“Revamped ICRIS”) on 27 December 2023 to cover other types of entities :-
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Why this implementation?
Core reason:- To reduce possible errors caused by the use of different identifiers in identifying the same entity in communication and exchange of data across government departments and businesses.
Summary for implementation:- “regulate entities more effectively.”
?Jurisdictional examples:
Several jurisdictions have already implemented similar initiatives, such as the Unique Entity Number (UEN) in Singapore, and the Unified Social Credit Identifier (统一社会信用代码) in the PRC. In Hong Kong, business registration number will be adopted as the new UBI for companies and entities.
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Revision of Specified Forms and Administrative Form to be filed with the Registry?
To facilitate the implementation of Phase 2 of the UBI,?117 specified forms and an administrative form i.e Form AD - Rectification of Typographical or Clerical Error in Registered Document to be used for filing with the Registry have been revised for use starting from 27 December 2023.
Where can I use the UBI of my company / entity?
??? Communication with government departments and businesses.
?? BRN shall be used in filing specified forms and documents with the Registry.
??BRN will be the key number used by the Electronic Search Services of the Registry for searching and identifying a company or entity.
?? For companies incorporated / registered on or after 27 December 2023, the BRN is also adopted as the “No.” on the “Certificate of Incorporation” or “Certificate of Registration of Non-Hong Kong Company” issued by the Companies Registry.
?The Main Question: Action points for us. (For Existing covered entities)
??Obtain evidence on the change in identification number of our company /entity after the implementation of UBI.
a.? Information Sheet
?? The Information Sheet can be purchased in the form of an image record via the Electronic Search Services on the Registry's new e-Services portal.
?? Please refer to the information pamphlet "Price Guide to Main Services" which can be downloaded from the "Publications > Information Pamphlets" section of the Registry's website for the fee required.
?? The amount is as follows:
??? Note:-(However An Information Sheet evidencing the change to use BRN as an identification number of every company on the Companies Register will be made available for public inspection after the launch of the Revamped ICRIS on 27 December 2023. So can we obtain for free,?)
b.?????? Letter of Confirmation
? apply for a Letter of Confirmation issued by the Registry as evidence.
?? application fee:- HK$130.
? Application Date:- on or after 27 December 2023.
? Path:- “Forms > Other Forms > www.cr.gov.hk
c.????? The Companies Registry will issue a letter to each company informing the company of the change and its BRN before Phase 2 of UBI.??
?Crucial Question!!
Any changes in Our Incorporation Docs:-
??? For limited companies and entities incorporated or registered before the implementation of UBI, Certificates will not be re-issued for replacing the existing ones.
??The Registry will issue a letter about the replacement of existing CR No. by BRN to each of these companies / entities at its reported address.
Noting:-
Upon the implementation of the second phase of UBI on entities on 27 December 2023, you can look up the corresponding BRN of a company / entity by the existing Company Number / CR Number / Company Registration Number and vice versa by using the “Quick Search > CR No. / BRN Mapping” function provided in the Electronic Search Services of the Companies Registry.
Footnotes:-