Important Update: Implementation of Unique Business Identifier
Hong Kong holds the second position globally for the ease of conducting business, boasting a competitive edge with its friendly, transparent, and predictable tax regime.
The Hong Kong government is committed to enhancing its legislative framework to foster a conducive business environment. The implementation of the Unique Business Identifier (“UBI”) holds significant importance, and the advantages of this initiative are outlined below.
The Companies Registry is executing the UBI implementation in two phases for entities under the administration of the Registrar of Companies. Phase 1, effective from November 1, 2021, covered Limited Partnership Funds. Phase 2 is scheduled for December 27, 2023, encompassing limited companies and various other entities.
The UBI serves as a unique identifier for legal entities, reducing errors arising from the use of different identifiers for the same entity. This not only enhances accuracy but also contributes to regulatory governance. By facilitating data exchange among the business registry, tax and customs authority, business regulators, and other relevant government agencies, UBI creates transparency in business structures and connections among entities. Additionally, it minimizes the need to repeatedly provide the same company information to different government departments. Many other economies, such as Singapore, New Zealand, and Canada, have already adopted UBI. Hong Kong’s adoption of this system reflects its continued development.
To streamline the implementation of Phase 2 of UBI, all forms specified under the relevant ordinances were revised and will be in use from December 27, 2023. The revised forms were officially published in the Gazette (G.N.5463 and G.N.5681) in September 2023.
For further details, please refer to the Guide: https://www.cr.gov.hk/en/publications/docs/Speech_20230609_DRM_D.pdf
If you require further clarification or assistance in conducting business in Hong Kong, feel free to reach out to us at sales@mayon.hk.