A significant regulatory update from the Hong Kong Companies Registry is on the horizon. Starting from 27 December 2023, the familiar Business Registration Numbers (BRN) that businesses in Hong Kong have been using will be replaced by Unique Business Identifiers (UBI). This change marks a crucial step in aligning Hong Kong's business identification practices with global standards. Let's delve into what this means for your business.
Understanding the Change
The shift to UBIs is driven by the need for clearer and more standardised identification of legal entities in business transactions and interactions with government agencies. This transition is designed to reduce errors, enhance data exchange efficiency, and improve overall public service delivery.
The Impact on Your Business
- Seamless Transition to UBI: Your existing BRN will automatically become your UBI. There's no need for re-registration or obtaining a new number.
- Validity of Existing Certificates: Current certificates remain valid and in force; no reissuance is required.
- Enhanced Search Functionality: The Registry will introduce a new search tool, “Quick Search > CR No. / BRN Mapping”, on 27 December 2023, simplifying the process of finding your UBI.
What You Need to Do
At present, there's no immediate action required from your end. It's important, however, to be aware of this upcoming change and to understand how it will be reflected in your business's legal and regulatory documents.
How to Access the UBI Document on the Company Management Portal?
It's simple and straightforward:
- Log In: Enter your credentials to access your Statrys Company Management Portal profile.
- Navigate to UBI Information: Your UBI will be prominently displayed for easy reference.
- Downloadable CR Letter: Need a copy of the Companies Registry letter for your records? You can download it directly from the Company Management Portal in the 'Mailroom' section at any time.
We understand how important it is to access these key details easily. So, we've made getting your UBI straightforward and user-friendly.
Final Note
Embracing the UBI system is a step forward in the digital transformation of business operations. Statrys is here to support you every step of the way, ensuring that this transition enhances your business efficiency and compliance. For ongoing information and updates, continue to follow our blog.
If you need tailored assistance for incorporating your business in Hong Kong, contact us at incorporation@statrys.com.
