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Ultimate Beneficiary Owners (UBO) filings for PRC entities

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Ho Victor
Victor Ho

Registered Foreign Lawyer, Cal

Hong Kong

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Wang Jack
Jack Wang

Partner

Shanghai

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11 January 2022

On 27 December 2021, the State Administration on Market Regulation (SAMR) of the People’s Republic of China (PRC) and the People’s Bank of China (PBOC) jointly published a consultation draft of the Interim Measures on Information Disclosure of Ultimate Beneficiary Owners of Market Players for public comment.

The draft rule specifies the information disclosure requirements applicable to companies, partnerships and foreign corporations’ branch offices established under PRC law (Market Players).

The consultation period is open until 26 January 2022.

The draft rule is contemplated as implementing the disclosure requirement on beneficiary owners as set forth in the Regulations on Registrations of Market Players, which will take effect from 1 March 2022.

This note summarises a few key points of the disclosure requirements as stipulated in the draft rule that may affect private equity investors and MNCs.