[Abolition of Business Registration Certificate Number!?] What is Hong Kong’s Unique Business Identifier (UBI) System?

In the rapidly changing business ecosystem of Hong Kong, staying ahead requires adapting to transformative initiatives. The introduction of the Unique Business Identifier (UBI), led by the Companies Registry (CR), redefines how businesses are identified and interact within the regulatory framework.

This article provides various details on the implementation of UBI, including the process and how to confirm information after transitioning to the new system.

What is UBI?

The Unique Business Identifier (UBI) is a new system introduced to strengthen Hong Kong’s position as a global financial hub. With the initiation of Limited Partnership Funds (LPF), UBI aims to provide a single identifier for Hong Kong entities, streamlining interactions between businesses and the government.

Key Implementation Details

The UBI system is being introduced in two phases. The first phase, already completed, targeted Limited Partnership Funds (LPF), marking the first step in integrating UBI into Hong Kong’s diverse business environment. This phase plays a crucial role in the broader rollout of UBI to other entities.

The second phase was introduced on December 27, 2023, alongside an upgraded Integrated Companies Registry Information System (ICRIS).

・Entities Covered in Phase Two
In addition to LPFs, entities subject to the second phase include companies governed by the Companies Ordinance, open-ended fund companies, limited partnerships (LPs), registered trustee corporations, and other entities registered under various ordinances.

・Transition to UBI Numbers
For businesses already holding a Business Registration Number (BRN), the first eight digits of their BRN will become the entity’s UBI. Existing entities without a BRN will be assigned a dummy BRN based on their previous identifier. For example, a Hong Kong entity without a BRN will receive a dummy BRN with a prefix “C.”

・Verification and Search Methods
Businesses can verify or search for their BRN using the “Quick Search > CR Number/BRN Mapping” function in the electronic search service.

・How to Use UBI
Once implemented, UBI will be required for submitting documents to relevant authorities and for communications with government departments and other businesses.

How to Confirm UBI After Implementation

For businesses that already possess a BRN, the transition to UBI may not feel significant. However, for existing entities assigned a dummy BRN, it is essential to ensure a smooth transition to the new identification system. It is recommended to verify the linkage between the existing company registration number and the newly assigned dummy BRN.

How to Apply for Documentation
After the UBI implementation on December 27, 2023, companies will be able to purchase an information sheet that includes details of this change via the new e-service portal’s electronic search service. Information on fees can be found in the “Guide to Major Service Fees” brochure on the CR’s official website (www.cr.gov.hk) under the “Publications > Information Brochures” section.

Additionally, businesses can apply for a certificate issued by the CR acknowledging this change using the same electronic search service. Application forms will be available on the CR’s official website under “Forms > Other Forms” starting December 27, 2023, with a fee of HKD 130.

Summary

UBI is emerging not just as a government regulatory reform, but as a tool for promoting enhanced business activities. As the second phase of the rollout progresses, the UBI system will become a catalyst for more streamlined and efficient commercial transactions, helping shape the future of business in Hong Kong. After implementation, be sure to verify that your previous registration number is accurately linked to your UBI for smooth operations.