Implications to Scheme Members and Employers

                                                              Please be reminded to use the new forms starting from 1 January 2020 (New forms will be available for download from our website since 3 December 2019)


                                                              For New Scheme Members

                                                              With effect from 1 January 2020, new members must provide a valid self-certification, a formal declaration that account holders make in connection with their tax residence under the AEOI regime, which is embedded in the relevant enrolment form.


                                                              For Pre-existing Members
                                                              (i.e. holding accounts which are already in existence on 31 December 2019)

                                                              • BCT will perform the due diligence within the statutory timeframe, including procedures for the review of electronic and paper records, as applicable.
                                                              • Under certain circumstances (e.g. change in tax residency or personal particulars), pre-existing members may also be required to provide a valid self-certification. In this case, BCT will notify the relevant members for necessary arrangement.


                                                              For Employers

                                                              • New employers joining the MPF schemes / ORSO registered schemes will be asked to complete the entity self-certification, which is incorporated in the relevant application forms and / or the details of controlling person.
                                                              • As employers are required by law to enroll newly joined employees in an MPF scheme within the permitted period and make timely MPF contributions, they are reminded to take all practical steps to request new employees to complete, sign and submit the self-certification forms properly and promptly when enrolling these new employees into MPF schemes and ORSO registered schemes. Otherwise, account opening process will be adversely affected and could not be completed.