All about company secretarial services in Hong Kong
Contributed by hongkongtaxfree.com
15 December, 2016
To register a limited liability company in Hong Kong Special Administrative Region of China, you are required to have a physical address, article of association, company name, copies of directors' and shareholders passports, a business structure, and a company secretary.
Notably, the company secretary remains the most notable because he/she is responsible for ensuring that the company is compliant with statutory and legal requirements as well as implementing board decisions. In this post, we explore all about company secretarial services in Hong Kong.
Why is the company secretary so important?
As an offshore company, the Hong Kong administration wants to make it easy to administrate and keep all companies up to date on new developments. Many are the times when new legislations are passed to help businesses grow faster, anchor startups growth projectile, and support innovation. These decisions and many others by different arms of the Hong Kong administration are communicated through the company secretary.
The Companies Ordinance requires that the secretary be a resident and will take roles the very day that the incorporation is passed. The secretary is the link between the company and government. Here are his/ her roles.
Duties of a Hong Kong Company Secretary
- He is the main link between a company and registry office.
- He prepares, records, stores, and reproduces all statutory records.
- Arranges all board and/shareholders' meetings.
- Attends, takes, and keeps minutes of board and shareholders meetings.
- Implements the board's resolutions arrived at during meetings.
- Applies for the company's business registration certificate
- Prepares and submits any legal requirement asked by any Hong Kong administration arm of government.
- Advice the company on any issue on legislation, bankruptcy, and liquidation if the need arises.
- Responsible for company deregistration when the company wants to cease operations.
How to get a good company secretary
In all legal documents, the company secretary is the central representative. The secretary has to ensure that all operations are done within the law. Therefore, the company secretary has to be a knowledgeable person with vast experience. Though it is mainly legal, it also includes administrative duties in the new company.
The company ordinance requires that if the company has a single shareholder, he/she cannot be the secretary. The director's roles will mainly involve a lot of business administration, marketing, and client related tasks. This leaves him/her with little time to accomplish legislative requirements. However, if the company has two or more directors, one can serve as the secretary. In such a situation, the director who doubles as the secretary has to be a resident of Hong Kong or shift to Hong Kong.
Getting the right secretary can be an uphill task especially for people who have never been to Hong Kong before. A simpler, more effective, reliable, and highly efficient method is using an agency. Agencies in Hong Kong can assist you to get a perfect secretary depending on individual company needs. If the company will not be very busy, the selected agency can even help you to share a secretary and office to keep costs as low as possible.
Reach us today to get more insights on how we can assist you to get the most qualified and highly experienced secretary to help your start up start with vigour and grow rapidly.
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