Hong Kong, a special administrative region of China, is one of the most revered business hubs for incorporating a company. The jurisdiction has a wide range of privileges, from government support to strategic location in the heart of Asia, that make it easy to catapult a business to the next level. An investor targeting to take advantage of this market must register a company in Hong Kong by meeting all the set conditions.
One of these requirements is picking a company secretary. So, how do you select the best company secretary? To help you out, we will walk you through the ins and outs of a company secretary in the country.
A Brief about Hong Kong Company Secretary
Having a company secretary is a primary condition for every business that is registered under Section 474, Cap, 622 of the Companies Ordinance. So, let’s take a closer look and answer the question, “what exactly is a company secretary in Hong Kong?”
People tend to confuse the term “company secretary” with the ordinary “secretary,” but they are completely different. A company secretary is a senior representative charged with ensuring the business runs in strict conformity with the Companies Ordinance. So important is the role of the company secretary that your application for company incorporation in Hong Kong will be declined if you lack one.
Simply put, a company secretary is of huge importance to the direction, operations, and governance of a company registered in Hong Kong.
Requirements for a Company Secretary
So, who can act as your company secretary? As you prepare to form a company, you also need to understand what the law says about who can become a company secretary. According to Section 474 of Cap 622 Companies Ordinance, you can only select a secretary that meets the following conditions:
- Can be a natural person who is a resident in Hong Kong.
- Can be a corporate body that is registered in Hong Kong.
If the company will be listed to trade in the Hong Kong Stock Exchange, rule 3.28 indicates that the position of the company secretary must be filled by an individual qualified as a certified public accountant or barrister.
Role of a Company Secretary
The duties of a company secretary are pretty wide in scope and include the following:
- Helping the Company Fulfill Tax Obligations: Hong Kong takes matters of tax very seriously, and the company secretary will come in handy to help the company operate in line with all the tax laws. When different authorities, such as IRD, come for inspection or want to have a number of questions answered, the company secretary will be responsible.
- Keeping the Hong Kong Company’s Statutory Books: Every company is required to maintain a range of statutory records, and this is the obligation of a company secretary. In addition, the secretary is responsible for updating these records and notifying the authorities where necessary.
- Other Administrative Duties: In addition to the above two, the secretary is also responsible for communicating with shareholders, HKEX, and other regulatory bodies on behalf of the company.
Why You should Use an Agency of Experts as Your Company Secretary
Now that you know the main roles of a company secretary, one of the best parties to work with is an agency of experts. Having helped other organizations coming to Hong Kong, such a firm would come in handy to help you operate in line with the Hong Kong Companies Ordinance.
The agency like GuideMeHongKong would also be very helpful in company formation Hong Kong and can assist you in registering the business without flying to Hong Kong. The experts hold your hand to make your entry into the Hong Kong market seamless.
When you decide to expand or open a new business in Hong Kong, let an expert help steer your operations, especially during incorporation and early period of entry into the new market. With a professional on your side, you can never go wrong.