One of the primary requirements for companies planning to enter Hong Kong is having a company secretary. The secretary is an important component in every company as described under the Companies Ordinance (Cap. 32).
The company secretary Hong Kong is considered the bridge between the Hong Kong administration and the business. For example, if the administration wants to check compliance with a specific piece of regulation, the entity responsible for providing this information is the company secretary.
The main qualifications for a company secretary Hong Kong
According to the Companies Ordinance, a company targeting to be registered in Hong Kong MUST have a company secretary. This means that you will need to get the secretary before presenting the documents to the registry for company incorporation.
To qualify as a company director, the person is required to be a resident in Hong Kong. Besides, a registered agency with an office in Hong Kong can also serve as a company secretary. The Companies Ordinance goes ahead to indicate that if a company is having only one director, he/she cannot serve . This separation of roles helps the director to concentrate on running the company as the secretary handles compliance-related roles.
The primary roles and duties of company secretary Hong Kong
The duties of a company secretary are very critical in the effective operation of a company especially with regard to legal compliance. The company secretary is required to report to the Companies Registry about the changes in the company personnel and structure. He is also responsible for preparing the company’s minutes during board meetings, advising the company about the Companies Ordinance, and arranging for annual meetings. Here are other duties carried by the company secretary.
• Keeping the company’s statutory documents.
• Preparing and submitting the company’s annual returns.
• Managing the process of company’s change of name, and business address.
• Managing the process of changes to the company directors and issues that may arise therein.
• The secretary is responsible for deregistering a company if such a point is reached.
The appointment of a company secretary
The company secretary is appointed by the company’s directors. Articles 112 of Table A of the Hong Kong Company Ordinance leave the role of appointing a company secretary to the company directors. The directors are also at liberty to agree on the terms of operations such as remuneration for the position of the secretary.
To get more from the company secretary, it is important to look for a person with high qualifications and ample experience. You should particularly look for a professional who has held such post in the past and demonstrated the capacity to steer the company to the next level.
One way of achieving this is seeking company secretary services from agencies. The agencies are authorized to help companies operate in compliance with Companies Ordinance and other laws. Most of them even go beyond this requirement. Indeed, they start helping businesses well before getting registered. For example, company secretary Hong Kong services will assist you with company incorporation, bank account opening, and early establishment in the Hong Kong market. To succeed in the Hong Kong market, get it right from the beginning by working with expert company secretary services.