Are you planning to incorporate a company in Hong Kong? One of the chief requirements is a company secretary. According to the Companies Ordinance, the company secretary serves as a bridge between your organization and the Hong Kong authorities. Note that the company secretary is not a junior staff who does clerical work, but a senior officer who even takes part in the company’s board meetings.
Therefore, it is paramount to get a highly qualified person or firm to serve as your company secretary. In this post, we will tell you all that you need to know about a company secretary when registering a business in Hong Kong.
What are the Duties of a Company Secretary?
A company secretary ensures your company complies with all legal requirements in Hong Kong. Although the nature and size of a business play a crucial part in determining the roles of a secretary, here are the chief duties:
- Organizing and attending board meetings.
- Filing of statutory returns.
- Updating information on statutory books.
- Advising the board on legal compliance.
- Keeping statutory books and availing them to relevant authorities for a checkup when necessary.
- Renewing the company’s Business Registration Certificate.
How to Select a Good Company Secretary
Because a company secretary handles a wide range of duties, as mentioned by guidemehongkong.com, it is paramount to ensure only the most qualified person is hired. So, here are the fundamental skills to look for when selecting a company secretary.
- Must Meet the Threshold Set Out in the Companies Ordinance
In line with Section 474(4), Cap 622 of the Companies Ordinance, the secretary has to satisfy the following conditions:
- If you select a natural person, he or she must be a resident in Hong Kong.
- If you opt for a corporate, the entity must have a registered premise in Hong Kong.
If you are opening a public limited liability company, the Hong Kong Stock Exchange requires that the secretary have to be a barrister or a solicitor, a certified member of the Hong Kong Institute of Chartered Secretaries, and be familiar with relevant rules of listing.
The best secretary should have ample knowledge and experience in corporate governance and compliance. So, check carefully to ensure that besides the academic qualifications, the selected secretary also has enough experience. For example, how successful was the secretary in his/her previous assignments?
- Commitment to Helping Your Business Succeed
After incorporating a company in Hong Kong, getting started can be a challenge because you are wading into a new market. The truth is that competition can be pretty stiff and you need an excellent entry strategy. Therefore, look for a secretary who is fully committed to helping you become successful.
In addition to the above skills, the secretary should be ready to go the extra mile to help you stand out in the market. Having worked with other companies before, the secretary will be able to tell you the strategies that work and those that do not.
If you want to be successful with your business in Hong Kong, make sure to get the best company secretary. Note that if you opt to use an agency as your secretary and contract it early enough, it can also help you with company incorporation.