Company Formation Hong Kong: Understanding the Main Duties of a Company Secretary

Having a company secretary is a primary requirement of any company incorporated in Hong Kong. According to Section 474, Cap. 622 Companies Ordinance, the secretary is vital in ensuring that the company adheres to all the existing and new legal requirements. In this post, we will take a closer look at the main duties of a company secretary in your Hong Kong business.

A  Closer Look at the Main Duties of a Company Secretary

When registering a company in Hong Kong, understanding the duties of the company secretary is important because you are able to easily pinpoint the most qualified person. For example, the secretary must be a good communicator because the task mainly involves liaising with other stakeholders, from company directors to departmental managers and shareholders. So, here are the main duties that you need to know about:

1)      Maintaining Statutory Books of the Company

The Hong Kong administration requires that your company should be ready for inspection by different agencies anytime. Therefore, the company secretary is expected to maintain the statutory books so that they can be inspected by different agencies. In addition to maintaining them, the secretary will also be responsible for updating any changes, reproducing the documents, and distributing the business reports to stakeholders.

2)      Organizing the Company’s Meetings

When a company is running, there are different meetings that have to be held, especially at the top of the management level. For example, board meetings can be called when major decisions that involve the company operations are to be made. Other meetings that are prepared by the secretary are annual general and policy formulation meetings. The secretary works with the leadership of the organization to set the agenda and will advise accordingly to ensure that nothing is done outside the legal limits.

3)      Helping the Company Fulfill its Tax Obligations

One of the areas that Hong Kong takes so seriously is taxation. While it is true that the tax regime is pretty straightforward and lower compared to other jurisdictions, the company secretary is responsible for ensuring the tax laws are complied with. For example, the company secretary will ensure that the right accounting standards are followed and the filing of tax done correctly and on time.

These are only some of the crucial duties that a company secretary is expected to discharge.  Others include communicating with shareholders and advising the board of directors on matters of compliance. Therefore, you better look for the most qualified person who is committed to seeing your enterprise grow to the next level. With a good company secretary, you can only expect to grow to the next level.

The Benefits of Using an Agency to Serve as Your Agency

If you are debuting into the Hong Kong market, we must indicate that getting the best secretary can take time. It can also be costly because you need to run ads on local dailies or pay a lot of money to recruiting agencies. One of the simpler yet highly effective methods is working with agencies of experts. Here are some benefits to anticipate for working with agencies.

·         You do not waste time during company registration in China.

·         Agencies are run by experts with a lot of experience in company secretary tasks.

·         The agency can also help you with other tasks, including company registration, accounting, and payroll.

·         An agency can be your best hand in crafting strategies for success in Hong Kong.

The company secretary you work with in your company can be an important cog in determining how the enterprise progresses. This is why you should only work with the best, and an agency of experts in Hong Kong can come in handy.