Company Secretary in Hong Kong: Everything You Need to Know

February 28, 2024

Hong Kong is home to many overseas and mainland businesses which makes it a global business and financial hub. It has retained its position as a global business and financial hub due to its business-friendly environment, strategic location, ease of doing business, simple tax laws, robust legal system, world-class infrastructure, and vibrant market. All these factors contribute towards making Hong Kong a favorable place globally to start a business.

Although starting a business in Hong Kong is easy, you are required to abide by all the rules and regulations of the city. Among many legal requirements in Hong Kong, one major requirement for starting a business is having a company secretary. A company secretary can be an individual, a group, or a company that has an address registered in their name in Hong Kong. The company secretary in Hong Kong has to deal with the administrative and compliance work of a business and has the work to manage the legal chores of the business. Choosing a company secretary in Hong Kong is extremely important for a business and must be done wisely. This article will furnish you with all the information regarding a company secretary, their responsibilities and why they are important.

What is a company secretary in Hong Kong?

A company secretary plays a vital role in the smooth functioning of a business in Hong Kong. They are responsible for taking care of the legal and financial compliances of the business. A company secretary is obliged to ensure that the business meets all the requirements of the Hong Kong administration. They are the person who has complete knowledge of the legal, financial, and administrative requirements in Hong Kong. They must confirm that all the tasks and entries are documented without any mistakes. A company secretary also has to prepare the necessary documents properly and submit them to the required office.

Why is a company secretary important for Hong Kong business?

If you look at the reasons why a company secretary is important for a Hong Kong business, you will be surprised by the reasons. A company secretary is exceedingly important for a business in Hong Kong due to several factors. These factors are discussed below in detail:

Legal Requirement – The first and foremost reason for its importance for Hong Kong businesses is its legal requirement. According to Section 474 of the Companies Ordinance(Cap. 622), if a company is registered in Hong Kong, then it must have a company secretary by its side. The company is required to have a company secretary while registering themselves in Hong Kong.
Legal Compliance – The second reason is one of the most crucial reasons for the importance of a company secretary in Hong Kong. A company secretary in Hong Kong has a complete understanding of the local laws and regulations. Therefore, it can serve as a helping hand in complying with formalities and legalities in Hong Kong. A company secretary will ensure that all the laws are followed accurately so that the company doesn’t face any legal charges and penalties.
Primary Point Of Contact – The third reason why a company secretary is important for Hong Kong businesses is because a company secretary acts as a medium of communication between the company and the Hong Kong administration. It serves as the primary point of contact between the company and the government so that all the messages are communicated effectively without any delay.

Role of the Company Secretary in Hong Kong

If you talk about the role of a company secretary in Hong Kong then a company secretary has a ton of roles to play in the operations of a business. These roles are listed below:

Liaison – They act as liaisons for the company and liaise with the government authorities. They are in constant touch with the government agencies and furnish them with the information regarding the business. They deal with agencies like the Companies Registry, Securities and Futures Communication, the Inland Revenue Department, and many other agencies.
Administration – Another major role of a company secretary is administration. They administer the tasks of the business and ensure that all the operations are carried out properly. They are in charge of managing the meetings of the board of directors, shareholders, and employees. They also ensure that the meetings are documented and handled accurately.
Management – Management is one of the most critical roles of a company secretary. Management requires knowledge and skill which a company secretary holds. A company secretary manages the records of the company, shares register, AGM minutes, and other statutory documents. Management also includes timely updation, timely completion, and accuracy of the documents.

Key Responsibilities of a Company Secretary in Hong Kong

A company secretary has to take care of many tasks in a company. The secretary is responsible for a multitude of things in a company. The responsibilities of a company secretary in Hong Kong are provided below in detail:

Safeguarding the Documents – It is the responsibility of a company secretary to safeguard the documents of a company. The company secretary has to keep the records updated and safe from any abuse or false documentation. The documents that are safe with the company secretary are the share certificate book, directors register, stakeholders register, corporate minute book, and many other documents. Moreover, if a government wants some data about the company, it is their responsibility to provide access to the data upon request.
All Round Compliance – One of the extremely significant responsibilities of a company secretary is all-round compliance. The company secretary should have all the knowledge related to the legal laws, financial laws, and administrative laws of Hong Kong. Thus helping the company to meet all the requirements of the government to avoid penalties and legal charges. It is their responsibility to prepare the documents and register the company with the necessary departments.
Managing Meetings – A company secretary is responsible for managing the meetings of the company. It is their responsibility to organize the meetings and ensure proper procedures are being followed. A company secretary has to prepare the program for the meeting and decide the primary agenda of the meeting. The secretary has to ensure that the meeting is concluded without any problems or mishaps.

Choosing a Company Secretary in Hong Kong

A company secretary is a prominent part of a company in Hong Kong and should be chosen wisely. It is an art to choose the right company secretary for your business in Hong Kong as the right company secretary can be beneficial for your company in numerous ways. The right company secretary can help you with legal compliance, management, record keeping, administration, management, and much additional work. Therefore, you must choose a company secretary wisely for your business. The company secretary you are choosing should align with your business and should resonate with the goals of your company. A company secretary should possess problem-solving skills so that in case a situation arises, he can handle it adequately.

A company secretary must look into the details of the operations to ensure the appropriate functioning of the business. A company secretary should have planning and communication skills so that he can fabricate plans for the company and communicate with the authorities, shareholders, and the board of directors. Furthermore, a company secretary should be experienced and must have positive customer testimonials. This builds confidence in the investors and increases the chances of getting investments. Lastly, if the company secretary does all the work appropriately and without any delay, the chances of growth in Hong Kong will be boosted.

Why Choose Startupr as Your Company Secretary in HK?

If you are in search of a trustee and skillful company secretary in Hong Kong then you can trust startups with closed eyes. Startupr is a highly experienced and knowledgeable company that can provide you with all the things you need to set up a business in Hong Kong. It is a company secretary who has complete knowledge of the rules and regulations of Hong Kong and has the required qualifications to be a company secretary.

All the skills and requirements that you look for in a company secretary are owned by Startupr. It has communication skills, legal knowledge, financial knowledge, planning skills, and organizing skills. Startupr has problem-solving skills that can help you solve problems instantly in situations that are challenging for the company. Moreover, it can align with numerous types of companies so that it can provide its services to all kinds of businesses. Therefore, you should choose Startupr as your company secretary in Hong Kong.