There are various company types which exist in Hong Kong today. The type of company that a business owner chooses to establish in Hong Kong is primarily dependent on the needs of the company in question.
Two of the company types which are often established in Hong Kong are the public company and the company limited by guarantee. This is because such companies provide their owners with certain important benefits which are not provided by other company types.
However, they are also required to abide by certain regulations which do not apply to other company types. For example, every public company and every company limited by guarantee based in Hong Kong are required to hire someone who will serve as the company secretary.
A company secretary is a legal requirement for such companies as stated in the Hong Kong Companies Ordinance.
Hong Kong company secretaries who are people are required to be residents of Hong Kong. It is also possible for a Hong Kong company secretary to be a body corporate. If such is the case, the body corporate’s registered office or place of business activities must be located in Hong Kong. The primary task of a company secretary is to ensure that the company in question is fully compliant with the existing company laws of Hong Kong.
The Essential Role of a Company Secretary in Hong Kong
There are also several other minor reasons why every company based in Hong Kong needs a competent company secretary. One of these is because the company secretary is to serve as a representative of the company.
There will be instances during which official authorities will have to contact the company. When such an occurrence takes place, the company secretary is to answer to the authorities on the company’s behalf. The company secretary represents the company by overseeing and distributing its reports and accounts.
The company’s shareholders and members are to be informed about these reports and accounts at all times. It is the company secretary who is tasked with ensuring that such is always the case.
Business owners in Hong Kong who intend to have their business listed on Hong Kong’s stock exchange are required to hire a company secretary. This is a legal requirement because Hong Kong’s government requires all such companies to be able to avoid potential conflicts in a legal manner which causes as few problems as possible.
Securing a Competent Company Secretary for Your Hong Kong Business
A company which has appointed a suitable company secretary can easily ensure that such is the case. Listing a company on a stock exchange offers various financial and other advantages for the owner. Thus, before the company owner may reap the benefits of this listing, the hiring of a company secretary must first take place.
The company secretary must be a Hong Kong resident, regardless of whether they are local or foreign.
However, this does not disqualify a foreigner from serving as a Hong Kong company’s company secretary. A foreigner can serve as a company secretary in Hong Kong if they use proper channels to become a resident.
Perhaps your own Hong Kong-based company needs a company secretary and the services which would be provided by one. Should such be true, allow us at Paul Hype Page & Co. to be of assistance to you. We’ll select a competent, efficient company secretary with strong knowledge of Hong Kong businesses for your company. Such a company secretary will undoubtedly be of benefit to your company, both in the present and the future alike.
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