Importance of Company Secretaries in Hong Kong
According to the Companies Ordinance in Hong Kong, anyone who decides to establish a business organization must fulfill the primary requirement – selecting a company secretary. It does not matter whether the firm in question is public or privately owned – every firm requires one.
There are several important reasons why there is a need for a company secretary in Hong Kong companies. These reasons will be discussed in the following paragraphs.
How Corporate Secretarial Firms Work with Hong Kong Companies
Corporate secretarial firms serve companies across Hong Kong in many aspects. Some of these aspects pertain to company establishment, annual maintenance filings, and cooperation with the Hong Kong Companies Registry and Business Registration; this may even include the processes of deregistration and winding up. Some of the services provided by corporate secretarial firms to Hong Kong companies include the following: preparing and amending Articles of Association according to Hong Kong’s laws, making filings with the Companies Registry, serving as a named company secretary of a Hong Kong company in the corporate secretarial firm’s name, preparing annual returns and filing them with the Companies Registry, preparing documents which are highly relevant to the annual general meeting (AGM) of the company, managing and updating the statutory books and records of the company, preparing documents which are related to shares transfers and filings and to be sent to the Stamp Office for stamping, and preparing documents to be sent to the Companies Registry if they have any relevance to any of the following matters: change of director, change of company secretary, change of registered office address, change of name, share allotment, or consolidation or subdivision of share capital.
Tasks to Be Performed by a Corporate Secretarial Firm
It can sometimes be difficult to discover a corporate secretarial firm which fulfills all of a company’s needs in the best ways possible. However, the best way to judge the quality of a corporate secretarial firm is by taking into consideration the range of tasks it is able to complete on behalf of the company. A high-quality corporate secretarial firm should be able to complete the following tasks:
- Consultancy on company incorporation in the country and types of business entity which exist there
- Preparation of Articles of Association and any other legal documents needed for registration of the company
- Preparation and filing of registration application to the relevant authorities of the country
- Registration with the financial and tax authorities of the country
- Registration for any business license which might be needed by the company
- Registration of the company’s corporate bank account
- Information on any legal compliance changes related to the company
- Representation of the company in front of the local authorities