Demystifying the Duty of a Company Secretary in Hong Kong

17 June 2020

The Hong Kong Companies Ordinance, Chapter 622, makes it mandatory for every company to be registered in Hong Kong to have a company secretary. So important is the company secretary that indeed, your company will not be registered without one. In this post, we will look at the duties of a company secretary in a Hong Kong company.

What is a Company Secretary?

First, it is important to appreciate that a company secretary is completely different from common clerks who do clerical work. According to the Companies Ordinance, a company secretary is a senior officer in a company who is responsible for efficient administration, especially with respect to ensuring compliance with statutory requirements. So, you need to ensure that only the most qualified and committed person gets the job.

The Main Duties of Company Secretary

From the definition of a company secretary, there is no doubt that the roles he does and how he does them will greatly impact the company’s success. So, let us start by understanding the duties of a company secretary.

Fulfilling the Company’s Tax Obligation

When opening a company in Hong Kong, it is important to understand that the administration runs a business economy because the registered enterprises serve as the primary source of revenue. Therefore, the administration takes tax matters very seriously. Your company secretary is charged with the responsibility of ensuring that the company meets all its tax obligations. Some of these obligations include:

Overseeing the filing of the tax returns correctly and on time.
Seeking additional approval or clarifications on tax-related matters.
Registering the company with IRD (Inland Revenue Department).

Keeping Statutory Books

The Hong Kong Companies Ordinance also designates the company secretary as the custodian of the statutory books. This implies that the secretary should have every document that the government might need to inspect. In addition to keeping these books of account, the company secretary is also responsible for:

Updating the details on statutory books.
Producing and distributing company accounts and reports.

Planning and Attending Company Meetings

As we indicated earlier, the company secretary is involved with top-level management, and one of that roles is planning the company’s meetings. This is considered an important role because it is in these meetings that actions to be taken on different areas, such as books of accounts and employment, are made. Here is a breakdown of these duties:

Organize board meetings.
Participate in board meetings.
Prepare the agenda of the company meetings.
Implement the decisions made during meetings in compliance with laws.
Advise the company on compliance with the law.

Other Duties of a Company Secretary

While the roles we have outlined above are considered the core for a company secretary, they are not the only ones. Other administrative duties include:

Communicating with shareholders, the Stock Exchange, and regulatory bodies on behalf of the company.
Observing the company developments and giving advice to the board of directors.
Guiding the company through the process of liquidation.

If you are planning to incorporate a company in Hong Kong, the position of a company secretary is very important and should only be entrusted to a qualified and experienced person. With the best company secretary, you can rest assured that the business will make the best decisions and grow into the multinational of your dreams.

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Mashum Mollah

Mashum Mollah is the feature writer of Search Engine Magazine and an SEO Analyst at Real Wealth Business. Over the last 3 years, He has successfully developed and implemented online marketing, SEO, and conversion campaigns for 50+ businesses of all sizes. He is the co-founder of Social Media Magazine.

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Redundancy and Fail-Safe Mechanisms Reliability is something that cannot be compromised in the field of plant control instruments. Redundant and fail-safe mechanisms serve as safety nets, ensuring business operations continue without interruption, even in the face of unforeseen occurrences. This process is of the utmost importance in fields such as manufacturing, where even a short downtime can result in large monetary losses. Taking Control of Costs For facilities that are managed by instrumentation and control, technological advancements have led to a range of cost-related benefits, including the following: Enhanced operational efficacy that lowers the risk of making financially detrimental errors. Because of increased automation, fewer people will be needed to run operations. Potentially higher product output as a result of improved automation A faster response time for addressing issues and warnings Virtualization, which lowers the necessary amount of hardware while also increasing both dependability and flexibility Guarantee of an excellent level of performance from both the controls and the end product Elevate Operations Through Quality Instruments It is impossible to overestimate how much influence high-quality plant control devices have on efficiency. To maintain a competitive edge in the current business environment, investing in control instruments at the cutting edge of technology is not merely a recommendation but an absolute requirement. You can check out https://www.pcipro.net/ to guarantee the quality of the instrumentation and controls you will use for your business. 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Demystifying the Duty of a Company Secretary in Hong Kong

What is a Company Secretary?