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.
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.
Working with multiple accounts and listings on Airbnb is not easy. This requires the ability to solve several problems at the same time. Only specialists who are constantly working in this field have such skills. For ordinary citizens, following some rules makes it easier to work on effective business control.
Why Managing Multiple Accounts and Listings on Airbnb Can Be a Problem for a Host?
The use of multiple accounts is appropriate when working on the service on behalf of the company. The owner, who has decided to do so, may face the following problems:
You risk losing all your accounts. Airbnb is able to recognize accounts that are included with a single IP address;
Many owners lose potential customers. To keep many accounts active, you need to respond to guest messages right away. With many accounts, it's hard to keep track of everyone;
Lack of experience and organizational skills leads to confusion and complicates business.
In order not to have such problems, you should carefully study the service instruction for the region where you are.
How to Improve Account Management:
The company has gained a lot of experience in its segment. Over the years, the service has brought its work by customers and companions to perfection. The company has created conditions to facilitate the work of staff, to provide all assistance to holidaymakers and owners who are ready to provide them with temporary accommodation. If you work closely with the service, all problems can be solved. To do this, you have to meet several conditions.
Using Only 1 Account:
One of Airbnb's main requirements is that customers should use one account to address multiple issues. This condition may not apply to all regions. Customers of the company should carefully consider the requirements of the service to the place of residence. It happens that somewhere it is more effective to use more than one account. In such cases, the service attentively explains to the customers.
Using Special Software:
It's not easy to choose a company having much experience with Airbnb in managing a multi-listing business. The most appropriate option in this situation would be to choose automation. iGms free service will provide you with software for multiple accounts.
Automatic mode will allow you to receive messages from guests without your intervention. This will give you the opportunity to respond quickly to guests and constantly be aware of things. All transactions will take place in a single mailbox. It will save you time because you don’t have to admit multiple accounts all the time.
Another reliable assistant for effective listing management is Hosty software. It allows you to access all ads on the same panel. Hosty offers you several advantages:
Increases productivity;
Simplifies the work;
Cleans up listings.
An intelligent filter performs an important function. With it, you can:
Filter ads in a specific account;
Find lists from multiple accounts;
See listings on other channels and services besides Airbnb.
Custom tags will allow you to clarify details in lists:
Parking features;
Real estate location coordinates;
Handicap availability.
In Hosty, you can open the calendar of each property. Here you will see all the information you are interested in. A messenger is built into the calendar to communicate with guests. The best way to do things successfully is to use the automation of listings on Airbnb through Hosty.
It includes some useful features that will improve your work. Automation in the software will help not only recreational lovers, owners of rental premises, and young businessmen, but also experienced real estate professionals. Follow the link for more information: https://www.hostyapp.com/airbnb-listing-management/.
Hire an Airbnb Real Estate Management Company:
Many hosts are unable to cope with their accounts. They are not able to communicate with multiple guests at the same time. It's hard for them to determine which account the conversation is on. Such situations lead to confusion. The best way to solve your problems is to hire Airbnb management. This will give you several advantages:
Saving time and efforts;
Guarantee against banning accounts;
Professional salvation of the problems.
You will have to pay only a small percentage of your income for the company's services.
Using Airbnb Sharing:
The service allows you to register jointly on the platform for one account. If a group is going on vacation nearby or booking one room, there is no need to have multiple accounts.
How to Create a Functioning Calendar for your Airbnb Listing?
Running an Airbnb involves everything from scheduling to making sure there are no double bookings.
This is why you will need a calendar!
A calendar keeps you organized and makes sure that potential guests know when your property is available to rent. Here’s how it works:
1. First thing first – sync your calendars
If you are listing your property in multiple platforms like Booking.com, Vrbo, or any other rental site you use, you will need to sync all calendars to prevent double bookings.
Airbnb makes it easy to sync with external calendars through iCal integration.
How to sync:
Go into your Airbnb calendar and click “Availability Settings."
Scroll down until you see the import/export calendar.
Find the calendar link from the external platform and paste it into the import calendar section.
2. Choose your Availability
Choose which days in the year you would like to make your property available for bookings. You can also block dates if you want to make sure it’s not rented during specific times of the year.
How to block dates:
Go to your Airbnb calendar
Click on the date (or start date of the range)
Set it as unavailable.
3. Set Minimum and Maximum Stay Requirements
To make sure guests who book is fit for your desired booking duration, you also can set minimum and maximum stay requirements.
This way, you can maximize your time by accepting longer stays and reducing guest turnover and cleaning costs.
Here's how to set stay requirements:
Go to "Availability Settings" on Airbnb.com
Update the number in either the minimum or maximum fields for trip length (nights).
It is Not Easy!
Maintaining multiple accounts is not an easy task. Don’t be overconfident about the Airbnb app. It is better to discuss all the details regarding the booking of accommodation with the management of the service.
Otherwise, the period of preparation for rest can be spoiled by unpleasant problems. No one knows the nuances of the company’s activities better than its staff. Before you decide, you should consider Airbnb's rules.
Read Also:
Best Transaction Management Software for Your Real Estate Business
This Is Why Every Organization Should Invest in Job Management Software
7 Ways Technology Can Help in Customer Management and Sales
Services Offered By A Property Management Service
Online backup services are helping many businesses in storing their files on the web. It is better than using hard drives and other external storage for some reasons, especially for security purposes.
IT nerds in California are so amazed at Backblaze because of how it keeps more data safely. It is named the best cloud storage service with its personal and business backup function.
Cloud storage works to protect old and new files better than Dropbox and other online storage mediums. Its security level is also higher than expected with the help of experts behind it.
Well, before securing your files & data on Cloud storage, you must always think about IT equipment disposal and server recycling. This is to get rid of all the unwanted hardware in the server room, thus creating new space. A data center decommissioning specialist like “Dataknox” can help in such complex ITAD solutions in Newark CA, in a professional way.
If you are in doubt whether Backblaze is good for your business, below is a rundown of benefits you can consider in making decisions.
Four Benefits of Backblaze’s Cloud Storage
1. Easy to Manage:
Backblaze is easy to use and ideal for a wide range of users. Once the backup plan is set, the cloud server will be fully responsible for keeping your files secure.
However, Backblaze is unlike other backup storage that allows user intervention over the files at any time. The software itself will do the tasks for you. This function may not be good for some users but benefits others.
2. Backups File Automatically:
As said earlier, user intervention is limited with Backblaze’s backup storage. The good news is that it keeps files automatically for unlimited storage at a reasonable cost.
This main feature of cloud storage makes the backup process run continuously. It assures keeping files safely at the right places with the help of data centers. Backblaze guarantees to manage your data with less hassle on your behalf.
3. Full Protection Against Data Loss:
The disadvantage of other backup services is providing easy access to files through multiple devices. This may cause data loss if not manage very well. With Backblaze, it promotes data protection that helps to recover files easily when lost or stolen.
It also boasts double-layer security by encrypting all of your files on drives to improve privacy. It helps to prevent hackers to steal your data whenever they wanted.
4. Unlimited Storage:
Lastly, Backblaze can offer businesses extra storage up to quintillion bytes to hold their data. It is huge enough to keep even the files of larger enterprises. That is why this online backup service can be suitable for a wide range of usage.
Moreover, it is very affordable with all the other features it has to offer. Its unlimited online backup is a plus that requires additional cost.
Final Thoughts:
Wrapping it all up, entrusting your business files with Backblaze is the right decision. It protects your data from possible security leaks, unlike other backup storage options. Backblaze is also affordable and yet provides the best storage features for your specific needs. The staff behind will be fully responsible for keeping your files secured and easy to access.
For your data backup needs, contact Backblaze for more details.
Read Also:
8 Surprising Ways Cloud Computing is Changing Education
Best Server Management Tips for Startups
What are the things you need to know while choosing Antivirus Software?
When you start advertising on Airbnb or similar short-term vacation rental websites your primary objective is to turn your lodging into a stable source of income. Essentially, the success of your rental project depends on your ability to attract good, payable guests who will stay in your cozy corners, get an excellent experience, share it with other travelers on the Airbnb platform, and, ultimately, turn into your brand advocates with all the perks applicable. The snag is that not all Airbnb entrepreneurs know how to embark their venture on the path to success. In this guide, we will tell you about the pillars of a flourishing Airbnb company.
Define your mission
So you choose short-term hosting as a way to earn extra dollars for your happy living. First, you need to determine a simple mission statement. Your mission vision will shape how you operate your new-born startup and the experience you deliver to your tenants. Elaborate on a business plan and define your goals by asking yourself the following questions:
How do you want to work?
How much time and resources can you pour into your business?
What is your vision of perfect hosting?
What are your goals?
How many deals do you need per month to meet expenditures and earn?
How are you going to beat competitors?
What should you do to make your listing appealing?
What actions do you need to take to run your business smoothly and effectively?
How will you protect your place from unruly guests?
How will you ensure compliance with local tax legislation?
Like any business, leasing out on Airbnb will involve certain expenses and investments. You should have a pretty clear sense of all your possible disbursements and incomes to ensure your Airbnb business is simply worth it. Even if it is a single spare room in your condo that you are going to rent, it is still a business, though quite small. And the business must be legal to thrive. To exclude any problems with the Law, consider hiring a professional accountant or an accredited Airbnb management company that will help you obtain all necessary municipal permissions and secure your total compliance with all administrative codes and tax authorities as well as assist you with procuring an LLC status as your business grows.
Survey the market
Anything you can do to elevate your listing or make it unique and attractive is a chance to charge more in your market. Scrutinize real estate websites; explore what other Airbnb hosts, lodgings, and local hotels have to offer. Find out whether they use dynamic pricing to update their rates based on various factors like seasonality, upcoming events, weekends versus weekdays, etc. The initial research will help you make the right decisions.
Now think about what you can offer to make your guests happy. Is your home stuffed with all modern comforts to ensure a relaxed stay? Is your place pet-friendly? Do you have parking, a swimming pool, or a barbecue zone? Is the interior uniquely decorated? Do you provide extra little surprises for your cherished guests such as bottled water, coffee, sweets, or a free souvenir they can take as a memento? Added sophistication, delight, and comfort renders you the right to safely increase the price for your vacation rental property.
Stay sober about your expenses and profits
Tally your costs by creating a spreadsheet of expenses that can be divided into three categories:
Upfront costs: the things you need to buy to make your spaces comfortable and beautiful before anyone experiences it including renovations, decoration elements, furniture, appliances, and photography.
Ongoing costs. These include all items consumable by the guests that you will have to periodically replenish: toilet paper, towels, batteries, light bulbs, personal hygiene supplies, broken dishware, bedding, linen, etc.
Management and maintenance costs. Think of the fees for outsourced cleaning, repair works, exterior and lawn upkeep if you are not going to tackle these issues on your own. Be in the loop with your numbers like utility bills, WI-FI, mortgage, and consider them when setting the price for your service.
Outsource professional management
Running an Airbnb business is a time-consuming and stressful venture, especially when you have to do everything on your own without competent assistants or the second host. You have to deal with bookings, verify guests, restock supplies, arrange cleaning between stays, and maintain everything in working condition to ensure a flawless stay. Just a hell of a work. If you are not very sure about your managerial efficiency, yet, you want your Airbnb enterprise to thrive, hiring a team of professional rental managers can be a smart move. Ask yourself whether you have time and knowledge to cope with the multiple Airbnb fuss and bother on your own, or you can outsource a dedicated and competent Airbnb manager to do all the work on your behalf to free you up and ensure a wonderful customer experience, as this is the manager’s primary job. Reckoning to a well-trained rental manager is also reasonable when you want to have a stable source of income through renting out without breaking local tax laws and housing codes, as the field experts always know how to stay law-abiding, yet, profitable. More about the services of such companies you can read on masterhost.ca.
Assess your offer from the guest’s point of view
How can you make your guests feel as welcome as possible? Have you considered all the needs your future client may have while staying within your confines?
Beginner Airbnb hosts should seriously consider investing in comfortable mattresses, sofas, and quality bedding. The first thing you appreciate in a hotel is the bed’s comfort, so make sure your guests can enjoy a comfortable stay and sleep well on your beds. Very often guests give 5 stars simply because of the great bed, which eventually translates into improved ranking in the Airbnb search results and increased occupancy rates.
Provide your guests with perfumery articles in case they forget to take them. To succeed in the Airbnb business, you should have a clear idea of the guest’s wants and wishes. Have you ever thought about why people choose the same hotel over and over again? Because they know what to expect: the feeling that no one has lived in the room before you, carefully folded towels, the smartphone chargers on the bedside table... Guests want every detail to be meticulously considered. Be attentive to the desires of your guests, and they will want to come back to you again and again.
Put it on autopilot
Hosting isn't easy, given the heap of tasks and arrangements to struggle with. But with modern-day advancements of technology, running an Airbnb company can easily turn into a breeze as you can automate most of the repetitive, time-eating procedures and free your hands for something more important and exciting.
There are lots of powerful software solutions and cloud-based apps, either free or pretty affordable, which help to boost the efficiency of short-term vacation property through comprehensive automation of key business processes. These include guest communication, booking management, task allocation, multiple-account management, auto-pricing, guest review writing, and insightful financial reporting and performance statistics.
