Demystifying the Duty of a Company Secretary in Hong Kong


17 June 2020


Company Secretary in Hong Kong

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

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

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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What should be there in an ICO Whitepaper? Expert Take

There are a lot of people showing interest in ICOs. Nowadays many startup companies are looking for crowdfunding. ICO is a popular way to perform it. It is important to know how to start an ICO. Its guidelines have already been established and one of the required documents is the white paper. Let’s first understand the white paper. What is a White Paper? White Paper is a fundamental document for any company launching ICO. This document determines the blockchain technology.  It contains a detailed description of the architect and user interaction. The document also has information such as anticipated growth, market cap, and technical details such as terms and conditions required for the use of tokens.  It also contains the team information, advisors involved, and links to their past projects and Linked In profiles.  Without a proper white paper, investors cannot be invited. You should include the entire prerequisite for the investment so that investors know everything. Read also: Substantial Tips On How To Invest Your Money Responsibly Now let see what all things should be there in an ICO whitepaper for the investors to look at before investing in the company. 1. Problem Always start your white paper with the problem as every company starts out with it. You can include current or future problems.  Your white paper should have a detailed explanation of this particular problem along with the difficulty coming with it. 2. Propose Solution This has a direct relation to the problem mentioned in the first step. You have to provide step by step detailed solution and the ways to tackle the problem in the first step. In this section, you also have to provide all the solutions to the most common questions investors might ask. 3. Product In this section, you will be explaining your product.  As you have provided a solution to the problem and the product is your solution so try to talk about it as much as you can. You will have to explain here the tech specs of the launching product, infrastructure and how will you going to develop this in the long run. You can clearly mention the detailed plan of funds as this directly correlates to the policies of the company.  Try to provide the bonus if you have one. This way your investors have the full knowledge of ideas you’re trying to convey. When they understand your solution in a better way, they will try to purchase the funds.  This section is extremely important and you have to be realistic about your goals to get the benefits.  Providing wrong or less information can harm your reputation as a company. So be truthful and make sure you provide every detail of information as you can for the transparency purpose. 4. The Team This is a second vital aspect of your white paper.  You need to introduce your team and the faces behind this project.  A good team can bring a lot of investors to your project. It is better to have the team with prior experience. You can include all the details of their past experience in the Linked In profile.  You can also showcase the profile of your team to attract the investors to your project. If your team is impressive then people will like to invest the funds for your company. 5. Commercialization This section is related to everything economics. It will decide how your product affects the economy. Marketing the product is crucial as people wish to know how their investment is growing in the future. You should include the roadmap as people who invested want to know how their money is utilized for the development.  You must discuss how you will market your project to the public. If you have plans to advertise then you should clearly mention it in this section. You must showcase the value investors get by investing. If they come to know that you aren’t providing any value then they will not invest in the project. 6. Token Issue In this section, you will be distributing tokens. You should mention everything from bonuses, offers, and bounty rewards here.  You should hire someone to promote your offering to your social media accounts. Talk about every detail of the token in this section. Remember not to leave any blank information as investors want to hear all the details from you and hate if it comes from other sources. Final words You should disclose every bit of information in your whitepaper if you want your ICO to be successful. If you have some technical details then never hesitate to include the secondary document.  Remember not to add any false or modified information. If your investors come to know that you are sugar coating and don’t know about certain facts then you will lose a lot of potential investors. Create your white paper including all the necessary data along with the information mentioned in this post and earn profits for your company.

Inspirational Speakers

How Inspirational Speakers Like Tony Robbins Can Help Your Business

An effective motivational speaker has the ability to bring their audience back on track with their purpose, encouraging people to reexamine their daily lives without becoming distracted and reconnect with the bigger picture of their work. They engage their listeners through stories that resonate with them, often using personal anecdotes or examples from their lives. Speeches should remain short - between 20-30 minutes long. 1. Increased productivity Companies often experience periods of low productivity. This could be caused by hectic seasons, an upcoming project, or just a general morale lull. Whatever the cause may be, motivational speakers are an effective solution to getting things back on track quickly. They bring years of experience working with teams and can refocus them to take on new challenges with fresh enthusiasm - helping your company gain a new perspective! Motivational speakers offer essential tools and strategies to assist your team in overcoming any hurdles they encounter, including time management techniques that save the business money; or for businesses with international presences, motivational speakers help break down cultural barriers so teams better understand each other. Your team members will likely respond better to messages delivered by these professionals if they feel as though their contributions are being heard and valued, which in turn may motivate them to become more productive and motivated themselves. An inspiring speech can provide your team with motivation to generate ideas and foster creativity - something which could result in new, innovative concepts to enhance business operations and boost profitability - something necessary for the forward movement of the business. You can click the link: to learn more about boosting productivity. 2. Boosted morale Businesses often feel immense pressure to reach their targets and meet them successfully, leading to low morale in the workforce. A motivational speaker can re-energize employees and instill them with confidence that anything is achievable with hard work and perseverance. Motivational speakers can motivate employees by showing that all are important contributors to the success of a business. By telling personal tales about overcoming challenges themselves, motivational speakers encourage employees to approach life's difficulties with an optimistic perspective. Motivational speakers can help bolster employee morale while simultaneously increasing communication within your company by opening up dialogue and prompting open discussions. Furthermore, motivational speakers may also provide practical tools and techniques for effective communication that empower employees to become better communicators while creating an atmosphere of trust and transparency within your organization. As business trends rapidly change, it's crucial that businesses keep up with them. A motivational speaker can assist businesses by helping their employees adapt quickly to changing industries - helping ensure employees adapt successfully. Many companies share a vision with their staff that they want to communicate, yet employees may lose sight of it due to daily work demands. Motivational speakers can serve as reminders of these goals and objectives for increased team cohesion and focus. You can visit this site to learn more. 3. Increased sales Motivational speakers are masters at using stories to motivate an audience. They know just the right stories that will convince listeners that anything they put their minds to can be accomplished if they work hard enough, which can give the motivation needed to work harder at jobs and life in general. Motivational speakers also teach audiences how to be more positive while never giving up on goals; something everyone could gain from learning more of. No matter the audience or company size, speaking engagements can help drive the profitability of any business. Experts like Dean Graziosi can even provide practical advice about increasing productivity. Additionally, they can help your company drive customer loyalty by showing you a new way of reaching customers that will keep them coming back time after time. Furthermore, their industry expertise provides your business with something it wouldn't normally get: fresh perspectives that might otherwise go unused. No business is immune from change and our world is always shifting. In order to stay ahead of the competition and remain relevant, businesses need to adapt quickly. A motivational speaker can help your team prepare for these shifts while providing leadership that keeps your business moving forward. 4. Increased customer loyalty Hiring a professional speaker is an efficient and effective way to refocus employees on the vision. These expert presenters offer captivating talks that inspire, encourage, and resonate with audiences' needs - they can teach your team about loyalty as a foundational pillar for creating mutually beneficial customer relationships that benefit both sides. Customer loyalty keynote speakers are ideal for businesses that wish to refocus their operations on customer experience. With these motivational speakers at hand, businesses can reinvigorate customer service values such as inclusion, empowerment, purposefulness, ethical behaviors and process orientation - providing your employees with more connection to your mission while inspiring them to work harder! Expert speakers can also offer practical advice to increase customer loyalty and boost sales. If your business sells goods or services online, these speakers may suggest ways to enhance user experience; such as providing seamless navigation for easy user engagement, creating engaging content relevant to target markets, or using data to enhance the customer journey. Customer loyalty speakers come in many varieties; you should find the one best suited for your company or industry. 5. Increased staff satisfaction Motivational speakers can assist businesses in building an exceptional team. Their help can increase employee satisfaction within your business by creating an environment of autonomy and positivity, leading to less absenteeism, turnover, and stress while improving productivity and customer loyalty. One effective way to boost staff morale is through providing them with opportunities for training and development. This will ensure they don't stagnate and continue learning individually as well as collectively; motivational speakers with extensive business knowledge may offer insights that your staff can implement into their day-to-day roles. Inspirational speakers often possess experiences that align with your business's mission and values, creating a sense of unity within your workplace. Furthermore, inspirational speakers can encourage change by emphasizing collaboration and teamwork, showing businesses how to form teams driven by compassion and understanding. 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Change Data Capture

What Are the Benefits of Using Change Data Capture (CDC)?

Do you need a more effective way to track changes to your business database? You can easily do this with the use of change data capture (CDC). CDC is a useful tool for businesses using databases across a wide area network. Using one of four methods, you can easily become aware of any changes made to your database. Typically, this process is resource-intensive and takes a long time to complete. There are several great benefits to using CDC, which includes enabling analytics on data in motion. This is a critical function because it allows you to make decisions based on the most relevant data available. Let’s take a look at a few other advantages of the CDC so you can see if it will help your business. Benefits of Using Change Data Capture: All Changes Are Accurately Identified The first benefit of the CDC is that all changes are accurately identified. If you’re considering using CDC, then this is likely your primary objective. Understanding what has changed within your database is essential to know what is different. CDC is excellent for this because it functions solely to identify changes. Knowing that something is different is one thing, but knowing precisely what has changed is critical. When you understand the changes that have been made, you can critically analyze this data. Old information will never be as useful or relevant as your most recent changes. Understanding this, you need a technique for streamlining the acquisition of changes made. Manually searching for changes is tedious and leaves room for error. Using the CDC, you can quickly and accurately see the changes that have been made. Greater Business Analysis and Decision Making With the most relevant data available, it allows for greater business analysis and decision making. Business analysis is imperative if you want to understand the trends of your operations. The data you process can indicate when something isn’t working and needs to be changed. Furthermore, conducting business analysis will improve your ability to grow and become more efficient. If you can complete the same tasks at a quicker pace, it saves you precious time and money. From your business analysis, you can then better craft your decisions. As you likely know, solid decision making has a direct impact on how successful you are. Because of this, you need data to back up your decisions. With the use of Change Data Capture, you’ll have the most useful data available to digest and make decisions with. Undisturbed Production Workflow Another amazing perk of implementing the CDC is an undisturbed production workflow. When you need to analyze the changes of information in your database, it holds up everything that you need to do. This process can be quite time-consuming and will delay more important work. The problem with tracking changes without CDC is that you don’t have real-time insight. This means that any changes you come across will be from a few days ago and may no longer be relevant. When you do use CDC, there’s no need to stop what you’re doing and investigate for changes. All of your updates are easily accessible and production can continue to flow. Lower Data Transfer Costs The last benefit of using the CDC is lower data transfer costs. Depending on the size and reach of your business, you may be accessing data from across the country. This can get expensive, especially when you’re working with a large volume of data. You’re likely using a wide area network to do this. If you were to transfer data across your wide area network without Change Data Capture, then you’re likely working with a lot of unnecessary data. This translates to paying for data transfer that you don’t need. CDC simplifies this by only transferring data incrementally. More specifically, the CDC will only move the changes that you make. This means that only critical information is being transferred, which allows you to pay for exactly what you need and nothing more. Even if you don’t need CDC for the other benefits, a lower wide area network cost may be worth it by itself. Closing Thoughts If you need an effective way of tracking changes made to your database, then change data capture (CDC) is the answer that you’re looking for! This technology simplifies the process of keeping tabs on new data and provides several great benefits. This includes accurate identification of changes, better business analysis and decision making, undisturbed production workflows, and a cheaper data transfer cost. Should any of these advantages be useful to you, then find a great Change Data Capture delivery method that works for you! There’s no need for change tracking to be difficult. Use CDC for live insights into your business that aren’t achievable in any other way! Featured Image Read Also: Best Deleted photos recovery Apps for Android 4 Ways to Import your Data to Zendesk