When you decide to incorporate a company in Hong Kong, one of the main requirements is selecting a company secretary.
The Company Ordinance requires people planning to open a company in Hong Kong to have a physical address, present all the required documentation, carry a company name search, and pick a resident company secretary. Why is the company secretary so important?
To comply with the Hong Kong law
Hong Kong administration put this requirement in law to help companies operate smoothly. By picking a resident secretary, your company will be operating on the right side of the law to avoid any conflict.
The company secretary is responsible for facilitating the company’s compliance with other legal requirements and related changes over time. It is, therefore, important to pick a person who is knowledgeable about Hong Kong company law and its application in Hong Kong and China.
The secretary plays complex roles ensuring your company’s tax obligations are met
One of the things that Hong Kong administration emphasizes so much is tax compliance. The selected company secretary is expected to facilitate tax compliance for the company from the beginning to the end. First, he has to register the company with IRD so that its details can be captured in different government departments.
If the company requires additional authorization, it is the role of the company secretary to facilitate compliance. At the end of every financial year, the company secretary will also ensure that the tax returns are done on time and properly.
The secretary is the selected company representative
When the Hong Kong administration wants to reach the company, the secretary will serve as the bridge. Whether it is for clarification, legal matters, or other issues, the secretary will be answerable.
His roles are very complex and must work together with the directors and shareholders to ensure the company runs smoothly. Note that even in the event that the company wants to wind up, it is the company secretary who oversees the process of liquidation from the start to the end.