What is a company secretary and why is the position so important?
Every entrepreneur’s focus is growing a business and becoming a renowned international brand. Are the most renowned global business brands not enviable? Setting your business on the same path towards becoming a top multinational is now possible if you can venture into the best economies in the world.
Whether you are at start-up or want to expand, think of a perfect launch-pad that will propel the business’s growth to levels you could only dream previously. A good economy to take your business should have the following characteristics;
- Stable economy
- Stable political system
- Extra stable financial stability
- Support for businesses
- Ease of opening and operating business
- A large market with huge potential
- Capability to lever the business expansion regionally
- Lower and straightforward tax regimes
- Friendly to foreign investment and operators
The only economy that meets these qualifications in an exceptional way is Hong Kong. It operates as a special administrative region of China which grants it full autonomy in all aspects except military and political system. Why wait, this is the economy that will lever your business to the next level. The Hong Kong administration is always looking for ways to support businesses for faster growth and success. You can never go wrong with Hong Kong.
To operate in this enthralling and highly potential economy that is Hong Kong, you are required to register a company. To get the process of incorporation easy and fast, the company law requires that you must get a company secretary.
What is a company secretary?
The company secretary is the individual mandated by law to advice the company on all legal matters. Because the directors have a lot of duties running the daily operations such as marketing, looking for deals, and expanding the company, it is very difficult to follow with all the legal requirements.
It is a requirement that the company secretary must be a Hong Kong resident. This requirement is meant to help companies follow with all legal requirements and ensure that changes are implemented easily and fast. Note that if the company has a single shareholder, this shareholder cannot be the company secretary. However, if it has more than one shareholder, one of them can become the company secretary.
The company secretary is the legal bridge between the company and all legislative arms of the government. Therefore, you must ensure that the secretary is sought and installed before submitting documents for company incorporation to the registry. The company ordinance expressly points that the company secretary position takes effect the minute the company gets incorporated.
How to select the best company secretary ?
Once you have made up the mind to venture into the Hong Kong market, the next big task is getting the right company secretary. While you can advertise for the position in any of the Hong Kong daily newspapers, a better way will be getting an agency to assist you. Agencies understand the tasks of company secretaries and will come in handy in picking the perfect match.
Because their specialty is assisting foreign companies, they already have a list of potential people for your company. In fact, they do more than that.
You can talk to the agency to have the company secretary shared with another company if your business will not be very busy. This makes your operations easier and more convenient. Reach us today to know what is a company secretary is, what to expect, and how to get your company up and to run in Hong Kong?