The best leverage you can give to a business when targeting to expand into the Far East is identifying the most potential entry market. A closer look will reveal one most outstanding economy; Hong Kong. For a full century, Hong Kong developed roots of an independent territory and further blossomed to become a business driven economy. Why Hong Kong and not others?
The importance of Hong Kong as an investment destination
After regaining its independence from the British, Hong Kong maintained its autonomy that has been used by subsequent administrations since 1997 to facilitate better business operating environment. In particular, the economy has straightforward and lower taxes that allow you to keep most of the profits and other proceeds from your company.
To get into Hong Kong, run a company and grow in the entire Far East will require you to incorporate a company. The company ordinance puts one crucial component when forming a company; the company secretary. The secretary is so important that without him/her you cannot register, start operations or open a company bank account. Here are the main duties of a company secretary.
The most important duties of a company secretary
- The company secretary is mandated by the company ordinance to maintain the company’s statutory book. This means that the company secretary should handle any legal related issue. For example, if the company registry needs clarification about the company, the point person will be the company secretary. Among the statutory documents that the secretary is mandated to keep include registers for directors and shareholders.
- The secretary prepares agendas for all meetings of the board and even annual general summits by the company. This is a very important role because it helps to bring together all shareholders to make crucial decisions about their company. In such meetings, the secretary is also mandated to take minutes and ensure that all statutory relate decisions are implemented.
- Monitoring any change in various legislation as well as the regulatory environment. Just like other economies, Hong Kong is always active in reviewing laws that affect businesses. When these changes are passed by the Hong Kong administration, the Secretary is required to take note immediately and make appropriate changes in the company. If the changes are major and demand significant shifts in the company structure and operations, the secretary should liaise with relevant attorneys to ensure the company is compliant
- If the company is faced with bankruptcy or wants to exit the Hong Kong economy, the secretary is required to offer guidance on the process. The Hong Kong administration requires the secretary to help the company liaise with Internal Revenue Department in ensuring that all the taxes are cleared, the employees are dismissed according to the law, and the exit is completed appropriately.
Because of these very important tasks, you need a very knowledgeable and experienced company secretary. Make sure to be thorough when selecting your secretary with extra focus on past duties in similar positions.
The most effective method of picking the company secretary is using agency services. Visit us today to learn how we can help you get the best expert who will accomplish all the duties of a company secretary professionally and passionately.