Company secretaries are the representative of your business firm and they assure the effective administration of your enterprise. Similarly, secretarial services ensure the compliance of your company with the regulatory framework of Hong Kong. The secretary works with senior executives, directors, and board members of the company, which allows him/her to make decisions for the firm.
Hong Kong companies secretary mostly fulfill all the major administrative and managerial responsibilities:
Compliance On Tax Systems
The government of Hong Kong is straightforward on tax systems. The compliance of tax systems is the key role of the company secretary for a startup in Hong Kong. A secretary does the following:
- Registration of the company in IRD ( Inland Revenue Department) after the process of incorporation
- Looking for further authorization on tax issues
- Assures the filing of tax returns of your business on time and accurately to avoid penalties and get tax relief if possible.
Maintenance Of Statutory Books Of The Corporation
Company secretaries must maintain the records of statutory books. Doing so offers ease for accessing particular documents when required by the government agencies. It also saves time.
Similarly, it is necessary to update the documents if any modifications or changes are made to the statutory book. The company secretary also has to inform members and shareholders of the company about the business activities and operations by sharing accounts or reports.
Organizing, Managing, and Attending Meetings
All the board meetings and shareholder’s meetings are organized and attended by the company secretary. S/he is required to prepare the essentials of the meetings such as formulating the major proposal, preparing the details of meetings, and assuring the procedure complies with the administration of the company.
They also ensure that the resolutions made during the meetings are implemented in the business and staff, and they should be within the regulatory framework of the Hong Kong administration.
Post Registration Filing
The company secretary is crucial to incorporate services and to perform business operations over the entire life-line of the company. There are always chances of recruiting or deletion of shareholders, directors, or any other members in the company. Also, there may be a modification in address and name of the company, positive or negative impacts on shares, etc. So, it is always the role of the company secretary to be up-to-date on the latest modifications and maintain them in the registry.
Cooperation With The Stakeholders
The secretary of the company works together with different agencies that influence the day-to-day activities of the company. A newly formed business depends upon the secretary to get acquainted with the diverse market. S/he should be familiar with the stock exchange in Hong Kong, new policies by IRD (Inland Revenue Department) and should take the necessary actions immediately.
In addition to these, the company secretary should also collaborate with shared holders, directors, and other members of the corporation.
These are the major roles and responsibilities of a company secretary in Hong Kong. But, there are other services you can receive from a good accounting firm in Hong Kong. 3E Accounting Limited, a Hong Kong secretarial company is a one-stop solution that guides you with everything you need to incorporate your company.