{"id":5974,"date":"2021-07-02T03:00:04","date_gmt":"2021-07-02T03:00:04","guid":{"rendered":"https:\/\/www.boardroomlimited.com\/hk\/?p=5974"},"modified":"2023-06-27T02:29:08","modified_gmt":"2023-06-27T02:29:08","slug":"choosing-company-secretarial-services","status":"publish","type":"post","link":"https:\/\/stg.boardroomlimited.com\/hk\/choosing-company-secretarial-services\/","title":{"rendered":"Your guide to outsourcing company secretary services in Hong Kong"},"content":{"rendered":"

[vc_row full_width=”stretch_row” css_animation=”fadeInLeft” el_class=”business-insights-content”][vc_column][vc_row_inner el_class=”m-t-50″][vc_column_inner][vc_custom_heading text=”The role of a company secretary, why you need one, and how to choose the best services for your business in Hong Kong” use_theme_fonts=”yes” el_class=”m-b-30″][vc_column_text]The pressure of complying with the ever-evolving schedule of corporate legislative requirements in Hong Kong can be overwhelming. The pace of change is relentless, and corporate compliance obligations are only becoming more complex. This evolution is necessary in ensuring companies operate safely and fairly. Yes, it\u2019s a short-term inconvenience \u2013 but there are multiple benefits for your company in the long run. This is where the role of a company secretary comes in.<\/p>\n

 [\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_custom_heading text=”What is the role of a company secretary in corporate governance?” use_theme_fonts=”yes” el_class=”m-b-30″][vc_column_text]A company secretary plays an integral part in corporate governance for any Hong Kong company.<\/p>\n

As mandated by the Hong Kong Companies Ordinance, appointing a company secretary is a legal obligation for all registered businesses in the city. Their main role is to uphold good corporate governance of your company, by ensuring strict adherence to local laws, regulations, and policies. With their expertise in this area, they maintain compliance and safeguard the integrity of your business operations.<\/p>\n

 [\/vc_column_text][vc_custom_heading text=”What other responsibilities does a company secretary have?” use_theme_fonts=”yes” el_class=”m-b-30″][vc_column_text]Company secretaries are also accountable for a range of administrative and managerial tasks such as bookkeeping, reporting statutory changes, liaising with the Hong Kong Stock Exchange, Companies Registry, and the Inland Revenue Department, organising board meetings, and assisting with routine operations to keep the business running in an efficient and compliant manner.<\/p>\n

With the range of duties expected of those in a company secretary role, one can see this requires a lot of time, effort, and expertise. As such, professional company secretarial services can be engaged in lieu of individuals.<\/p>\n

 [\/vc_column_text][vc_custom_heading text=”Why should I outsource my company secretarial services?” use_theme_fonts=”yes” el_class=”m-b-30″][vc_column_text]Outsourcing your company secretarial functions to an expert provider can relieve your team of the time-consuming administrative burden of corporate compliance in the here and now. It can also reduce overheads by freeing up key staff to focus on the core functions of your business, and save valuable resources needed to hire and train new company secretaries in-house.<\/p>\n

However, it is crucial to note that failing to meet statutory obligations can have severe legal, reputational and financial ramifications for your company. That is why partnering with an experienced, qualified, and knowledgeable corporate secretarial service provider is so essential – meaning you should undergo a comprehensive selection process that ticks all the necessary boxes before committing.<\/p>\n

 [\/vc_column_text][vc_custom_heading text=”What should I look for when choosing a company secretary?” use_theme_fonts=”yes” el_class=”m-b-30″][vc_column_text]To help you find the right solution for your company, here are the top five qualities to look for when selecting a company secretarial services provider in Hong Kong that will help your business succeed whilst remaining completely compliant with all local laws.[\/vc_column_text][vc_row_inner el_class=”m-t-50″][vc_column_inner][vc_custom_heading text=”01<\/span> Corporate governance qualifications and experience” font_container=”tag:h4|text_align:left|line_height:50px” use_theme_fonts=”yes” el_class=”m-b-30 service-heading”][vc_column_text css=”.vc_custom_1687831731658{margin-left: 0px !important;}”]As mentioned above, in Hong Kong, every company must appoint a company secretary \u2013 which means it is non-negotiable as to why you need one. This secretary must be either a resident of Hong Kong or a company whose registered office or principal place of business is in Hong Kong.<\/p>\n

In private companies, a director may take on the role of company secretary, unless they are the sole director. Putting a director to work as your company secretary can initially be an attractive option from a cost perspective. However, as your company grows, so too do the corporate governance requirements.<\/p>\n

This is why so many private companies choose to outsource their company secretary, the role requires the specialist knowledge of a professional, but often doesn\u2019t justify creating another role within the company. Although not a necessity, outsourcing is often the most efficient and cost effective option here.<\/p>\n

For publicly listed companies, requirements regarding who can perform the company secretary role are stricter. The chosen person or company must either have suitable professional or academic qualifications or relevant experience to be acceptable under the Hong Kong Stock Exchange Listing Rules (\u201cListing Rules\u201d).[\/vc_column_text][vc_single_image image=”5982″ img_size=”large” alignment=”center” css=”.vc_custom_1625194080057{margin-top: 20px !important;margin-bottom: 20px !important;}”][vc_column_text css=”.vc_custom_1684217214614{margin-left: 0px !important;}”]The professional or academic qualifications considered \u2018suitable\u2019 under the Listing Rules include being:<\/p>\n