Hong Kong is the ideal place to start a company for investors, owing to several conducive factors that help businesses succeed and flourish here. Setting up a business is advantageous due to the simplified taxation system, strategic location, excellent communication facilities, and various other factors. However, before you start your business in Hong Kong, you must be thorough with all the rules and procedures for forming a company to ensure that there are no legal hassles. It is advisable to hire an experienced corporate service provider in Hong Kong who is aware of the statutory compliance requirements for companies in Hong Kong.
The Hong Kong Companies Ordinance has a mandatory provision, which states that all companies incorporated here must hire a company secretary. The same rules apply even if they are not Hong Kong companies.
The Qualifications Needed to be a Company Secretary in Hong Kong
The company secretary you hire can either be an individual or a Hong Kong-registered corporate body authorised to act as company secretary HK. However, companies listed under LR 3.28 can hire only an individual company secretary.
These are the qualifications a company secretary requires:
- Minimum age: The person must be at least 18 years old. The law states that only people above 18 can enter into agreements.
- Need for residency (individual secretary):
- The individual must be an ordinary resident in Hong Kong.
- A listed company incorporated outside Hong Kong must follow the laws of the place where it is registered. In the case of an ordinarily resident company secretary in Hong Kong, there has to be a joint appointment.
- The requirement for a place of incorporation: If a body corporate is acting as a company secretary, it must have its registered office in Hong Kong and must be a Hong Kong-registered company
- In the case of a Hong Kong-registered company, there are no special qualifications.
- In a company listed under LR 3.28, the company secretary must match the qualifications needed as a member of the Hong Kong Institute of Chartered Secretaries. Alternatively, the Hong Kong Stock Exchange must approve that he possesses the relevant experience needed by a company secretary.
- As per the Exchange, the following qualifications are necessary:
- The individual has to be a member of the Hong Kong Institute of Chartered Secretaries.
- He or she should be a solicitor or barrister (as laid down by the Legal Practitioner’s Ordinance).
- He or she must be a certified public accountant (meeting the Professional Accountants Ordinance).
Suppose you aim to set up a company in Hong Kong and need to hire a corporate secretary. In that case, it is advisable to hire a professional HK secretarial services firm with the relevant amount of experience. 3E Accounting Hong Kong is the best Corporate Service Provider in Hong Kong, and our team has helped several investors set up and run their companies successfully in Hong Kong. We are conversant with all the mandatory legal requirements for company registration and compliance in Hong Kong and will guide you through all the procedures in a hassle-free manner.