The role of the secretary of a company in Hong Kong is of utmost importance as it encompasses various legal and administrative responsibilities vital to the company’s compliance and corporate governance. The company secretary is not to be confused with an administrative assistant; instead, they hold a specific corporate position mandated by Hong Kong company law.
Their primary responsibilities include maintaining the company’s statutory records, organizing board meetings, and annual general meetings, as well as recording minutes of these gatherings. They play a crucial role in ensuring the company adheres to the requirements of the Hong Kong Companies Ordinance and other applicable laws and regulations. Communication with regulatory authorities, such as the Companies Registry and the Inland Revenue Department, also falls under the purview of the company secretary.
To be eligible for this position, the individual must either reside in Hong Kong or be a Hong Kong-registered company, and they cannot be the sole director of the company simultaneously. While specific qualifications are not mandated by law, it is advisable to appoint someone with a strong understanding of corporate laws and regulations in Hong Kong, preferably with legal or accounting backgrounds.
Additionally, companies have the option to outsource the role of the company secretary to third-party service providers specializing in corporate secretarial services, which can be particularly beneficial for smaller enterprises not requiring a full-time, in-house secretary. Overall, the company secretary plays a critical role in ensuring the smooth functioning, compliance, and governance of a company in Hong Kong.