Question 1

What is a company secretary?

Accepted Answer

The main purpose of the company secretary is to handle the proper compliance and corporate governance of companies established in Hong Kong, from the moment of the company incorporation and throughout the life of the entity. The company secretary will liaise with the authorities, shareholders, and directors to ensure the Hong Kong company follows the local rules. Company Secretaries will assist and even provide a registered address where the company can receive communication from the authorities. Company secretary services can be provided by company registration agencies and law firms, accountants, and consulting firms.

You can find more information in our dedicated article What is a Company Secretary in Hong Kong?

Question 2

How to find a company secretary?

Accepted Answer

It's easy to find a company secretary, who acts as an incorporation consultant, as there are thousands of these service providers in Hong Kong. Larger company secretaries will have websites that can be found with a simple internet search, there is also a directory of company secretaries on the Hong Kong Company Registry website. You'll also find on this exact page a list of some of the most popular company secretaries among SMEs, as well as a list of their services and contact information.

Question 3

Why do companies register in Hong Kong?

Accepted Answer

Entrepreneurs perform their company registration in Hong Kong for many reasons. Some of the most popular reasons include low taxes, duty-free goods, being open to international trade, promoting a startup environment, allowing companies to open and operate a Hong Kong company remotely, supporting offshore company incorporation, and of course, the strong commercial ties with Mainland China and South East Asia.

We have a dedicated article all about Why you should open a company in Hong Kong.

Question 4

Can I hire a company secretary and open a company remotely?

Accepted Answer

Yes, entrepreneurs can hire a company secretary to perform Hong Kong company incorporation services remotely. It is not mandatory to be a Hong Kong resident to act as a director or shareholder for a company incorporated in Hong Kong. It is also unnecessary to visit Hong Kong to perform the company setup.

Question 5

What are some services that company secretaries provide?

Accepted Answer

Company secretaries offer services that warranty the compliance of the company with the local authority, which include:

Company registration service
Obtain company chops
Registered address in Hong Kong
Renewal of business registration with the Companies Registry
Presentation of the Annual Return or NNC1
Remove or add shareholders to the structure
Remove or add directors to the structure
Transfer of shares
Prepare annual minutes for the board of directors
Minutes for special minutes of the board of directors
Company Deregistration
Assistance in account opening

As Hong Kong is a thriving business center, firms in the following industries commonly offer specialized services along with company secretarial services:

Consulting firms and advisory firms
Accounting firms
Certified public accountants and auditors
Tax and corporate financial services providers
Law firms
Human resources management

Read more on our dedicated blog article on Why a company secretary in Hong Kong is so important

Question 6

What types of business entities can be established in Hong Kong?

Accepted Answer

There is a wide variety of types of business entities to incorporate in Hong Kong; the most popular for foreign investment are the companies with limited liability, most commonly known as Hong Kong Limited companies. Other company types include:

Sole proprietorship
Public limited company
Partnership
Company limited by guarantee
Branch office
Representative office
Subsidiary

Company secretaries can assist you to identify the proper type of entity that matches your project's objective.

Continue on reading our article dedicated to Hong Kong Incorporation entity types

Question 7

How much does business registration cost in Hong Kong?

Accepted Answer

Hong Kong company incorporation fees are pretty affordable. Registering a business consists of 3 major fees: the Company incorporation fee, the Business registration fee, and the levy.

Company incorporation $1,720HKD;
The business registration fee is $2,000HKD, and a;
Levy of $250HKD

An incorporation consultant firm in Hong Kong will charge additional fees for the company set up in Hong Kong, which will vary depending on the services provided.

More information on the subject on our article about Business Registration Certificate

Question 8

What is the basic information your company secretary or service provider requires from you for the company setup?

Accepted Answer

The basic information that must be provided to open a company in Hong Kong includes the following:

Company name. Your service provider will perform a registration search and verify the name is available. The search can be performed at the Cyber Search Centre of the Integrated Companies Registry Information System (ICRIS), the official site of the Hong Kong registrar of companies.
Company structure. You should decide who will be the directors and shareholders of your company.
The director will be responsible for the management of the company. For example, he or she will be in charge of opening bank accounts, signing audit reports, etc.
The shareholders are the owners of the company.

For more info on these basic steps, you can read our dedicated guide Process of Company Incorporation in Hong Kong

Question 9

What should a company secretary deliver once the company setup is performed?

Accepted Answer

Once your service provider in Hong Kong performs the set-up of your Hong Kong company, you should obtain from them the following documents/items:

Certificate of incorporation of the company
Hong Kong company registration certificate and company registration number
Company chops
Articles of Association
Shares certificate

For more info, keep reading our article about the important documents when the incorporation is completed

Question 10

What are the additional steps in order to keep a company active in Hong Kong?

Accepted Answer

Once the company reaches its first-year anniversary, a company secretary will assist the company incorporated in Hong Kong with its Annual Compliance, including renewing its Business Registration and presenting its Annual Return or NNC1 form to comply with the Company's Registry and keep the information updated with the authority. Any change in the structure of the company, like a change of registered address, passport numbers of directors or shareholders, transfer of shares, etc., can be presented to the authority.

Companies incorporated in Hong Kong should also perform annual accounting, prepare audit reports and present the profit tax return to the Inland Revenue Department. The profit tax return declaration and due date will depend on the closing of the fiscal year chosen by the company; the profit tax return must be performed every year. It is a common practice that the service providers in Hong Kong will provide a full package service that includes the renewal of the business registration and the accounting, audit, and tax services.

You can read our article Opening a bank account in Hong Kong is difficult

Question 11

Are company secretaries required?

Accepted Answer

Company secretaries are a legal requirement by the local Hong Kong government, intending to ensure compliance and corporate governance.

You can read our article Why a company secretary is necessary in Hong Kong

Question 12

How to ensure your service provider is authorized to perform company secretarial services?

Accepted Answer

In order to ensure the service provider you are contacting is appropriately authorized by the Hong Kong government, the company should hold a Trust and Company Service Provider (TCSP). Any trust or company service business in Hong Kong is required to apply for a TCSP license, with very few exceptions, including banks, accountants, legal professionals, etc.

Question 13

Can a company be its own company secretary?

Accepted Answer

Corporate governance in Hong Kong requires the use of a third party and licensed company secretary.

This is explained in detail in our article about Why you need a company secretary in Hong Kong

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Contents

A company with no account has no value