Hi Secretary FAQs
What are the advantages when using "Hi-Secretary"?
- A company secretary service provider will be able to work much easier when using our "Hi-Secretary" Company Secretary Software to manage the operations.
- "Hi-Secretary" is designed for managing registration, tax filing, etc information for multiple companies. Even when your service handles the administration for about 50 companies, you will be able to save at least 50% of your time with the Company Secretary Software "Hi-Secretary".
- The Company Secretary Software is totally cloud-based which means you can work remotely from any location as long as you have WIFI internet access.
How can Hi-Secretary (a professionally designed Company Secretary Software) improve your process when incorporating Hong Kong companies?
Hi-Secretary can certainly help speeding up your work to incorporate new Hong Kong companies.
Without using Hi-Secretary (a professionally designed Company Secretary Software), you are going to spend considerable time to create each individual document in Microsoft Word format that are required in the process of company incorporation. There are too many documents in a single process, and managing all the documents soon becomes very messy and tedious.
When you are updating information of a registered company such as the name of a director, or the shares amount of an individual shareholder of the company, again you will have to go through all the editing and paperwork on Microsoft Word documents. You will end up having to manage and store all the historical changes. Any further updates required in the future is going to be very difficult to manage.
Another problem is that you would have entered the same information over and over. This is not efficient at all.
Hi-Secretary has the proprietary built-in process for anyone to follow. It provides the exact workflow and steps to guide any individual to complete the company incorporation administrative work.
Hi-Secretary developed as a cloud-based company secretary software is able to reduce the redundant work from the individual persons whose job is to work on documents in Hong Kong company incorporation, de-registration, tax filing, and more.
All the input information is stored in a highly secured data warehousing technology. This makes retrieve company records of the past years very simple, and updating information (e.g. company director name changes, company shareholder shares changes, etc) very efficient.
How long have we been in the company secretary service industry?
One of our founders is a certified public accountant who has worked in the industry for over twenty five years, and one of her focuses has always been in Company Secretary service processes and taking the processes to automation.
Is my data safe with Hi Secretary?
All files and data are encrypted in our data warehousing technology.
Data backup and recovery are available. All data on our servers are automatically backed up and can be recovered in case of data loss.
Can you monitor individual tasks in Hi Secretary?
In Hi Secretary, you can set up to automatically receive tasks summary reports through emails on a daily basis, so you are able to keep a full record of all tasks being performed by any individual user.
Can you receive reminders for important tasks that are still to be done?
In Hi Secretary, you can set up to automatically receive reminder alerts. The alerts are a great feature to ensure you do not miss any important steps and/or mandatory dates. For example, you will get reminder alerts when the tax filing date is approaching.
What if you are not sure if Hi Secretary is the right solution for you?
You can always sign up the free trial of Hi Secretary and start testing the software right away.
Company Secretary FAQs
What does ComSec stand for?
ComSec is the abbreviation of Company Secretary.
Company secretary (ComSec) has been established into a specific industry due to demands over the past years. For example in Hong Kong, there are many small-to-medium size companies who do not have full-time employees taking care of company compliance in terms of statutory and regulatory requirements. However, this role has been seamlessly filled by business service agencies offering company secretary as a professional service.
Is it compulsory to appoint a secretary for a Hong Kong registered private company?
A Hong Kong private company must appoint a company secretary and at least has a director who is a natural person i.e. an individual. This is according to HK Companies Ordinance.
Can a sole director of a private company be the company secretary?
The sole director of a private company must not also be the company secretary.
Also, a private company with only a sole director is not allowed to have a body corporate as the company secretary.
But there is no requirement that a director must be a Hong Kong resident according to the HK Companies Ordinance.
Is it compulsory to appoint a secretary for a Hong Kong registered public company?
A Hong Kong public company or a company limited by guarantee must have a company secretary and at least two directors.
In this case, one of directors may be appointed as the company secretary provided the director is not a body corporate.
Is it true that only a natural person can be appointed as a company secretary?
No. A natural person can be appointed as a company secretary, and a body corporate can also be appointed as a company secretary.
Must the natural person company secretary physically reside in HK?
When the company secretary is a natural person, the secretary must reside in HK.
Must the body corporate company secretary be an office located in HK?
When the company secretary is a body corporate, the street address of the registered office must be a HK based address.
What are the differences between a company secretary and personal secretary?
Between the two roles i.e. Company Secretary vs. Personal Secretary, there have always been some confusions over the years.
A personal secretary is a role who does administrative work in an office environment and is an employee (or staff member) of the company he/she is working with. Personal secretary is a job title to describe an individual person whose major role is to assist a specific person (such as a senior director, a CEO, COO, etc) with his/her daily business tasks. The daily business tasks may be scheduling meeting for a team and the company chief executive officer, recording important messages for the chief operating officer, and more. Normally, a personal secretary is also known as personal assistant, executive assistant, or administrative assistant.
A company secretary refers to a service in which the responsibility of this service is to act as the administration of another company. The major objectives are to ensure this other company comply with the statutory and regulatory requirements as set out by IRD (Inland Revenue Department). The company secretary is the representative of this other company, and may be an individual person or a body corporate depending on specific requirements.
Company secretary and personal secretary are two distinctive roles in practice, though in terms of some tasks they may have similarities.
What types of services are included in company secretary?
Company incorporation and company de-registration are both services that are usually provided through a typical company secretary service.
Additionally, accounting, auditing, tax filing, and payroll services may usually be included.
What are the types or structures of Hong Kong companies that can be incorporated?
Some of the company structures/types that can be incorporated through Hong Kong companies registry: Limited company by shares, limited company by guarantee, sole proprietorship, partnership, etc.
What are the HK government departments that are highly related in the work of company secretary?
The government departments include:
Companies Registry (https://www.cr.gov.hk/) - CR involves in the incorporation/registration of companies in Hong Kong (including both HK or non-HK companies), change of company names, de-registration of companies, and more.
Inland Revenue Department (https://www.ird.gov.hk/) - IRD involves in the administration of Hong Kong ordinances on taxes and duties e.g. Inland Revenue Ordinance Cap.112, Business Registration Ordinance Cap.310, Stamp Duty Ordinance Cap.117, Tax Reserve Certificates Ordinance Cap.289, and more.
What is HK Companies Ordinance?
Hong Kong's new Companies Ordinance (Cap. 622) offers a legal framework for the incorporation and operation of Hong Kong companies.
The Companies Ordinance has four major objectives: Enhance corporate governance, ensure better regulation, facilitate business, and modernize the law.
The Companies Ordinance has been set out in 21 parts which involves:
- Registrar of Companies and Companies Register
- Company Formation and Related Matters, and Re-registration of Company
- Share Capital
- Transactions in relation to Share Capital
- Distribution of Profits and Assets
- Registration of Charges
- Accounts and Audit
- Directors and Company Secretaries
- Fair Dealing by Directors
- Company Administration and Procedure
- Arrangements, Amalgamation, and Compulsory Share Acquisition in Takeover and Share Buy-Back
- Remedies for Protection of Companies’ or Members’ Interests
- Dissolution by Striking Off or De-registration
- Non-Hong Kong Companies
- Companies Not Formed, but Registrable, under this Ordinance
- Communications to and by Companies
- Investigations and Enquiries
- Consequential Amendments, and Transitional and Saving Provisions