Limited Company Setup

Is it necessary to have a secretary ? What are the duties/tasks of this person ?
                    
Yes, it is a legal requirement for a Hong Kong Limited Company. The main duty of company secretary is to ensure the Company to file the statutory documents at Companies Registry on time.

What is the registered office ? Is this necessary ?

It is a legal requirement to report the address of the Registered Office of the Company to the Companies Registry. The registered office can be anywhere in Hong Kong. Your studio or residential address can be your registered office.

What do I need to do if I want to hire an assistant ?
                  
If you have incorporated a Hong Kong company, you will employ an assistant under the Company Name. You will draft the Employment Letter stating the job title, salary, working hours etc. And, provide the Mandatory Provident Fund and Insurance for Employee Compensation to your staff (assistant).

How does a limited company operate ?
You can issue the debit note to your customers when you have a Limited Company. And, you can deduct the expenses, such as rent and rate, salaries etc as the expenditure of your company. Profits tax now is 16.5% on net profit.

For Accounting, we shall need all :-

1.         incoming invoice log (invoices from your suppliers)
2.         outgoing invoice log (invoices to your customers)
3.         bank statements for the said period
4.         company visa card statement (if any)
5.        expenses vouchers (e.g. telephone bill, traveling expenses, salaries, air ticket, hotel accommodation, samples, entertainment, etc.)
            
For Auditing, we shall need all copies of :

rental agreement, sales confirmation, purchase order, bill of lading, statutory documents (we will provide those documents since we are the corporate secretary) plus
loan agreement (if any)

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