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Requirements for the director and shareholder of a Hong Kong company

Being a director is, or so they say, as glamorous as it is cumbersome. Let’s look at the responsibilities of directors in Hong Kong and attempt to determine how much risk this respectable job title comes with. The roles of a company director in Hong Kong are regulated by the company constitution, procedural law, and case law. In Hong Kong, the legislation sets down the responsibilities of the director that they must deal with. Daily workshops, training courses, conferences, and forums on topics of risk management and corporate governance ethics are encouraged by a director. An enterprise is a mixture of money, land, personnel, and legal obligations. Someone needs this “machine to run”. A director is a legislative officer who runs a company, serves its needs, and works hard to make it succeed. Shareholders nominate executives. In Hong Kong, company law notes that a limited private company must have at least one owner. This law would not extend to guarantee-limited public corporations and firms that ought to have at least two directors. A corporation may have a board of directors composed of several members, instead of one or two directors. Both executive and non-executive directors are subject to the same responsibilities and are responsible for the company’s management and activities jointly and independently. A minimum of one individual director and an unlimited maximum number of directors are allowed. The director must be a natural person who can be of any nationality and need not be resident in Hong Kong. Directors must be at least 18 years of age and must not be bankrupt or convicted for any malpractices. There is no requirement for the directors to also be shareholders. Nominee corporate directors can also be appointed in addition to the individual director. Directors Board meetings can be held anywhere in the world. When a director fails to fulfill their responsibilities, he or she is responsible for civil or criminal action and may be prohibited from serving as a director. Hong Kong’s incorporated corporations are expected to have at least 1 or more registered shareholders. The shareholder(s) may or may not be a Hong Kong resident. A Hong Kong private limited company can have a minimum of 1 and a maximum of 50 shareholders. A director and shareholder can be the same or different person. The shareholder must be at least 18 years of age and can belong to any nationality. The shareholder can be a person or a company. 100% local or foreign shareholding is allowed. Appointment of nominee shareholders is permitted. Shareholders’ meetings can be held anywhere in the world. For LTD businesses, let’s address shareholder rights in Hong Kong. In Hong Kong, the issuing of new shares of a private limited company includes: Right to Vote. The right to vote requires the choice of directors and plans for fundamental changes, such as mergers or liquidation, involving the company. Voting happens at the annual meeting of the company. Right to Dividends. Shareholders have the right, as partial shareholders of the business, to engage in the productivity of a corporation as long as they own the shares. Shareholders can gain dividends as part of profit-sharing. Right to Receive Accounts and Reports of The Company. Shareholders are entitled to access and review records such as the audited statements of the report of the board and the company’s audited report. Thus, being a director is not easy to do. Aside from making serious decisions every day if anything goes wrong, they must still bear in mind the legal repercussions they can face. On the other hand, if you only remain faithful to the organization, it seems easy to comply with the specifications. Since Hong Kong requires 100% foreign investment, this allows everyone to open up Hong Kong businesses and be a shareholder. Vita Liberta Limited is a licensed corporate secretary in Hong Kong and provides services for registering and maintenance of Hong Kong companies, as well as providing a legal address in Hong Kong. Also, our company provides accounting services, as well as assists in opening bank accounts in financial institutions. Our website: www.vitaliberta.hk Get in touch with us: [email protected] What's up: +852 6841 6177 Disclaimer: This video is not the equivalent of professional legal advice. Vita Liberta Limited is not liable for any actions taken. For any professional advice regarding a particular subject, please, contact our office (What's up/WeChat): +852 6841 6177