Change of director in the company

Change of director in the company

order - change of directors

Hong Kong has a quite business-friendly environment, making it easier for companies to conduct business in the city as well as anywhere in the world for Hong Kong companies. There are no strict rules as to who can be a director in a company or for choosing the place of business operations. This especially holds true for the company directors who can make important business decisions for the company from anywhere around the world.

The benefit of a Hong Kong company is that both- the foreign shareholders and directors are allowed as members of Hong Kong companies, making it easier for any person to direct the company. It also allows changing the company structure i.e. adding or removing the company directors easily. Therefore it is easy for Hong Kong companies to change directors whenever possible.

Hongkong Business

Changing directors

Business can undergo significant changes, for the better or worse. This implies the addition of new directors or the change of some as per the needs of the business. Hong Kong allows changing of director and our company can help you in by assisting and completing this task. Proper care of the steps and the documents required will be taken from our side. With the complete procedure and documentation, this process can take up to 1-2 business days for completion.

The change in the company structure is to be notified to the relevant parties such as banks, about the old and new directors in order for them to update their records and also to protect the company from any risk in case of a bad split with the old director. A new director can easily be incorporated into the company after it has been incorporated.

Every company is required to have at least one director who is a natural person. Though the company might add a corporate director after its incorporation, it is essential to have at least one sitting natural person for making business decisions. Also, a person or company can act as a director for several other companies at the same time.

Along with the above, there are some guidelines as to who can be a director of a Hong Kong Company:

  • No limitation on nationality
  • No maximum cap of directors
  • He should be above 18 years of age
  • Must have a valid passport
  • Must be a natural director in at least one company.

Once it is decided by the directors to change the company structure, there are two basic ways through which you can change the number of directors, either through adding new directors or removing old directors from the company.

The company can choose between two different ways of changing the directors:

  • Appointment of new directors
  • Cessation of directors to be removed from the company

Any company needs to decide these options beforehand and have a proper process and have to report to the government. It requires the approval and signatures of all acting directors. And the date of company restructuring is to be provided as it is important for company filings.

The change in the company structure will be updated in the company record and will be used for official reports and as well as bank registrations.

Some instances of situations of change of director are:

  • The company chooses a new person to become the director
  • The director is not responsible for his duties and it to be removed
  • The shareholders choose to remove the director
  • If the director is deceased
  • If the company appoints a non-executive director.

The company is required to file the documentation of the change in director with the company registry within one month from the date of change of directors to the Company Registry.

If you have to change the directors of a company, it does not require heavy documentation and can be fairly smooth. In order to complete the process of change of directors, you need proper information of each party to complete the change of directors.

The director information which is required will be:

  • Date of change of director
  • The name of the new director as on the passport
  • The permanent address of the new individual
  • Director’s signed resolution

All this personal information of a director can be found on their passport and the proof of address, for processing the change of directors, only a digital scan is necessary for the director’s information for processing the government filings.

The proof of identity should be a valid proof and not an expired copy for the identification process. Once you receive all the relevant information and documents, it may only take a few days for changing the directorship. In case you have assigned a corporate director, the company is required to give the company number as well.

Once the company has decided to change it, they also need to file a director’s resolution. The resolution represents the consent or confirmation of all the directors for the appointment or cessation of a director. This resolution would also provide the details of the new director and the date of the appointment.

To file the resolution for the company, it should have the signatures of all the current directors of the company. Our company will assist you in preparing the director’s resolution for the company once we receive information about the new directors. The company can act as a confirmation for approval of the change of company directors and it also states the information about the new directors.

The process of changing directors is quite easy and can be completed without any hassle once all documents and information are available. Our company will assist you in making this process effortless and brisk. For processing the change in directors.

Below listed are some steps to change the director of a company.

  • The first step is to inform our company of the changes you desire to be made between cessation or appointment of a director and other desired services.
  • We will review your case and invoice you for the fees according to the services you choose.
  • We would require personal information for the appointment or the identity proof of the director in case of cessation.
  • Once we receive the information, we would then prepare and send you the director’s resolution for the director’s signatures and approval of the change.
  • Once you return the resolution, we process the documents for change of directors to the Hong Kong Government.
  • Then the government would update its records with the provided documents for the change of director.
  • Once this process is completed, we would inform you about the changes and will provide you the company document. This change would appear for the company on the next Annual Return.

We also offer advanced screening which costs $295USD inclusive of the documents required in primary screening + a digital version of the Company Particulars Report.

We also provide customized screening based on your request.

Our company offers a complete package of documents and services for the change of directors. You can also modify these services according to your needs at any time according to your company’s needs. Our services for the director’s fees are as provided below:

  • Appointment or resignation of director $150USD
  • Resolution of director(s)/shareholders $55USD

You can also order our services for updating the director’s particulars, such as passport number and address, in case of any change in the same. This information is needed to be updated regularly, as the government records should match the current information of each director.

We understand that companies change, and that a re-structuring may be in order to simplify things or help your business grow. This may result in a change of the directors for the company. With your Hong Kong company, this can be done smoothly with the assistance of Future Perfact Global.

With Future Perfact Global, we can take care of all the company filings and paperwork so that your change of directors can be processed smoothly and in a timely manner. With years of experience in this field, we can work with you to process simple restructuring in the case of one or two directors, to more complicated cases for larger companies. We are dedicated in giving you the best service available and aim to allow you to easily change the company structure of your Hong Kong company. Contact us for a quotation and further information for the process.