Personal Injury Law – Liability For a Start-Up Business in Hong Kong
With the continuous economic development, more people from all walks of life are looking to start-up a business in Hong Kong. People may come from different regions of China. As a result, there is significant competition among small and large-scale companies that aim at growing and establishing themselves in this Chinese-dominated region. The best way for them to succeed in this endeavour is by using the proper business procedure to get a foothold on the market in Hong Kong.
The business’s basic requirements include the right place where to start up business Hong Kong, the right people to help manage the business, market access, business planning, company registration, and the list goes on. These marketers should be aware of the legal requirements and regulations to satisfy the company’s legal requirements of licensing and registration. Besides, the business must be able to attract customers to obtain the sales target.
In Hong Kong, the company must have a general meeting as a first step in the registration process. The purpose of the public meeting is to present the directors and the company secretary, and the company’s officers. The company’s officers are the president, general manager, secretary, accountant, and marketing director. The company secretary plays a vital role in conducting the meetings.
At the general meeting, the director should outline its business objectives and its plan for further development. The public meeting also serves as a review of the past year’s activities. At the end of the general meeting, the director may give a final sign-off on the business plan. However, the agreement’s articles’ signing does not mean that the company has already started operations.
The next step in establishing a business in Hong Kong is to appoint an agent for the company. The agent may either be a non-personal agent or a personal agent. For instance, the secret agent of the directors is known as the secretary-general. On the other hand, the company can appoint a member of the Solicitors Regulation Authority to act as its fiduciary. This member is referred to as the director in the statutory register.
When the director fails to carry out his fiduciary duties, he is guilty of negligence. It will then form the basis of any claim against the company. The court will decide the claim. The company will then have to pay compensation to the injured party unless it can prove that the director was unaware that a breach of fiduciary duties had occurred.
Liability for a breach of the duties imposed upon it can arise from several sources. Directors’ rule that protects the company from liability for errors and omissions in the performance of its functions can be violated if a director makes an error when deciding based on information obtained without proper research. It can happen if the decision is based on inadequate information. If a directors’ rule is breached and a breach of contract is caused, the company could be subjected to several different liabilities.
A company will also be subjected to trust breaches if it takes a decision based on incomplete information. Again, this can occur when the decision is made without having conducted the required research. A violation of fiduciary duty can arise from several different things. These include negligence, breach of the executive’s obligations, or a breach of the client’s right to fair compensation or reimbursement. The Hong Kong SAR has designed an extremely comprehensive set of laws and requirements to protect its clients’ interests and ensure that they receive proper justice.