Who is your company secretary?
On the insurance thing - it is mandatory.
Legally, the insurance is mandatory since it protects against employee claims but since the OP is a one-man company it is not really required since no-one will be suing the company.
I know of many people who do not buy insurance for their company.
Some more thoughts:
1. A director need not receive "remuneration" (see 2 below) and hence is not an "employee" so employee compensation insurance might not even legally be required.
2. The OP can pay himself a director's fee at the end of each year. If there are no profits, then no fee and hence no MPF required.
yes my co sec charges 2000 per year - but as I said I have no idea what their obligations are!
"OP" = original poster.
Assuming you would be paying yourself more than the basic allowance (~HK$100,000) then you would need to pay tax. The basic allowance applies irrespective of whether you are paid monthly or annually. It's not the same as PAYE in UK.
Same tax forms required.
The advantage is that you can decide how much to pay yourself after taking into account your profits (to maximise tax savings).
The Co-Sec is someone who manages the company's documents and records and maintains them with the Companies Registry. These would relate to shareholders, amount of capital, company articles and memorandum, appointment and removal of directors, the annual return, establishment of a bank account or loan. The list goes on.