Obtaining a financial license in Hong Kong (MSO)

Many foreign entrepreneurs choose Hong Kong to start a business, considering the country's economy and legal system to be optimal for commerce and financial transactions.

The presence of high standards in the field of corporate governance is the key to the future success of a new venture. It is not enough to simply register a financial company in Hong Kong; you will also need a special Money Service Operator (MSO) license in a local or international format.

The company "E-COMMERCE BROKER" offers assistance in receiving necessary financial license in Hong Kong, Recalling that the absence of this document from a financial institution is severely punished by the Hong Kong authorities, including criminal penalties and imprisonment.

Features of financial licensing

The main regulatory body for payment organizations in this country is the Customs and Excise Department, and licensing must be carried out in strict accordance with Chapter. 15 Hong Kong Laws (AMLO), Anti-Money Laundering Law.

On the obtaining a Hong Kong license MSO A company registered in the country by an entrepreneur can count, regardless of his residence. The organizational and legal format of the company includes a choice between limited/unlimited liability.

Each participant in a business related to the provision of monetary services is required to undergo licensing. The supervisory authority authorized to issue such financial documents is the Department of Customs and Excise.

The license applies to money exchange and money transfers. From Hong Kong's perspective, foreign exchange transactions can act as a core business activity.

An MSO is required to work in the money transfer service industry, which includes sending, facilitating the sending/receiving of funds from Hong Kong, arranging a money transaction to receive money outside of Hong Kong.

Documents for obtaining MSO

The basis for obtaining a license MSO will be the application submitted with a package of documents. The list of attached documentation includes:

  1. Documents with the applicant’s personal data, including the company’s registration certificate and founder’s agreement.
  2. Documentation of premises occupied by companies, including layout and lease agreements.
  3. Documents for the business owner, partner, company manager. This also includes a declaration of a person’s compliance with legal requirements.
  4. Written permission from partners and the board of directors to apply for a license.

Additionally, the supervisory agency has the right to request a business plan, confirmed by the presence of certificates and extracts not listed in the main list.

How to obtain a financial license in Hong Kong?

Before issuing a license, the company undergoes a check to ensure that its employees are reliable and non-corrupt. The company then prepares the premises to meet legal requirements. The Customs Department must approve the premises.

After checking the documentation and on-site inspection at the location of the company, the Department communicates the final decision by mail. At issuing a financial license to a company mandate the appointment of compliance officers to combat money laundering schemes.

Depending on the complexity of the case, to obtain a financial license in Hong Kong, will have to spend up to 5 months. Contact the E-COMMERCE BROKER Company, you will receive detailed advice on what the licensing process will look like and what you will need to successfully obtain permits.

It should be taken into account that in Hong Kong this type of license has a limited validity period - 2 years, after which you will need to regularly renew the document.


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