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Obtaining a financial license in Hong Kong (MSO)

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

High corporate governance standards are key to the future success of a new endeavor. It is not enough just to 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 the financial institution is severely punished by the Hong Kong authorities up to criminal punishment and imprisonment.

Features of financial licensing

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

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

Every participant in the business related to the provision of monetary services is required to be licensed. The supervisory authority authorized to issue such financial documents is the Department of Customs Duties and Excise.

The license covers the exchange of funds and money transfers. From the perspective of Hong Kong, foreign exchange operations can act as the main 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, and arranging a money transaction to receive money outside of Hong Kong.

Documents for obtaining MSO

The basis for obtaining a license MSO will become the application filed with the package of documents. The list of attached documents includes:

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

In addition, the supervisory authority has the right to request a business plan, confirmed by the presence of certificates, extracts that are not indicated in the main list.

How to get a financial license in Hong Kong?

Before issuing a license, the company is tested for the reliability and non-corruption of employees. Then the company prepares the premises, suitable for the requirements of the legislation. 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. When issuing a financial license to a company oblige to appoint officers to supervise compliance and to counter 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 how the licensing process will look like and what is needed to successfully obtain permits.

It should be borne in mind that in Hong Kong this type of license has a limited validity period of 2 years, after which it will be necessary to regularly renew the document.

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