If you are interested in setting up a currency and money transfer business in Hong Kong, you must first obtain a license to operate in the financial sector. Such permits are issued by the Department of Customs and Excise.
The list of services provided by any operator in Hong Kong includes a wide range of operations, including currency exchange, various money transfers, and many others. Often, a payment system (PS) is registered in the form of a company with the legal form LTD, which is similar to a Limited Liability Company.
A payment system license Hong Kong is not an EMI but another document called SVF. It implies a relatively high initial fee, and the period of validity of the authorization document varies from 5 to 10 years. After that, the company must go through the simplified licensing procedure again. However, business owners often apply for another license — Money Service Operator (MSO). It is granted for 2 years, after which the applicant must apply for renewal but not later than the expiration date of this document.
It is necessary to register a local company, for which a license will subsequently be issued. You should select the name of the company, indicate the participants and provide their documents in order to register a company.
The company needs to open a bank account in order to deposit the share capital. Opening an account is a complex process that should be entrusted to professionals. In order to open an account, you should to collect a package of documents and competently conduct further negotiations.
The exact amount of authorized capital depends on the type of the license. The beneficiary must provide documents on the source of origin of funds contributed as authorized capital upon bank's request.
The company must have key positions employees, some of them must be local. We will help with the search and selection of employees.
Office rent is not mandatory, but having one will significantly increase your chances of obtaining a license. We will select a budget option that meets the requirements.
It is necessary to prepare a business plan, and policies. In addition, application forms must be filled out. The client will only need to provide a basic information, on the basis of which we will prepare documents, taking into account local legislation.
It is necessary to submit an application to the regulator after preparing the company and documents. After submitting an application, you must be ready to answer additional questions from the regulator. We will take care of timely and competent answers.
The company receives a license after successfully passing the previous stages. At the same time, it must begin work within six months from the date of receipt of the license. Otherwise, the license may be cancelled.
If you want to legally conduct all operations related to activities in the financial sector, you should deal with company licensing. The PS must meet certain conditions and requirements, including:
Also, licensed PSs must prepare and file annual reports.
The Fit and Proper Test procedure deserves special mention. It is necessary for checking the reliability of the company seeking to obtain a payment system license Hong Kong. It also implies the compliance of executives with certain requirements related to the level of experience and qualifications needed for the PS. The procedure applies to directors and shareholders who:
Companies that have been granted an MSO license are exempt from capital, inheritance, and value-added taxes. Among others, MSOs do not have to pay stamp duty and other government fees unless they apply to real estate. There are also no statutory capital requirements, so any company that meets regulatory requirements can apply for a license.
Please note that a payment system license Hong Kong is not always granted to companies. During the licensing procedure, regulatory authorities thoroughly check applicants for compliance with the requirements and conditions. But the logic of business processes must be followed, for example, an office registered in Hong Kong must be designed to:
Contact our company if you want to prepare everything necessary for obtaining a payment system license Hong Kong. We will provide you with legal advice and professional assistance at all stages of licensing and take care of all related issues and tasks. Trust our specialists who closely follow the requirements of regulatory authorities and Hong Kong legislation.
In the UK, the licensing of payment systems (PS) is carried out by certain regulatory bodies, in particular, the FCA. They can provide business owners with a special license — AEMI. Having received such permission, the company will be able to work in any country, open IBAN accounts, obtain the status of a member of SWIFT, SEPA, and so on.
Frequently Asked Questions:
We will contact you soon and give a detailed answer