Hong Kong payment system license

Payment system license Hong Kong 

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.

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Requirements for obtaining a payment system license Hong Kong

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:

  • A registered office in Hong Kong.
  • At least one shareholder (can be a legal entity), one director, and a corporate secretary.

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:

  • Must not have a criminal record;
  • Have not been previously declared bankrupt;
  • Have experience in the financial sector and so on.

Peculiarities of the payment system license Hong Kong

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:

  • Conducting business activities;
  • Holding meetings with clients;
  • Performing any other daily operations and services.

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.

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