Corporate Services-Licenses & Compliance

Corporate Services

Licenses & Compliance

* Money Lender License
* Money Services Operator License
* Dealer in Precious Metals and Stones
* Trust & Corporate Services Provider License

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Money Lender License

Any person (or corporation) who carries on business as a money lender (making loans or who advertises, announces, or holds himself out in any way as carrying on the business) is required to obtain a money lender licence.

Businesses considered as “money lender” basically include (i) consumer and commercial loan; (ii) mortgage; (iii) vehicle, plant and equipment leasing; (iv) credit card; (v) Small and Medium Enterprises loan; (vi) cheque and invoice discounting; (vii) loan syndication.

The sector of business is monitored by the Hong Kong Police Force (Licensing Office). Business license is granted by the Hong Kong Licensing Court while general licensing administration is handled by the Companies Registry – Money Lenders Section.

Applicable rules and regulations:
Money Lenders Ordinance, Cap 163
Anti-Money Laundering and Counter-Terrorist Financing Ordinance, Cap. 615 (AMLO)

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Money Services Operator License

Remittance Agents and Money Changers, also known as Money Service Operators (MSOs) are required to apply for a license from the Commissioner of Customs & Excise (CCE).
Applicable rules and regulations: Anti-Money Laundering and Counter-Terrorist Financing Ordinance, Cap. 615 (AMLO)

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Dealer in Precious Metals and Stones

Any person carries on any of the following activities by way of business —

a. trading in (including purchasing and selling), exporting or importing precious metals, precious stones or precious products;

b. manufacturing, refining or carrying out any value adding work on precious metals, precious stones or precious products;

c. issuing, redeeming or trading in precious-asset backed instruments; or

d. acting as an intermediary in respect of any of the activities a, b or c;

Except the person carries on a logistics service business, only imports or exports precious metals, precious stones or precious products in the ordinary course of that business.

There are two categories under the registration regime. Any person who is seeking to carry on a business of dealing in precious metals and stones in Hong Kong and engage in any transaction(s) (whether making or receiving a payment) with total value at or above HKD120,000 in Hong Kong is required to register with the Commissioner of Customs and Excise.

Applicable rules and regulations: Anti-Money Laundering and Counter-Terrorist Financing Ordinance, Cap. 615 (AMLO)

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Trust & Corporate Services Provider License

A trust or company service business means the business of the provision of the following services to other persons in Hong Kong
formation of corporations or other legal persons;
acting or arranging for another person to act as

a) a director or a secretary of a corporation;
b) a partner of a partnership;
c) a similar position in relation to other legal persons;
d) a trustee of an express trust or a similar arrangement; and
e) a nominee shareholder for a person other than a corporation whose securities are listed on a recognised stock market.

providing a registered office, business address, correspondence or administrative address for a corporation, a partnership or any other legal person or legal arrangement.

TCSPs will be required to apply for licences from the Registrar of Companies and every relevant person of the TCSP must satisfy a “fit-and-proper” test for provision of trust or company services in Hong Kong.

Applicable rules and regulations: Anti-Money Laundering and Counter-Terrorist Financing Ordinance, Cap. 615 (AMLO)

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