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.

Steps

Company registration in Hong Kong

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.

Account opening

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.

Contribution of authorized capital

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.

Hiring required employees

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

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.

Preparation of documents for applying for a license

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.

Filing an application

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.

Obtaining a license

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.

Countries are nearby

Czech payment system license

Choosing a favorable jurisdiction for licensing is a serious issue that businessmen often face. If you are planning to register a payment system (PS), the Czech Republic may be a suitable option for licensing.

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Hong Kong payment system license

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PSP system UK

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.

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Frequently Asked Questions:

In order to obtain a payment system license in Hong Kong, it is necessary to prepare a business plan, AML policy and other documents, register a company, hire specialists for mandatory positions (director, AML officer, etc.). Integral elements for obtaining a license are an account in the local bank and contributed authorized capital.

When choosing a payment system, it is necessary to take into account its license, service coverage regions, and acceptable payment methods. Also, it is necessary to take into account the compliance of the requirements of the payment system with the characteristics of the company (country of registration, residence of its participants, etc.). The tariffs offered by the payment system also play an important role.

Money Service Operators (MSO) license is valid for two years. Stored Value Facilities (SVF) license is a termless lisence with timely renewal.

The final cost of obtaining a payment system license in Hong Kong is influenced by various factors (the exact list of future services, the region of work, etc.). You can find out the exact cost of obtaining a payment system license in Hong Kong by contacting our specialists.