License of an operator of an electronic payment system in Hong Kong: how to register
Each Hong Kong company, whose main activity is the provision of financial services, to avoid problems with the law must issue a special work permit. Money Service Operator (MSO) license in Hong Kong allows you to carry out most financial transactions, issued by the Customs and Excise Department for two years and requires constant renewal.
Which transactions are regulated by the MSO license
- Currency exchange;
- Money transfers within and outside the country;
- Working with cheque books.
Important condition: Any of these activities should be the primary source of income for the company. If, for example, the company is engaged in trade, takes to pay for different currencies, and as a result, engaged in their exchange, MSO license is not needed.
What parameters will increase the chances of success?
- The form of management of the company - LTD (analogue of the Russian LLC);
- Personal appearance of the founders in Hong Kong, at least 1-2 times, for an interview;
- Directors, founders and beneficial owners have the qualification of "fit and proper person", which confirms their professionalism and competence;
- The actual location of the company's office in the jurisdiction;
- Absence of criminal records, tax debts or bankruptcy status for affiliated persons.
Obtaining an MSO license, in addition to authorization to provide financial services, creates a number of serious obligations for the company owner: the prevention of money laundering for illegal purposes (AML), informing the regulatory authorities about suspicious customers and their operations, the timely submission of reports on activities in the field of Customs and Excise and the implementation of activities consistent with the goals and principles of Hong Kong policy.
Hong Kong MSO licensing procedure
- Registration in a foreign language and submission of an application to a specialized body confirming the company's intention to obtain a license to provide services of a financial nature;
- Completion by affiliated persons of a proper personal test, the results of which have a significant impact on making a positive or negative decision to issue a license;
- Payment of state duty. You can buy a Money Service Operator (MSO) license in Hong Kong for the first time for slightly less than 3,500 local dollars, each extension will cost 800;
- Personal interview participants and top managers of the company with representatives of the Customs and Excise Department;
- Analysis by specialized bodies of information about the company and making a final decision. The process of issuing an initial MSO license in Hong Kong takes 2-3 months.
To successfully pass the interview and testing, representatives of the newly established firm will have to seriously prepare. IT-OFFSHORE company has been working with the Customs and Excise Department of Hong Kong for many years, our consultants are aware of all the nuances of document processing and easily audit the procedure for issuing an MSO license.