Hong Kong money services license (MSO)

 

 

1.Hong Kong money services operator license (MSO) business:

Hong Kong money service license also said Hong Kong customs license, an operator's money by Hong Kong customs service supervision division on the basis of 2012 proposed "to crack down on money laundering and fund-raising (financial institutions) draft regulations formulated and issued by the compliance license," operator "refers to the business in Hong Kong currency exchange services or remittance service personal or (enterprise) organization.This license and its legislation give the regulator appropriate powers to supervise and enforce the law and formulate relevant penalties. As an improvement and enhancement of the anti-money laundering system applicable to financial institutions, it will bring it into line with the international standard and play an important role in consolidating Hong Kong's status as an international financial center.

Money service refers to currency exchange service or remittance service.

Money changing service means a currency exchange service operated as a business in Hong Kong, but does not include such services attached to the principal business, such as a retail service accepting foreign currency in transactions or a service so operated by a person managing a hotel that meets the following criteria -

(a) the service is operated on the premises of the hotel primarily for the convenience of customers staying in the hotel;and

(b) only transactions in which the person purchases non-hong kong dollar currencies for exchange in Hong Kong dollar currencies are included.

Remittance service (remittance service) refers to as a business in Hong Kong, with the following one or more than one kind of trading service -

(a) to send money or arrange to send money outside Hong Kong;

(b) receiving money from or arranging to receive money from outside Hong Kong;

(c) arranging for the collection of money outside Hong Kong.

 

 

2.The Hong Kong money services operator license (MSO) Requirements:

The conditions for applying for a Hong Kong money services operator license are as follows:

First of all, if the customer is not a Hong Kong resident must first register the Hong Kong company;

I. suitable candidates:

At the time of application, the applicant (or any of his partners/directors/ultimate owners) will be determined by the customs and excise department as to whether he has committed an offence or whether he is a bankrupt who has not been discharged from bankruptcy. The offences and requirements set out in annex 1.It's neither;

Ii. Business address:

1. Business address to be registered:

The business address you need to register is the address you use to conduct currency exchange or remittance services. Here are some examples of specific addresses you use to conduct money service business:

(I) the address is used as the address for conducting money services;

(ii) the address is advertised (including display signs) as a place to meet customers;

(iii) the address is often under the control of the licensee, for example as a landlord or tenant.

If there is a specific address, it must comply with: a specific address allows customs officers to enter to enforce the provisions of the ordinance.

If the address involved in the application is a residential address, the applicant should ensure that the written consent of each occupant of the address is obtained for the authorized person to enter the address for routine inspection.

2. Addresses meeting the following conditions need not be registered:

(I) an address outside Hong Kong;

(ii) an address which is not primarily used for conducting money services, e.g. for the following purposes only:

· store business records

· staff training

If there is no specific address address must be provided in the application form.

The following example does not require registration of business address:

(I) operating money services at a non-fixed address, e.g. providing on-site services;

(ii) meeting the customer at the customer's office;

(iii) use only mobile phone equipment for transactions

 

 

3.How to apply for or purchase a Hong Kong money services operator license (MSO)

The commissioner will refuse to issue a license and notify the applicant in writing if:

(a) the applicant or one or more applicants in the applicant's business fail to pass the fit and proper determination;

(b) the premises to be used are not suitable for the operation of monetary services;or

(c) the applicant fails to obtain the written consent of each occupant of the residential premises used for the operation of monetary services to permit the authorized person to enter the premises for routine inspection.

 

The application process for a Hong Kong money services operator license is as follows:

According to the guidelines of the customs and excise department for applying for a money service license, it is best to apply in the name of a company. The following is the application procedure:

1, the applicant provides the company business registration certificate, the company registration certificate, the annual return form (if it is a new company, the company formation form), the company structure, the percentage of each member of the company and the memorandum and articles of association of the company to us, we will apply;

2. The applicant (or any of its partners/directors/ultimate owners) needs to be witnessed by a notary to make a proper determination;

3. The applicant needs to meet with customs officials to formally sign the application for approving the money service operator license;

 

Notes for applying for a Hong Kong money service operator license are as follows:

1. The valid period of the license is two years.A licensee should submit an application for renewal on or before the expiry of his license;

2. If the application is unsuccessful, the fees will not be refunded;

3. The licensee is required to inform the commissioner of the following changes:

1) change of business/corporation name;

2) changes in the nature of money service business;

3) change of main (correspondence) address;

4) change of contact information;

5) change of business address information;

6) change of telephone and fax Numbers of business address;

7) changes in the particulars of other businesses carried on at the business address;

8) change of occupant of residential business address;

9) changes in the particulars of the sole proprietor/partner/director/ultimate owner;

10) change of partner/director/ultimate owner;

11) changes in the appropriate status of the sole proprietor/partner/director/ultimate owner;

12) changes to the bank account used to run the money service business.

 

 

 

Information required for application for the money service operator license:

1. Original registration certificate (CI) of the applied company;

2. Original business registration certificate (BR) of the company;

3. Apply for clear scanned copies of id CARDS or passports of directors and shareholders of the company;

4. Apply for a clear scan of the travel documents (Hong Kong and Macao pass) of the company's directors and shareholders;

5. Two copies of articles of association of the company applying for;

6. Apply for one copy of company account information, which can accurately reflect the company account name and account number.

7: company business descriptions.

 

 

 

 

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4.Application or purchase of license fee

4.1 application fee

4.2 license purchase fee