◆ Your external compliance team: We handle the entire process of applying for an MSO licence from the Customs and Excise Department (C & ED) and ensure compliance with the Anti-Money Laundering and Anti-Terrorist Financing Ordinance (AMLO).
◆ One-stop service: From legal consultation, document preparation, office registration to anti-money laundering policy formulation, we provide one-stop service to simplify the MSO license application process and save your time.
◆ Apply quickly and get a head start: With our assistance, you can get an MSO license in 7 to 9 months.
Ready to launch your Hong Kong MSO? Contact us and start a new journey together!
Why Hong Kong? Advantages of MSO Licence
◆ Major financial centers: Operating in one of the most dynamic financial centers in Asia can enhance your business reputation and market coverage.
◆ Streamlined process: The application process is straightforward, without excessive regulatory burdens.
◆ Cost-effective: Enjoy no capital requirements and competitive license fees, transparent and predictable processes.
◆ Enhance corporate value: MSO licenses increase the legitimacy of your business, improve your business valuation, and will attract more customers and investors for you.
What services can you offer in Hong Kong with an MSO licence?
◆ Currency Exchange Services
Once licensed, you can provide currency exchange services in Hong Kong. However, this service does not include such services that are incidental to the main business, such as hotels that accept foreign currency only for the guest side of the transaction.
◆ Remittance Services
You can provide funds transfer services to and from Hong Kong, such:
(a) remit or cause to be remitted to a territory outside Hong Kong;
(B) collect or arrange for the receipt of money from abroad; and
(c) receive funds outside Hong Kong.
◆ Digital Financial Services
Expand your business to online or mobile platforms to meet the growing demand for digital financial services.
Regulatory Overview of Money Service Operators (MSOs) in Hong Kong
The Customs and Excise Department (C & ED) regulates money service operators under the Anti-Money Laundering and Anti-Terrorist Financing Ordinance (AMLO). The framework ensures that licensed operators meet strict standards of business conduct while maintaining flexibility to adapt to changing market needs.
Hong Kong MSO Licence Application Requirements
◆ Company Qualification: A Hong Kong registered company (limited liability or unlimited liability company) is required. Both Hong Kong residents and non-residents can hold MSO licences in Hong Kong.
◆ Fit Determination: The company's directors (at least one) must be determined by C & ED as a fit and proper person. This test ensures that a person with a criminal record or bankruptcy cannot manage or own a licensed entity.
◆ Registered by the business office: the company must have an office address for the company to carry out business activities and meetings. The address must be authorized by formal agreement with the landlord and approved by the C & ED representative. If there is no specific business office, a local management office (LMO) needs to be designated to hold the company's books and records.
◆ Documentation requirements: Include company documents such as business registration certificates, personal data of all directors, partners and ultimate beneficiaries, business plans, anti-money laundering and IT policies, and a power of attorney signed by all partners or board members to submit an application.
◆ Interview and Competency Assessment: As part of the application process, the company must undergo a face-to-face interview with C & ED to assess its readiness and ability to conduct a money service business under compliance regulatory standards.
◆ Restrictions: Companies that have been declared bankrupt and have not restored their rights, as well as companies managed by managers with criminal records, are not eligible for an MSO license.
MSO Licence Application Process
Normally, a licence is granted for a period of two years. If you wish to continue operating the Money Service, you must apply for renewal of your licence 90 days before and 45 days after the expiry date.
◆ Cost: Includes application fees, company registration fees, AML/KYC solutions and professional service fees (such as translation). Please contact us for a detailed quotation.
◆ Time: In our experience, the entire process from company registration to final licence approval usually takes 7 to 9 months, depending on the completeness of the documents and the decision of the right person.
Hong Kong MSO Licence FAQ
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1. Who needs to apply for an MSO license?
Anyone planning to carry out a money services business, such as money exchange or remittance services, is required to apply for an MSO licence. -
2. What are the legal consequences if a money service business is conducted without a licence?
Under section 29(1) of the Anti-Money Laundering and Anti-Terrorist Financing Ordinance, failing to obtain the required licence to engage in money services business may be punished by a fine of HK $100000 and up to 6 months imprisonment. -
3. Why is it important for financial service providers to obtain an MSO license?
The MSO license allows you to legally provide currency exchange, remittance and other services, expand your business into the field of digital financial services, and enter one of the largest business centers in Asia. -
4. What are the main differences between currency exchange services and remittance services?
Currency exchange refers to the provision of currency exchange services in Hong Kong, while remittance services involve the transfer of funds from or to Hong Kong and are responsible for the flow of these transactions. -
5. Who is not required to apply for an MSO licence in Hong Kong?
Financial institutions that are already regulated by the Securities and Futures Commission or the Hong Kong Monetary Authority are exempt from application. This includes authorized banks, licensed companies, and authorized insurers, which typically do not require an MSO license. -
6. What are the basic steps and documents required to apply for a Hong Kong MSO licence?
You will need to complete a background check, register your business address, and provide documents such as company and member information, office address verification, business plan, and anti-money laundering (AML) policy. In addition, a non-refundable application fee is required. -
7. What are the guidelines for determining the suitability of an operations office for a money services business?
1. The Operations Office must allow the Customs and Excise Department (C & ED) officers to perform their duties under the supervision of the MSO.
2. If the business is located in a mixed-use commercial and residential building, the applicant must obtain the written consent of all tenants to allow authorized C & ED personnel to enter and conduct inspections. -
8. How long does the MSO application process take?
The entire process, from submission to approval, usually takes about seven to nine months. -
9. What are the ongoing compliance requirements?
Licence maintenance requirements include regular anti-money laundering reports, office premises inspections and regular audits.
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Complex regulations and the process of obtaining licences are often time-consuming and laborious. Hong Kong provides a relatively simplified and straightforward process for obtaining an MSO licence, allowing you to offer currency exchange and remittance services in one of Asia's leading financial centres.
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