A license for a Hong Kong Money Service Operator (MSO) is issued by the Customs and Excise Department of Hong Kong. The Licenses are issued under the provisions of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance of Hong Kong. It authorizes a person to change currencies or remit funds under the provisions of the license. The remittance services can include sending money to any country or receiving funds in Hong Kong.
The license applications are scrutinized closely and the applicant must provide a list of premises for which they are sought. It must also provide information about the ultimate owner of the business. The applicant and the ultimate owners should be fit and proper persons for the conduct of the business.
The process of addition of directors or ultimate owners is closely regulated and prior approval has to be taken before any appointments are made. The Licenses are normally granted for 2 years after which they have to be renewed.
The fee for an application for a license is HK$ 3310 with HK$ 2220 for every additional premise. Additionally, a fee of HK$ 860 has to be paid for every person who has to be tested as a fit and proper person The renewal fee is HK$ 790 and an additional fee of HK$ 355 for each additional premise.
Empire Global has a team of experienced professionals who will assist you through the entire process of Hong Kong Money Service Operator application including assistance in the preparation of documents, submission of application and responding to any queries from the Customs and Excise Department of Hong Kong. We request you to get in touch with Empire Global at the earliest to understand the entire process in detail and apply for a Hong Kong Money Service Operator.