Money Service Operator in Hong Kong
On this page you can find the main conditions and requirements for obtaining a Money Service Operator (MSO) license in Hong Kong.
The concept of MSO license
A person who operates or wishes to operate a money service is required to apply for a license from the Money Service Operator.
According to Hong Kong laws, “money operator” means activities for the exchange of money and / or money transfers.
A money changing service means a service for exchanging of currencies that is operated in Hong Kong as a main business activity.
A remittance service means a service of the sending and / or sending of money outside Hong Kong; Reception and / or organization of the reception of money from a place outside Hong Kong; And / or organize the receipt of money in a place outside of Hong Kong.
According to the legal acts, which regulating the activity of companies with an MSO license, the concept of “cash” includes cash in any form or currency, the term “currency” includes checks and traveler’s checks.
Virtual resources, such as crypto-currencies, are not considered as legal tender or currency in Hong Kong, and the trade in such virtual goods is beyond the scope of the MSO regulatory regime and is not directly regulated by law.
Thus, this license allows you to execute requests of third parties for the implementation of money transfers in a fiat currency.
If it’s hard to understand if Money Service Operator license in Hong Kong suits your business model, you can always call us or write to us and we will help you make the right choice.
Cost and Payment procedure
Below there are the calculations, including:
- SBSB fees for obtaining a license;
- state fees for consideration / obtaining a license;
- company incorporation in Hong Kong, including state duties;
- secretary services and the legal address of the company;
- opening a bank account.
Payment for our services to support the process of applying for an MSO license, the establishment of a company in Hong Kong, together with payment of state fees, local secretary and registered legal address in Hong Kong starts from 20,500 USD.
This cost includes full support for the process of collecting and verifying the package of documents for the founders/beneficiaries / directors, as well as filling in all necessary application forms and drafting documents. The service of support the process of opening a bank account is paid in addition.
Terms of consideration
At the legislative level, Hong Kong does not have clear time limits for reviewing the application for an MSO license. The length of the examination depends on many factors, including the time taken to collect the documents for the applicant, as well as the time taken to obtain information from other authorities for the Fit and proper person test. Nevertheless, it is necessary to expect for a period of not less than three months, but not more than six.
We have experience in obtaining licenses and communicating with the financial regulators of the following countries: Czech Republic, Estonia, Malta, Lithuania, Hong Kong (MSO license), Cyprus, Great Britain, Georgia, Belize and Latvia.
For more than five years we have been consulting our clients, CIS residents, in obtaining financial licenses, international tax planning and integrated business support in more than 40 countries.
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