If you intend to obtain an MSO license in Hong Kong or to buy a ready-made Hong Kong payment system, IQ Decision specialists have prepared an introductory article for you on this topic.
Deciding to obtain an MSO license in Hong Kong, you should be aware, that any person, who intends to carry out activities in the field of providing a payment service, namely, a money transfer service as a commercial enterprise, must obtain an MSO (payment service license) license in Hong Kong from an Authorized Customs and Excise (CCE). A license is not required, if a commercial enterprise transfers money from transactions related to their core business or hotels, that accept foreign currencies and exchange them for the Hong Kong currency. Under a Hong Kong law, providing a licensed payment service is a crime, and a person is liable to a fine of 100,000 Hong Kong dollars or imprisonment.
If you are thinking about the issuing the MSO license in Hong Kong, IQ Decision specialists draw your attention to the fact, that the Hong Kong MSO license application is filled out and submitted to the CCE. The regulator issues a license only if there is complete confidence, that the applicant (each of participants) is the proper person, the location for the operation of MSO is also evaluated and verified.
An MSO license in Hong Kong is generally valid for 2 years from the date the license is issued. However, the reality may vary from specific circumstances. Moreover, the application can be submitted both personally and online on the official website. Upon receipt of the application, CCE will issue you a receipt confirmation within 7 business days. The completed form will be asked to sign during an interview with an authorized CCE, so there is no need to sign it in advance.
After receiving an application for opening an MSO license in Hong Kong, the CCE usually requires an additional supporting information and copies of it. To verify the accuracy and authenticity of the information, the CCE will request the necessary data from government departments and law enforcement agencies.
Further, the applicant receives a notification of an interview with an Authorized Person of the Customs and Excise Department (C&ED) and a notification of payment of the necessary fees. After the interview, authorized C&ED employees will conduct the on-site inspection at the premises indicated in the application. The time for considering a license varies from various factors, the time it takes for the applicant to collect the necessary documents, the time it takes to receive records from other authorities.
After issuing an MSO license in Hong Kong, a licensee data is published in the licensee registry maintained by CCE.
When planning to obtain an MSO license in Hong Kong, IQ Decision lawyers recommend providing the following information:
If you have questions about what an MSO license is, how to get an MSO license in Hong Kong - ask for individual advice on obtaining the Hong Kong MSO license with IQ Decision specialists.
The information outlined in the article is actual at the time of its publication.
Please refer to our specialists for checking possible solutions for your business.
Fill out the form or contact us as you find convenient: skype, telegram, etc. Our experts will help you resolve the issue.