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Obtaining a Hong Kong payment service (MSO) license

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Obtaining a MSO license in Hong Kong in 2020

Benefits of applying for obtaining a Hong Kong Money Service Operator license:

  • One of the leading business centers in Asia;
  • It is possible to provide such types of financial services as currency exchange and money transfers;
  • There is an opportunity to buy an existing MSO license;
  • Relatively fast procedure for obtaining a license.
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If you intend to obtain an MSO license in Hong Kong, IQD Consulting specialists have prepared an introductory article for you on this topic.

A general information

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, IQD Consulting 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.

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An application processing

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.

Necessary information on the activities of the applicant

When planning to obtain an MSO license in Hong Kong, IQD Consulting experts recommend providing the following information:

  • A number of participants, owners;
  • The information about the applicant and the participants;
  • The nature of company’s activities in providing monetary services (transfer/exchange);
  • A company location/address;
  • Bank account details;
  • An additional business 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 IQD Consulting specialists.

  • IQD Consulting shall not be liable for any direct, indirect or consequential loss arising from the use of the information and material contained in this website.
  • Please, consider contacting our experts for possible solutions for your business.
  • Still have questions? Please, fill out the form or contact us in whatever way you find best.

    Our experts will be happy to answer your questions.

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