Hong Kong Money Lenders License Application

• To begin, we will understand your business objectives, confirm scope, timelines, and fees, and collect initial KYC and corporate documents. After the engagement is confirmed, our team will then incorporate your Hong Kong company by preparing and filing all the necessary statutory documents with the Companies Registry.  

• This process is usually wrapped up within a week. And in addition to the incorporation, we can also assist you in obtaining international trademark registration to help protect your brand identity on a global scale an important consideration for newly established companies entering the Hong Kong market. 

• We identify an appropriate local office address and recruit a qualified Compliance Officer that meets the Hong Kong regulatory requirements. Our team undertakes the property sourcing/purchase process, commercial terms, and all recruitment, including reference checking and onboarding. 

• We will help you appoint a local Loan Approver as required under the Money Lenders Ordinance. If you wish for the same person who will be a foreign director to act as Loan Approver, we will assist you in the Top Talent Pass Scheme (TTPS) application if eligible.  Otherwise, we can also recruit a suitable local Loan Approver and ensure they meet all the fit and proper criteria, if applicable. 

• After incorporating the company and appointing a key person, we will start preparing the necessary documents for the Money Lenders License application. This includes drafting internal compliance policies, business plans, and other supporting documents related to the Money Lenders License to meet the expectations of the Commissioner of Police, so that we have a complete package that meets their quality standard. 

• The submitted application is completed, and we coordinate the required local Loan Approver interview with the Commissioner of Police (CP). As your point of contact throughout the application processing period of four to six months, we continue to respond to any regulatory questions, provide clarification, and communicate the progress of your application. 

• After the approval of the Hong Kong business license, we can help you with corporate bank account opening in Hong Kong. We will liaise with several banking partners to prepare your documentation and guide you through the due diligence process to ensure that your account opens quickly and smoothly. 

• Once your Money Lenders License has been obtained and the bank account opens, we support your business with compliance services post licensing. We assist with continued statutory filings, keeping your compliance policies updated and verifying your business is fully compliant with Hong Kong financial regulations. We are also available for advisory support as your business grows. 

Documents required for the Hong Kong Money Lenders License Application

The documents required for the Hong Kong Money Lenders License Application include, but are not limited to: 

• Completed application form (Form 2 for individuals/partnerships or Form 3 for companies). 

• Statement in support of application (Form 4 for individuals/partnerships or Form 5 for companies). 

• Supplementary Information Sheets (SIS) are relevant to the applicant type, including fit and proper criteria for forms. 

• Business plan detailing the money lending activities. 

• Documentary proof supporting capability in managing money lending business (e.g., reference letters, relevant certificates). 

• Evidence of financial standing, such as bank statements of the applicant or company. 

• Tenancy agreement for the premises intended to be used for the money lending business. 

• Written consent from landlord permitting the use of premises for money lending activities. 

• ‘Permit to occupy a new building’ issued by the Buildings Department, indicating the approved use of premises. 

• Land register document from the Land Registry confirming ownership or lease of the premises. 

• Annual return of company showing directors and shareholders (if applicant is a company). 

• Character references and police clearance certificates for key persons and directors. 

• Payment of application fees. 

Requirements for Hong Kong Money Lenders License Application

• The applicant must be a fit and proper person with no criminal background or disqualification. 

• A minimum of one director is required, with no strict residency requirement, but having a local presence is preferable. For local presence Tetra Consultants can provide nominee director and shareholder services. 

• Shareholders may be individuals or corporations, with no requirement to reside in the territory. 

• A registered business address in Hong Kong is required, along with a tenancy agreement and landlord’s permission. 

• Evidence of satisfactory financial capabilities, including bank statements and a business plan, is required. 

• The applicant must maintain a robust AML/CTF compliance program. 

• Directors and key individuals’ police clearance certificates. 

• Filled application form and supporting statement form. 

• Supplementary Information Sheets (SISs) according to applicant type. 

• Permit to occupy premises by the Buildings Department. 

• Land Registry documents proving ownership or lease of the business premises. 

• Annual returns disclosing the company’s directors and shareholders (for corporate applicants). 

• Payment of prescribed application fees. 

• The applicant’s business must not be contrary to the public interest or laws of Hong Kong. 

Renewal of Hong Kong Money Lenders License Application

• A Hong Kong Money Lenders License must be renewed three months prior to the expiration of the license. Licenses are valid for 12 months, as per the Money Lenders Ordinance. These license renewals require updated application forms, supplementary information sheets, and supporting documentation for submission to the Companies Registry and Licensing Office of the Hong Kong Police Force. Tetra Consultants provides seamless license management process and supports clients from start to finish which include documentation handling, regulatory contact, and accurate and timely submission for license renewals to ensure compliance in the Hong Kong financial sector. 

Cost for obtaining a Hong Kong Money Lenders License

• When engaging with Tetra Consultants for the Hong Kong Money Lenders License Application, clients can rest assured that there will be full transparency and no hidden fees. The standard costs associated with each license would include application fees to the Companies Registry, police vetting fees, submission fees for the supporting documents, and license renewal fees. Professional fees for consulting, documentation, and compliance advisories are additional services provided to the client.  

• Tetra Consultants maintains full transparency regarding all costs and options before the engagement to ensure accurate budgeting considerations. This transparency promotes trust and collaborative working relationships during the licensing engagement and allows applicants to be confident in their final budget upfront. 

Common challenges in Hong Kong Money Lenders License Application

Compliance with fit and proper standards:  

• Making sure that directors and other key persons meet rigorous standards of integrity, competence, and financial soundness can be challenging. Tetra Consultants assist with the assessment and preassessment process for clients, so they might select and prepare their application and supporting documentation in line with these standards, mitigating the risk of rejection.  

Preparing documentation and application:  

• Preparing the application forms, the required supporting statements, business plans, and other legal documents in full and accurate detail can take time. Tetra Consultants can help expedite the drafting and review of documentation to satisfy the necessary requirements in full and accurate detail. 

Understanding complex regulatory requirements:  

• It can be difficult to understand and navigate the Money Lenders Ordinance, conditions of licensing, and ongoing compliance obligations. Tetra Consultants has regulatory compliance consulting services to help clarify laws and develop integrated AML/CTF programs tailored to client needs. 

Managing premises and local requirements:  

• Before licensing, you must secure an appropriate business address in order to have a lawful tenancy and incorporate all relevant legal consents. Tetra Consultants will assist you in finding compliant office premises and arrange appropriate leasing agreements that comply with licensing requirements. 

Responding to objections or inquiries from authorities:  

• Objections or follow-up inquiries from the Licensing Court or Police will cause delays in your approval process. Tetra Consultants will act as an intermediary, communicating with the regulator on your behalf to be able to solve the matter expeditiously for licensing. 

Looking to obtain a Hong Kong Money Lenders License

• By providing end-to-end support to meet the specific requirements of each client, Tetra Consultants is the partner you can trust to obtain a Hong Kong Money Lenders License. By leveraging their extensive experience and knowledge of Hong Kong’s regulatory framework, the team can navigate the complexities of licensing requirements efficiently and with clear communication and updates along the way.  

• Our services encompass everything clients need, including offshore company incorporation, compliance advisory, documentation preparation, and liaison with regulatory authorities, helping clients avoid common mistakes and delays. Clients benefit from Tetra Consultants’ extensive relationships with local banks to expedite the corporate bank account opening, which is essential to obtain the Money Lenders license. 

• Tetra Consultants prioritize a clear fee structure and tailored service to give clients an understanding of the engagement and expenditures from the start. This total approach not only facilitates faster approvals but also gives ongoing compliance and operating assistance to businesses entering a highly competitive market in Hong Kong’s financial landscape. By working with Tetra Consultants, future money lenders will find a straightforward and credible avenue for achieving full regulatory compliance and operating success. 

• Contact us to know more about the Hong Kong Money Lenders License Application, and we will get back within 24 hours. 

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