Money Lender's Licence Hong Kong
A Money Lender's Licence is required by anyone operating a money lending business in Hong Kong. The licensing of money lenders and money lending transactions are regulated by the Money Lenders Ordinance, Chapter 163 of the Laws of Hong Kong.
The application for a Money Lender's Licence is made to the Companies Registry. The Licensing Court is responsible for the approval of applications. In order to be granted a licence, the applicant must be deemed a "fit and proper person" to carry on the business. The process typically takes 3 to 4 months.
Here are some of the requirements for obtaining a Money Lender's Licence in Hong Kong:
The applicant must be a company registered in Hong Kong or a permanent resident of Hong Kong.
The applicant must have a good business reputation and financial standing.
The applicant must have the necessary knowledge and experience to operate a money lending business.
The applicant's premises must be suitable for the carrying on of the business.
If you are considering applying for a Money Lender's Licence in Hong Kong, it is important to consult with a lawyer to ensure that you meet all of the requirements. You can find more information about the Money Lenders Ordinance on the website of the Companies Registry.
Fees for Obtaining a Money Lender's Licence
There are two sets of fees associated with obtaining a Money Lender's Licence in Hong Kong:
Application Fee: This fee is paid to the Companies Registry when you submit your application for the licence.
Licence Issuing Fee: This fee is paid to the Licensing Court upon successful approval of your application and issuance of the licence.
Here's a breakdown of the current fees (as of April 16, 2024):
Application Fee: HKD 8,800 (Hong Kong Dollars)
Licence Issuing Fee: HKD 1,910 (Hong Kong Dollars)
It's recommended to refer to Schedule 1 of the Money Lenders Regulations for the latest and most accurate fee details.
Remember, the application fee is not refundable, so make sure you meet the eligibility criteria and have all the necessary documents before applying.
How Bestar HK can Help
Here are some ways Bestar HK might be able to help with a Money Lender's Licence in Hong Kong:
Legal and Regulatory Guidance: Money lenders in Hong Kong must comply with the Money Lenders Ordinance. Bestar HK specializes in business licensing and regulations, and we are able to advise on the application process, ensure compliance with the ordinance, and represent you in dealings with the Companies Registry or Licensing Court.
Business Registration and Setup: Bestar HK offers company formation services. We could help establish a Hong Kong company if you don't have one already. This is a requirement for obtaining a Money Lender's Licence.
Financial and Business Planning: A Money Lender's Licence application might require submitting a business plan. Bestar HK assists with creating a business plan that meets regulatory requirements and demonstrates the financial viability of your money lending business.
Liaison with Government Agencies: The application process for a Money Lender's Licence involves the Companies Registry and the Licensing Court. Bestar HK might act as a liaison to facilitate communication and ensure a smooth application process.
To find out more about how Bestar HK can specifically help with a Money Lender's Licence in Hong Kong, contact us.