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Setting Up a Remittance Company

Updated: Apr 2




Setting Up a Remittance Company


Setting up a remittance company in Hong Kong involves navigating regulations and obtaining a license. Here's a breakdown of the key steps:


Licensing:


  • Money Service Operator (MSO) License: This is mandatory for operating a remittance service in Hong Kong. Application is made to the Commissioner of Customs and Excise (CCE) under the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (AMLO). Hong Kong Money Service Operator (MSO) License: https://eservices.customs.gov.hk/MSOS/


Requirements:


  • Company Registration: You'll need to register your remittance company in Hong Kong.

  • Fit and Proper Person Test: Directors and owners will need to pass a fit and proper person test conducted by the CCE.

  • Business Plan: Prepare a comprehensive business plan outlining your operations, financial projections, and Anti-Money Laundering (AML) compliance strategy.

  • AML/CFT Policies: Implement robust AML/CFT (Countering the Financing of Terrorism) policies and procedures to mitigate money laundering risks.


Additional Considerations:


  • Business Location: Secure appropriate premises for your remittance business, with consent from occupants if in a mixed-use building.

  • Financial Resources: Demonstrate sufficient financial resources to support your operations.

  • Ongoing Compliance: Maintain compliance with AMLO regulations and reporting requirements.


Remember, this is a general overview. It's advisable to consult the official resources of the Hong Kong Customs and Excise Department for the latest regulations and application procedures.


Sources



How Bestar can Help


Bestar can assist with setting up a remittance company in Hong Kong. Here's how:


  • Business plan guidance: Bestar offers advice on structuring your business plan. Bestar assists in preparing the financial projections required for your business plan. This may include income statements, cash flow statements, and balance sheets.

  • MSO License application: Our consultants can guide you through the application process and ensure compliance. The process is handled by our specialists who are familiar with Hong Kong's Money Service Operator (MSO) licensing requirements.

  • AML/CFT Policies: Our experts can assist in the implementation of Anti-Money Laundering and Counter-Terrorist Financing policies.


Setting up a remittance company can be complex. Here's why seeking help from specialists would be recommended. Contact Bestar to inquire about our specific services related to remittance company setup. Bestar's expertise covers the entire setup process.






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