What is Hong Kong MSO License? Hong Kong MSO License Review, Features

The full name of the Hong Kong MSO license is Money Service Operator, which means money service operator. It is also known as the "Money Service Operator License". It is a compliance license issued by the General Administration of Customs of Hong Kong.

About Hong Kong MSO License

• Hong Kong MSO is the abbreviation of Money Service Operator. This is a license that the Hong Kong Customs requires individuals and organizations to apply for in order to combat money laundering and terrorist financing to prevent illegal assets from entering and leaving Hong Kong.
• "Operator" refers to an individual or (corporate) organization that operates currency exchange services or remittance services in Hong Kong. This license and its legislation give the regulatory authorities appropriate supervisory and law enforcement powers and formulate relevant penalty regulations, which are of great importance to improving and strengthening the anti-money laundering system applicable to financial institutions and bringing it into line with international unified standards, and are of vital importance to consolidating Hong Kong's status as an international financial center.

Online Features

1. Create a user account

2. User login to apply for money service operator license

• Renewal Application for Money Service Operator Licence
• Application for approval to be a partner/director/ultimate owner of a licensee
• Apply to join a new money service business
• Periodic Transaction Report
• Check the status of your application
• Submit supporting documents again

What kind of companies need such an MSO license?

• WeChat/Alipay Agents in Hong Kong
• Cross-border payment and cross-border funds management platform
• Foreign card acquiring.
• Collection and payment company
• Opening a physical money changer/exchange house in Hong Kong

Requirements for applying for a money service operator licence

1. Shareholders

The applicant can be an individual or a company. The company must be a local enterprise registered in Hong Kong or an overseas company registered with the Companies Registry;

2. Suitable candidates

Shareholders, directors, and ultimate owners are required to provide a criminal record certificate and bank statements;

3. Licensee

1 digit;

4. Registered capital

HK$5 million;

5. Office address or residence

Have a physical office address, telephone number and email address in a commercial building in Hong Kong;

6. Interview

You need to go to the customs headquarters for an interview.

Application requirements

1. Registered capital of HK$500,000, required to be paid in full;
2. There are suitable candidates. Shareholders, directors and ultimate owners need to provide a criminal record certificate and be confirmed by the Director of Customs;
3. There is one licensed responsible person who is a Hong Kong permanent resident;
4. Have a fixed office location in Hong Kong;
5. Must be interviewed by the Commissioner of Customs and Excise.

Application Process

1. Submit application in written or electronic form to the Money Services Inspection Division of the Customs and Excise Department. Application forms can be obtained from the designated website;
2. Customs will check the application materials after receiving them and ask the applicant to make clarifications if necessary;
3. The applicant will receive a payment notice from the customs, and the customs officer will check the payment record;
4. The applicant is required to sign a formal application for the grant of a Money Service Operator Licence in front of a Customs officer.

Advantages

1. Investor recognition

As a major financial market in Asia and the global offshore center for the RMB, Hong Kong is at the forefront internationally in terms of the maturity of its regulatory framework, the perfection of its public trading, the scale of its asset management and the richness of its financial products.

2. Obtain authoritative approval

Obtaining the Hong Kong Money Service Operator License (MSO) means obtaining a "pass" in the Hong Kong currency and foreign exchange markets. Every transaction is subject to supervision by the Hong Kong government and is 100% compliance guaranteed.

3. High customer trust

Having legal protection will make your customers trust you more, and financial transactions will be safe and confidential.

4. Diversified services

The Hong Kong market implements a financial license management system, and companies or institutions can simultaneously engage in trading in stocks, financial derivatives, foreign exchange, gold and other products.