Money Lender License Application
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A person carrying on business as a money lender in Hong Kong must obtain a money lender's licence. The licensing of money lenders and regulation of money-lending transactions are governed by the Money Lenders Ordinance (MLO), Chapter 163 of the Laws of Hong Kong. The Applicant should also demonstrate that he/she has the genuine intention to carry on the business of money-lending, the necessary resources to execute the business plan and the knowledge of and readiness to comply with the provisions of the MLO, the conditions that may be imposed on the licence by the licensing court (“the Licensing Conditions”) and the anti-money laundering and counter-financing of terrorism (“AML/CFT”) requirements for money lenders.
A money lender's licence is valid for 12 months. Application for renewal of a licence should be made within 3 months prior to the expiration of the licence.
Governing Authorities
1) Licensing Court
Responsible for determination of applications for and granting of money lenders licences.
2) Registrar of Money Lenders
The role is presently performed by the Registrar of Companies, which is primarily responsible for processing applications for money lenders licences, renewal of licences and endorsement on licences; as well as maintaining a register of money lenders for inspection by members of the public.
3) Commissioner of Police
Responsible for enforcing the Money Lenders Ordinance, including carrying out examinations on applications for money lenders licences, renewal of licences and endorsements on licences; and investigations of complaints against money lenders.
Major Requirements on Money Lender’s Licence
➤ The Applicant(s) should fulfil the requirement of “fit and proper person” that who has:
(a) General Knowledge
(b) Qualification and Experience in Money Lending business
➤ The premises should be suitable for the carrying on of the business of money lending:
(a) Usage of premises
(b) Permission from the landlord and tenant
➤ The grant of licence is NOT contrary to the public interest.
Other Requirements
1. The Applicants are experienced;
2. The premises are usable for money lending business;
3. Applicant(s) shows No Criminal Record / No Disciplinary Actions;
4. Provide detailed Business Plan:
▇ Nature of the proposed money-lending business
▇ Types of loans
▇ Source of funding
▇ Information of target customers
▇ Details of operation of money-lending business
5. Operational Planning on AML/CFT Requirements:
▇ Digitalized systems
▇ KYC and customer due diligence (CDD)
▇ Name screening systems
▇ Recoding keeping for KYC, CDD and transactions for at least 5 years
▇ Enhanced due diligence (EDD) for high-risk clients (e.g. PEP / High risk countries)
▇ Risk assessment systems/ Procedures to identify money laundering/ terrorist financing risks
▇ Ongoing monitoring
▇ System(s) for suspicious transaction reports
▇ Staff training
What ComplianceOne can do for you
ComplianceOne offers end-to-end licensing assistance, including:
➤ Incorporation of a Hong Kong limited company
➤ Recruitment of Loan Approvers and other key personnel
➤ Drafting of business plans and internal control policies
➤ Submission of license applications to regulatory authorities on behalf of applicants
➤ Liaison with regulatory authorities throughout the application process
➤ Preparation support for interviews and on-site visit
➤ Assistance with corporate bank account opening
Before You Start
➤ Incorporate a Hong Kong limited company
➤ Rent an office
➤ Appoint a Loan Approver who have the qualification and experience in Money Lending business
➤ Outline your business plan
External Reference
Company Registry:
https://www.cr.gov.hk/en/services/money-lenders/governing.htm
Guideline on Submission of Business Plan by Applicant of a Money Lenders Licence:
https://www.cr.gov.hk/en/publications/docs/Guidelines_for_Submission_of_Business_Plan_e.pdf
Contact Us
For more information or to request a quotation, please feel free to contact us:
WhatsApp: +852 39550277
WeChat: ComplianceOneHK
Email: info@complianceone.hk
Disclaimer
Please refer to the page: https://www.complianceone.hk/disclaimer
Timeline
Under normal circumstances, the entire process takes approximately 4 to 6 months.
ComplianceOne will assist in addressing inquiries from the regulatory authority throughout the process.
申請程序 Application Procedure | 需時 Time required |
|---|---|
Preliminary preparations | 1 to 2 months |
Recruiting a suitable Loan Approver (if needed) | 1 month |
The regulatory authority to process the application | 3 to 4 months |