Trust Company Registration
Trust companies in Hong Kong are used as legal vehicles for asset management, estate planning, wealth preservation, and tax efficiency, allowing individuals (Settlors) to transfer assets to a Trustee (the company) to hold and manage for Beneficiaries, offering benefits like probate avoidance, confidentiality, control, and protection from creditors. They function by separating legal ownership (Trustee) from beneficial ownership (Beneficiary), providing structured, long-term wealth management.
Any company incorporated in Hong Kong that is not a private company and aims to engage in trust business must apply in writing to the Companies Registry (“CR”) for registration as a trust company, in accordance with Part 8 of the Trustee Ordinance (Chapter 29). Besides Registration as Trust Company, any person who wishes to carry on a trust or company service business in Hong Kong has to apply for a Trust or Company Service Providers (“TCSP”) licence and comply with the relevant requirements of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615) (the “AMLO”)
In Hong Kong, trust company with TCSP licence is permitted to provide the following services to other persons:
✔ used as legal vehicles to hold clients of the trust;
✔ forming companies;
✔ acting as a director or a secretary of a company
✔ providing a registered office / business address / correspondence address for a company
✔ acting as a trustee of an express trust; or
✔ acting as a nominee shareholder for a person other than a corporation whose securities are listed on a recognized stock market.
Permission of TCSP license holder
✔ The company must be registered in Hong Kong as a public limited company, and its articles of association must restrict its objects to those specified in section 81 of the Trustee Ordinance.
✔ The issued share capital of the company is not less than HKD 3 million;
✔ The company is able to meet its ongoing financial obligations;
✔ The company must have at least 5 shareholders and 2 directors, all of whom must satisfy the "fit and proper" criteria.
✔ The company must appoint a Compliance Officer (“CO”) to oversee the establishment and maintenance of the AML/CFT Systems, and a Money Laundering Reporting Officer (“MLRO”) to act as the central reference point for suspicious transaction reporting;
Major Requirements
✔ Define a shareholding structure that can meet with the Trust Company Registration Requirement
✔ Appoint a CO and MLRO
✔ Develop your business plan and line of business
Before You Start
What ComplianceOne can do for you
ComplianceOne offers one-stop registration assistance, including:
➤Incorporating a Hong Kong limited company
➤Recruiting CO, MLRO, and other key staff
➤Drafting business plans and internal control policies
➤Designing effective AML/CFT policies, encompassing Customer Due Diligence (CDD), ongoing monitoring, and suspicious transaction reporting procedures
➤Submitting license and registration applications to regulators on behalf of clients
➤Liaising with regulators on behalf of clients throughout the application process
➤Assisting with corporate bank account opening and arranging the necessary deposits for trust company registration
➤Preparing the company and key personnel for regulatory interviews
➤Providing compliance training to senior management and staff
➤Providing access to a reputable AML/CFT name screening platform – Screen-X AML/CRM Solutions, powered by Acuris Risk Intelligence (ARI), to help meet regulatory requirements through automated screening tools
Timeline
申請程序 Application Procedure | 需時 Time required |
|---|---|
內部監控 | 2個月 |
業務計劃 | 1個月 |
銀行開戶 | 2個月 |
公司成立 | 4個月 |
All items in the scope above can be proceeded concurrently. So, we estimate that the whole project will take 4-5 months to complete.
External Reference
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