MSO Licensing Peculiarities and Basis

Published:
March 3, 2022
unnamed

Companies that offer financial services in Hong Kong, in almost any case, must have the appropriate license obtained directly in Hong Kong. Talking about MSO licensing peculiarities, we should mention that Money Service Operators License (MSO) is a financial operator license that allows a firm to offer currency exchange and cash transaction services. Currency exchange service is carried out in Hong Kong or from this, but this is not a secondary service to the main business. Let’s say you have a retail business that needs to accept payments in foreign currencies. This can be done in a number of cases.

  1. If the service is used in a hotel, so that guests can conveniently pay.
  2. If the company exchanges foreign money for the local currency of Hong Kong.

Money transfer field is one or more of the services listed below, carried out in or from Hong Kong:

  • transmitting money to any place outside Hong Kong;
  • receiving money from all places that is outside Hong Kong;
  • arranging the receipt of funds outside jurisdiction.

If a firm operates without a license, it can receive a $100,000 fine and go to jail for six months. Licensing is carried out both for local enterprises and for foreign ones. An MSO license applicant can be:

  • LLC verified in Hong Kong;
  • unlimited liability firm;
  • foreign structure.

Regardless of fact that both locals and foreigners can obtain a license, firm should have physical commercial space in Hong Kong. It is important to carefully study demands for renting an office, as this is significant checkpoint before obtaining a license.

When you first apply, you should have the main package of papers. These are documents on the company, on organization’s employees, activities plan, AML policy, and documentary evidence of physical company address where office is located.

Establishment in Hong Kong is up for sale

This is a company that has a Hong Kong MSO license. Anyone who wants to work in the field of financial management in Hong Kong must pass such a license.

What is included in the offer?

  1. License that was obtained in 2021.
  2. A clean company with no history of activity that has 2 bank accounts: a corporate one with HSBC. Segregated with Asia Bank HK.
  3. Also, 2 qualified employees will remain working (1 AML specialist and 1 technical support).
  4. Full support during the transition period and beyond.

This MSO licensed firm can provide financial management services such as cash exchange and money transfer. There are no new owner requirements yet, but the current owner wants a match before the sale. Compliance Director must be 1 person. You will also need to pay tax for license renewal every 24 months.

If you have the intention to start your own commercial project, consider ready businesses for sale. ELI Deal will advises you on any issue, and offers many deals in certain categories, in particular, “MSB (Money Service Business License) Canada”, “Bank with Crypto License”, “Class A bank license” and many others.

Related insights

Obtaining residence permit and citizenship in Turkey when buying a property

Dreaming of life under the Turkish sun? A Turkish Residency Permit is your ticket to a carefree holiday. Residency allowance not only legalizes your stay for a year or more but also opens doors for work, depending on the type of document obtained. Learn who can get the coveted status, under what terms, and what…

Read more 03.06.2024

NIE NUMBER in Spain: Definition, Types, Procedure and Papers

Provided that you are a non-citizen, buying a property in Spain is possible with the NIE. It is your unique number as a non-citizen. It’s vital for various activities, from buying housing to making a bank account. However, it’s important to note that the NIE alone doesn’t grant lawful residency. This article will guide you…

Read more 28.05.2024

How to Purchase a Property in Spain

Buying a property in another state offers numerous chances, from generating rental income to becoming a resident or even a citizen. With a diverse range of places to choose from, finding the ideal house in Spain is within reach. While the acquiring procedure may appear daunting at first, this guide provides a clear and concise…

Read more 28.05.2024

Gaming license in Portugal

The gaming industry in Portugal has seen substantial growth, prompting both local entrepreneurs and global investors to explore opportunities in this lucrative market. Understanding the legal framework for obtaining a gaming license in Portugal is essential for those interested in documenting this sector. This comprehensive guide covers the essentials of the gaming-license process, the associated…

Read more 27.05.2024

Buying A House In Spain In 2024

Acquiring housing requires careful navigation of legal procedures and a keen awareness of the accommodation market. Before investing, in-depth investigation is vital to avoid scams, understand taxation, and stay ahead of market changes.  This guide provides valuable insights for a smooth transition to homeownership in Spain, whether you’re interested in coastal areas or major cities….

Read more 27.05.2024

Buying an apartment in Spain: Is it a good idea

Acquiring a property in Spain can be an appealing choice for numerous international investors. The country boasts stunning beaches, a pleasant climate, and a rich culture that draws people from various backgrounds. In this article, we will delve into the reasons why investing in an apartment in Spain is a wise decision. Embracing the Mediterranean…

Read more 21.05.2024

How does the Process of Buying a Property in Turkey Work?

Turkey, with its rich cultural heritage, stunning landscapes, and booming real-estate field, has become an increasingly popular destination for possession investing. Whether you’re looking for a holiday home, a retirement retreat, or a lucrative investing possibility, guiding the method of Purchasing Property in Turkey can be an exciting yet daunting task. In this comprehensive guide,…

Read more 13.05.2024

Crypto license in the Dominican Republic

Crypto has significantly altered the economic landscape globally, offering innovative ways to transact and invest. As these digital assets gain traction, various countries are establishing adjustment substructures to oversee their use and protect investors. The Dominican Republic, known for its progressive policy to technology and finance, has also begun to navigate the complex terrain of…

Read more 24.04.2024

5 Best jurisdictions for Gaming license

In the vibrant realm of online-gaming, selecting a jurisdiction for achieving gaming permission transcends a mere adjustment formality; it’s a crucial decision impacting field access, tax obligations, and the brand’s prestige. A wise choice can unlock doors to profitable fields, build trust among players and partners, and ensure a stable legal framework conducive to growth….

Read more 17.04.2024

In which countries is it better to buy Real Estate in 2024?

In the ever-evolving landscape of global real-estate acquisition, the question of where to invest money is crucial. While the past may offer some insights, the future is where depositors aim to position themselves for success. Now, in 2024, various factors come into play when determining the best countries for real-estate acquisition. From economic solidity to…

Read more 16.04.2024

Top 6 Best Offshore Jurisdictions for crypto:

In recent years, the cryptocurrency field has witnessed exponential growth, attracting investors and enthusiasts alike from all corners of the globe. However, navigating the legal landscape surrounding cryptocurrencies can be complex, with adjustments varying significantly from one lawfulment to another. For those looking to establish a crypto-related business or simply seeking a favorable adjustment circumstances…

Read more 08.04.2024

What is important to know when buying Property in Turkey?

Whether you’re considering purchasing a holiday home, an investment in property, or relocating permanently, buying real estate in Turkey can be a rewarding venture. However, like any possessions purchase, it requires careful consideration and research to ensure a smooth transaction and avoid potential pitfalls. In this guide, we’ll explore the key factors to keep in…

Read more 21.03.2024