Money Lender License Application
香港上環皇后大道中 287-299號 299QRC 11樓1104室
電話：+852 3955 0277
GOVERNING AUTHORITIES
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, Chapter 163 of the Laws of Hong Kong.
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)
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.
GUIDELINE ON APPLICATION
1) 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
2) 2)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
3) The grant of licence is NOT contrary to the public interest.
APPLICANT(S) MEANS
1) Existing Directors
2) Preceding Directors (Past 12 Months)
3) Authorized Persons who can grant loans/arrange terms
4) Any persons who are actively participating in the business
5) Other persons who have power to excise control (if any)
6) Shareholders (up to 6 principal shareholders)
7) Beneficial Owners (if not registered shareholders)
APPLICATION PROCEDURE
Steps:
A. Upon receipt of application, the Companies Registry and the Commissioner of Police will issue an acknowledgment receipt of the application
B. The Commissioner of Police will take around 60 days to investigate and examine the submitted documents
C. Acknowledgement letter will be issued after 30-60 days of investigation to inform the applicant whether the application is approved.
C. The applicant will be required to attend a hearing and bring along all the requested documents to the Licensing Court
E. The Money Lenders license will be granted
Time: 4-6 Months
BASIC QUALIFICATIONS ON APPLICANT(S)
1) Applicant(s) is/are experienced
2) The premises are usable for money lending business
3) Applicant(s) shows No Criminal Record / No Disciplinary Actions
4) Provide Intended Business Information (NATURES / TYPES / SOURCE OF FUNDING)
5) Operational Planning:
A. Customer Due Diligence (CDD)
B. Recoding Keeping for CDD and Transactions for at least 5 years
C. Additional CDD for High AML Clients (e.g. PEP / High risk countries)
D. Risk Assessment Systems/ Procedures to identify Money Laundering/ Terrorist Financing Risks
E. System(s) for reporting Suspicious Transactions (to Joint Financial Intelligence Unit)
F. Staff Training Sessions
INTERESTING FACTS
1) Basic Requirements: A Room with a door lock, a CCTV, a Safe, a Million Dollar of Cash, an Active Participant, a Fit and Proper Person
2) Opening BANK ACCOUNT is even more difficult than applying for the Money Lender License! (Please contact our consultant for Business Bank Account opening!)