Hong Kong MSO license application：Eligibility、Definition of ultimate owner and fit and proper criteria

Hong Kong implements financial license management system，obtainMoney Services Operator (MSO) License，Equivalent to holding a pass to Hong Kong’s currency and foreign exchange markets，Companies or institutions can use this to conduct stock trading、financial derivatives、Trading in foreign exchange, gold and other products。Hong Kong Xintong currently has oneHong Kong Money Services Companyavailable for transfer，Accept bothMSO licenseApplication，Can assist with initial compliance audits，Provide licensee、Office space and professional compliance advisors、Accountant、One-stop services such as lawyers。

License application qualifications and conditions

Who needs to apply for a license

Any person who operates or proposes to operate money services，All need to apply for a license。

Statutory conditions for grant of license

According to Section 30 of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance(3)strip，The Commissioner will only do so if he is satisfied that the following circumstances exist:，before granting or renewing a license to an applicant—

• If the applicant is an individual，the individual and eachultimate ownerare fit and proper candidates to operate money services；
• If the applicant is a partnership，Each partner and each ultimate owner of the partnership is a fit and proper person to carry on money services；
• If the applicant is a corporation，Each director and each ultimate owner of the corporation is a fit and proper person in connection with the conduct of a money services business。

Definition of ultimate owner

For the purposes of this license，The ultimate owners are classified according to the applicant as follows:：

• As far as the applicant is an individual，Ultimate owner means another individual who ultimately owns or controls that individual’s money services business，or if the first-mentioned individual is acting on behalf of another person，refer to another person。
• So far as the applicant is a partnership，The ultimate owner is an individual who meets one of the following conditions—
  • has the right, directly or indirectly, to share or control more than 25% of the capital or profits of the partnership；
  • Directly or indirectly entitled to exercise more than 25% of the voting rights in the partnership，or the exercise of voting rights that govern that proportion；
  • Exercise ultimate control over the management of the partnership。
• Where the applicant is a corporation，The ultimate owner is an individual who meets one of the following conditions—
  • Directly or indirectly owns or controls (including holding through trust or bearer shares) more than 25% of the issued share capital of the corporation；
  • Directly or indirectly entitled to exercise more than 25% of the voting rights at general meetings of the corporation，or the exercise of voting rights that govern that proportion；
  • May exercise ultimate control over the management of the corporation。

Factors for assessing fit and proper candidates

When the Commissioner determines whether a person is a fit and proper person，The following factors must be taken into account：

1. whether the person has ever been convicted of—
   • Section 5 of this Ordinance(5)、(6)、(7)or(8)、10(1)、(3)、(5)、(6)、(7)or(8)、13(1)、(3)、(5)、(6)、(7)or(8)、17(9)、20(1)、61(2)or 66(3)Offenses under Article；
   • United Nations (Anti-Terrorism Measures) Regulations (Cap. 575) Section 14(1)Offenses under Article；
   • Drug Trafficking (Recovery of Proceeds) Ordinance (Cap. 405) Section 25(1)、25A(5)or(7)Offenses under Article，or an offense specified in Schedule 1；or
   • Organized and Serious Crimes Ordinance (Cap. 455) Section 25(1)、25A(5)or an offense under section 8，or an offense specified in Schedule 1 or 2。
2. whether the person has ever been convicted outside Hong Kong—
   • Committed a crime for a certain act，And if the act is done in Hong Kong，will form(a)(i)、(ii)、(iii)or(iv)specified offense；
   • Commit an offense relating to money laundering or terrorist financing；or
   • commit any crime，and the person has been fraudulent、A finding of fraud or dishonesty is essential to the conviction。
3. whether the person repeatedly fails to comply with requirements imposed under this Ordinance or any regulations made by the Commissioner under section 51；
4. if the person is an individual，whether the person is an undischarged bankrupt or the subject of bankruptcy proceedings under the Bankruptcy Ordinance (Chapter 6)；
5. if the person is a corporation，Is the person in the process of liquidation?，or whether the subject of any winding up order，or whether a receiver has been appointed in respect of that person。

About Hong Kong Xintong

GXT-HKComposed of professional teams from mainland China and Hong Kong，Focus on providing global company registration、Financial license application、Bank account opening、One-stop cross-border services such as tax financial planning and compliance consulting，core coverageHong Kong MSO License、Hong Kong Insurance Brokers and Hong Kong Money Lenders Licenses、US MSB license、Hong Kong 149 license、9license plate，Helping enterprises to go overseas efficiently and compliantly，Steady global layout。