Details of who needs to apply for a license? What are money services? Anyone operating or intending to operate money services must apply for a license。Money services means currency exchange services or money transfer services。What is a currency exchange service?
Currency exchange services refer to currency exchange services operated as businesses in Hong Kong，However, it does not include such services incidental to the main business，For example, a retail business that accepts foreign currency in transactions or is so operated by a person who manages a hotel、Services that meet the following description—(a)The service operates on the hotel's premises，Mainly for the convenience of customers staying in the hotel；and(b)Only includes the person’s purchase of non-Hong Kong dollar currencies for exchange in Hong Kong dollars.。What is a money transfer service?
Remittance services refer to those carried on as a business in Hong Kong、Providing services for one or more of the following transactions—(a)Send money or arrange for money to be sent outside Hong Kong；(b)Receiving or arranging to receive money from a place outside Hong Kong；(c)Arrange to receive money outside Hong Kong。Is it necessary to apply for a separate license for additional premises for operating money services in addition to the main premises? No need to apply for a separate license。
The applicant must include each additional premises where money services are operated in the license application or license renewal application，and must be paid for each additional business premises required to be registered
cost
。How long is the validity period of the license granted? Normally，The license granted is valid for two years。If the licensee wishes to continue operating money services，Application for license renewal must be submitted before expiration of validity period。
anyway，A license ceases to be valid when—(a)If the licensee is an individual，when the person dies；(b)If the licensee is a partnership，When the partnership is dissolved；or(c)If the licensee is a corporation，When the corporation begins to be wound up。What are the consequences of operating a money service without a license? Regulation 29(1)Regulation stipulates that any person operating money services without a license，It is a crime。
Regulation 29(2)Section 29 provides that any person who commits(1)Offenses under Article，Once convicted，Can be fined HK$100,000 and imprisoned for 6 months。
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