What it takes to be a TCSP in Hong Kong?

23 Feb 2021

Hong Kong’s TCSP Licensing Regime:

  • Trust or company service providers in Hong Kong are required to obtain a licence in compliance with the requirements of the Anti‐Money Laundering and Counter‐Terrorist Financing Ordinance (AMLO).
  • Ensuring that TCSPs meet the requirements of customer due diligence and record-keeping requirements
  • Licence is valid for 3 years, and to be renewed 60 days before expiry. 
  • “Fit and proper” test required to account for factors such as criminal and bankruptcy history of the applicant and various partners. 

 

If you are a new applicant:

  • Application fee of HK$3,440
  • Additional fee of HK$975 for each person subject to the fit and proper test

If you are an existing applicant looking to renew:

  • Application fee of HK$2,910
  • Additional fee of HK$975 for each person subject to the fit and proper test

If you are an existing applicant looking to cease operations:

  • A licensee who fails to notify the Registrar of cessation of trust of company service business commits an offence and is liable on conviction to a fine of HK$50,000.