Licensing is essential when it comes to leading a business in special spheres. For activities, such as Forex trading, gambling, operating with electronic money and other businesses, license needs to be obtained. When it comes to financial licenses, there are many types, such as EMI, PI, MSB, MSO and others. In this article MSO license, its benefits and the reasons of obtaining MSO license in Hong Kong will be described.
MSO license is a Money Service Operator license that allows a company to provide money exchange and remittance services. Money exchange service is a service for currencies exchange for businesses that operate in Hong Kong. And remittance service is a service for sending/receiving money to/from any place located outside Hong Kong. After obtaining MSO license in Hong Kong a person can start providing a Money Service business. Without this license, this activity will be considered as illegal.
One of the leading centers in Asia
Hong Kong is considered to be a very perspective place for leading business due to a convenient business structure. Not surprisingly that many companies from all around the world have their offices there. During the period of 2016-2019 the number of companies in Hong Kong with the parent organization located outside of Hong Kong has been steadily increasing. It confirms the fact that Hong Kong is loyal to overseas companies that register their businesses there. Moreover, low tax regime, straight way to the Mainland China market, world-class infrastructure and free economy make Hong Kong appealing for companies from all around the world.
Convenience of obtaining MSO license
Hong Kong provides a very good conditions for businesses that are planning to obtain MSO license. There is a possibility not only to apply for MSO license and go through each stage of obtaining, but also to buy an already existing company with already obtained MSO license in Hong Kong. As a result, it can save you a lot of time and guarantees the best result. What’s more important, types of applicants for MSO license may vary and there are not a lot of requirements for them. Hong Kong limited company, Hong Kong unlimited company and overseas company can apply for this license.
No local director is required
When obtaining a financial license, local director is usually required. It can cause some obstacles for the companies, as documentation issues may appear. In some cases, it is mandatory for a director to be a citizen of the country where the license will be issued. For example, for obtaining MSB license in Canada director (at least one), must be a resident of Canada and / or have a work permit. In case of obtaining MSO license in Hong Kong it is not required to have a local director.
Usually, it is not a fast procedure when it comes to license obtaining. Approximately from 6 to 12 months is needed for license obtaining because of the number of documents that should be collected and governmental regulations in the country. However, obtaining MSO license in Hong Kong is more time-efficient, the procedure requires usually from 3 to 5 months. The license is valid for 2 years, after this it should be renewed in order to continue the operations. In addition, there is a special website created by Money Service Operators in Hong Kong where you can find information about the requirements, essential documents and different guidelines. This can save you a lot of time.
If you want to start operating as a Money Service Operator, MSO license is essential. Hong Kong is a great fit for obtaining this kind of license. World-class infrastructure, low taxes and convenience of license obtaining attract many foreign companies to Hong Kong. However, list of documents and requirements can change and it can be difficult to stay in the loop. UniversePay has a solid experience assisting companies in obtaining licenses. If you require MSO or other license, do not hesitate to contact our team and we will lead you along all the process of license obtaining.