I. License-related regulations and information
Anyone operating money lender business in Hong Kong must obtain a money lender license. The licensing of money lenders and money lending transactions are regulated by the Money Lenders Ordinance, Chapter 163 of the Laws of Hong Kong. The main businesses of money lenders include: (i) consumer and commercial loans; (ii) mortgages; (iii) lease of vehicles, plants and equipment; (iv) credit cards; (v) SME loans; (vi) cheque and invoice discounting; And (vii) Loans in the form of a group.
Relevant regulatory agencies:
Responsible for applications for money lenders' licenses, license renewals and endorsements on the licenses; and keep a register of lenders for public inspection.
Registrar of Money Lenders (currently held concurrently by the Registrar of Companies)
Responsible for processing money lender licenses, license renewal and endorsement applications; and keep a register of lenders for public inspection.
Commissioner of Police
Responsible for the implementation of the "Money Lenders Ordinance", including reviewing applications for money lenders' licenses, license renewals and endorsements, and investigating complaints about money lenders.
According to the Money Lenders Ordinance, a money lender license issued by the Licensing Court is subject to conditions imposed by the Licensing Court. The licensee must comply with the license conditions imposed on the license.
II. Our services include:
1. Assist clients in applying for money lender license, compiling license application documents and preparing documents required for application
2. Acting as the intermediary liaison between the client and the regulatory agency to follow up the process and progress of the license application in real time
3. Continuous improvement and notification of licensing matters and responsibilities
**Applicants need to prepare business plan and office lease
III. Approval of Lender's License
Generally, it takes 3 to 4 months to process the application. At the same time, the Commissioner of Police will request clients to submit documents for detailed investigation.
If the application is approved, the applicant will be issued a confirmation and notice. Applicants must attend the hearing of the Licensing Court and submit all required documents to the Licensing Court for filing. Once the applicant submits all application documents to the licensing court, the license will be granted to the applicant.
IV. Documents required for application
1. Document proof that the applicant has the ability to manage money lending business
2. Documentary evidence of the applicant's financial status
3. Document proof that the examiner has the ability to manage money lending business
4. Document proof that the compliance personnel have the ability to manage the company's compliance
5. Lease Agreement
6. Proof of Owner’s Permit
7. "Occupation Permit" (Occupation Permit) issued by the Buildings Department
8. Inspect the "Land Register" of the premises at the Land Registry
9. Floor plan of the premises
10. Company registration documents
11. Compliance system (customer screening system, transaction record storage system)
V. Renewal of Lender's Licence
The license is valid for 12 months.
If a licensee wants to continue to operate the money lender business, the licensee should apply for renewal within 3 months before the expiration of the license.
The application procedure is similar to the above procedure. Applicants should fill out and submit corresponding forms and documents.
Contact us for more information!