In this course · 3 of 6
Course 8
Foreign owners and banking
6 lessons · 7 min
- 1Can a foreigner set up a company in Hong Kong, and what is required?
- 2Does a Hong Kong Company Give You a Visa to Live and Work?
- 3TCSP Licence in Hong Kong: Who Needs One?
- 4How to Open a Corporate Bank Account in Hong Kong for a New Company
- 5How to Register an Overseas Company in Hong Kong (Form NN1)
- 6Registered Non-Hong Kong Company: Annual Return and Fees
The short answer
Anyone who, as a business, forms companies, acts as a director or secretary for others, or provides a registered office or correspondence address in Hong Kong must hold a Trust or Company Service Provider (TCSP) licence from the Companies Registry, unless exempt (for example solicitors and CPAs).
What triggers the licence (AMLO Cap. 615, Part 5A) A person who runs a business of providing, in Hong Kong, any of the following services to others:
- forming companies or other legal persons;
- acting, or arranging for someone to act, as a director or secretary of a company, or as a partner;
- providing a registered office, business address or correspondence address;
- acting as a trustee of an express trust or a nominee shareholder (other than for a listed company).
Exemptions Government, banks (authorised institutions), licensed corporations where the service is ancillary to their main business, accounting professionals (CPAs, CPA firms, corporate practices) and legal professionals.
Licence details
- Normally valid for three years; applicants and key individuals must pass a fit and proper test.
- Running such a business without a licence carries a fine of HK$100,000 and six months' imprisonment.
What it means for you
- If you use a provider for a secretary, director, nominee or address service, check that it is licensed or exempt. The Registry keeps a public register of licensees.
- Your own company's director or employee serving as your company secretary is not carrying on a service business.
- A licence is an anti-money-laundering control; it is not an endorsement of the provider's quality.
Legal basis and sources
The law
- Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), Part 5A, s.53F
General information for business owners, not legal, tax or professional advice. Rules change, so check the sources or ask a licensed professional before you act.
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