Asset Management license in Hong Kong 2024

Hong Kong is a multinational fiscal center famous for its convenient whereabouts, tax implications, and clear legal structure. This region offers ideal conditions for entrepreneurships in the asset sector. Obtaining necessary permission under the SFO is not just a legal obligation but a direct path to progressive market. It also helps to improve the enterprise’s trustworthiness and providing favorable outcomes in this landscape.

This article will help you to sort out all the nuances of that topic and provide the answers for questions you may be interested in.

Laws for Asset Management permission in Hong Kong

SFC that became its operation in 2003 has the role of monitor for enterprises which related to finances. Its purposes encompass:

• Improving region’s title of premier fiscal center, advancing it as a reliable place for contribution on the global level;
• Supervising the securities and future markets in the region, offering clearance, trustworthiness, and severe abidance to fiscal laws;
• Giving lawful permissions to financial businesses so they comply with regulatory structure;
• Safeguarding contributors through meticulous procedures, operating a compensation fund to cover feasible charges;

In case your company applies for that kind of permission, it is significant to keep in mind listed regulations.

Demands for Asset Management licensing in Hong Kong

Obligations regarding an obtaining of permit encompass the presence of necessary documentation (resumes and qualifications, abidance and client contracts, business plan, forms for ROs, application, insurance coverage, approval of a physical place of work), share capital and governmental charges (least share capital, bank account, governmental charges), personnel demands (ROs, MIC, Director), work premises obligations (setting up a compulsory physical office in the region).

The process of acquisition

The comprehensive guidance for obtaining an asset management license in Hong Kong is presented below:

1. Conducting an assessment in cooperation with stakeholders and collecting necessary papers;
2. Offering variants for gathering a local compliance group who specializes in fiscal regulations;
3. Sending appropriately-made application to the SFC and creating bank account;
4. Keeping constant communication with the SFC;
5. Getting an acceptance and proceeding with enterprise’s incorporation;
6. Submitting an approval and its confirmation to the financial institution to continue with account formalities.

The duration of the procedure is contingent on the completeness of the application and the commission’s load and usually are 4-6 months.

By complying with the listed steps, you will be able to complete the procedure successfully and get a license.

Conclusion

Eventually, the Asian region is famous worldwide due to its financial sector. Therefore, getting a license mentioned will be a crucial benefit and provide status for clients, creating a firm presence and reliability in the local market.