Application for a Trust or Company Service Provider (“TCSP”) License
A person who carries on or wishes to carry on a trust or company service business in Hong Kong is required to apply for a licence under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (“the AMLO”).
Any person who carries on a trust or company service business in Hong Kong without a licence commits an offence and is liable on conviction to a fine of up to HK$100,000 and imprisonment up to 6 months.
A trust or company service means the provision in Hong Kong by a person, by way of business, of one or more of the following service to other persons including below:
Forming corporations or other legal persons
Acting as, or arranging for another person to act as a director / secretary of a corporation / partner of a partnership or in a similar position in relation to other legal persons
Providing a registered office, business address, correspondence or administrative address
Acting as, or arranging for another person to act as a trustee of an express trust; or a nominee shareholder for a person other than a corporation whose securities are listed on a recognized stock market
A TCSP license is valid for 3 years that contains the name and business address of licensee. The Registrar of Companies (“the Registrar”) may impose conditions on granting a licence that the licensee needs to comply with the requirements of the AMLO and the guidelines issued by the Registrar (including the customer due diligence and record-keeping requirements) and the licensing conditions imposed by the Registrar.
A TCSP License may be revoked or suspended if the Registrar is no longer satisfied that the licensee or its ultimate owner/partner/director is fit and proper for carrying on or, to be associated with, a trust or company service business.
The Company has to submit the required application documents and written confirmation of compliance along with application fees to the Hong Kong Companies Registry following the Guideline on Licensing of Trust or Company Service Providers. Upon approval of application, a TCSP License will be issued by the Companies Registry and the Company will be allowed to carry out the related TCSP business.