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Q:
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Is a company providing money lenders service in Hong Kong need license? What are money lender services?
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A:
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Yes, it requires Money Lenders License. Money lenders service means in general making loans to others that is distinct from banks and financial institutions. The services of money lenders include provision of both secured and unsecured loans such as:
1. Mortgage loans;
2. Consumer and corporate loans;
3. Vehicle, heavy duty machines, plant equipment leasing;
4. Credit cards;
5. Small and medium enterprises loan;
6. Cheque and invoice discounting; and
7. Loan syndication.
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Q:
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Who can be the applicant for applying the Money Lenders Licence on behalf of a company?
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A:
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Below persons of a company can make the application:
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1.
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Existing Directors;
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2.
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Preceding Directors (Past 12 Months);
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3.
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Authorized Persons who can grant loans/arrange terms;
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4.
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Any persons who are actively participating in the business;
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5.
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Other persons who have power to excise control (if any);
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6.
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Shareholders (up to 6 principal shareholders); or
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7.
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Beneficial Owners (if not registered shareholders).
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Q:
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What are the general steps to apply the license?
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A:
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Here are the general steps:
1.
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Complete the application form with supporting documents;
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2.
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Deliver application documents to Money Lenders Section of Queensway Government Offices and Police Headquarters;
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3.
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Meet with Police Officers;
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4.
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Attend to Licensing Court and pay the license fee. The Money Lender License will be granted immediately.
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Q:
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Whether the applicant shall stay in Hong Kong during application?
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A:
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There is no requirement that the applicant must stay in Hong Kong during the application. However, the application shall reply to the enquires raised by Registrar of Money Lenders and Commissioner of Police from time to time and attend the physical meeting with Police under appointment.
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Q:
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What factors that the Licensing Court shall consider in processing an application for a Money Lenders Licence?
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A:
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The below factors shall be considered:
1.
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Whether the applicant is a fit and proper person to carry on the business (e.g. the relevant general knowledge, qualification and experience, etc.);
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2.
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Whether the premises to which the application relates are suitable for the carrying on of the business (e.g. usage of the premises and permission from the landlord and tenant etc.); and
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3.
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Whether the grant of such license is contrary to the public interest.
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Q:
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What can the Company get upon the approval of application?
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A:
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The licensing court will grant a Money Lenders Licence valid for 12 months if it thinks fit.
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Q:
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How long does the application take?
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A:
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Normally, a licence will be granted in 3 to 4 months from the date of delivery of the application.
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Q:
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When the licence should be renewed?
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A:
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The Company can apply within 3 months prior to the date of expiration of the licence. A renewed licence will normally be granted in 2 to 3 months’ time from the date of delivery of the application for renewal.
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FAQ
