The answer first
A person carrying on a trust or company service business in Hong Kong must hold a TCSP licence from the Companies Registry, unless exempt. Licensed TCSPs must meet fit and proper requirements and comply with anti-money laundering and counter-terrorist financing (AML/CTF) obligations, and are supervised by the Registry.
A licence is normally valid for 3 years; renewal must be applied for at least 60 days before expiry. Carrying on a trust or company service business without a licence is an offence.
At a glance
- Licensed by
- Companies Registry
- Validity
- Normally 3 years
- Renewal
- Apply at least 60 days before expiry
- Unlicensed business
- Fine of HK$100,000 and 6 months' imprisonment
Who needs a licence
- Company formation agents.
- Providers of company secretarial services and nominee directors.
- Providers of registered office, business address or correspondence address services.
- Professional trustees and nominee shareholders.
Certain persons are exempt, for example authorised financial institutions, and practising certified public accountants and solicitors when providing services in that capacity, subject to their own regulatory regimes.
Application and government fees
| Item | Detail |
|---|---|
| Applicant | The business, with its ultimate owners, directors and partners subject to fit and proper assessment |
| Initial licence fee | HK$3,440, plus HK$975 for each person undergoing the fit and proper test |
| Renewal fee | HK$2,910, plus HK$975 for each person |
| Validity | Normally 3 years |
| Changes | Notify the Registrar within 1 month of changes in particulars |
Please confirm current feesFees are as stated in the Companies Registry's licensing guideline and may be revised. Confirm the current schedule when applying. The grant of a licence is a decision for the Registrar.
Ongoing obligations
- Customer due diligence and record-keeping under Schedule 2 of the AMLO.
- Ongoing monitoring, sanctions screening and suspicious transaction reporting.
- Appointing compliance and money laundering reporting officers, policies and staff training.
- Inspection by the Companies Registry and responding to its requests.
Key takeawayCheck that your corporate service provider is licensed. The TCSP register is public, and the licence number should appear on the provider's documents. Ours is #TC001552.
Self-check: where do you stand?
| Question | What to do |
|---|---|
| Does your business provide any of the listed services to others? | If so, check whether a licence is required |
| Have the owners and directors been assessed as fit and proper? | Prepare for the assessment |
| Do you have AML/CTF policies and trained staff? | If not, put them in place |
| Is your renewal diarised at least 60 days before expiry? | Diarise it |
How DBMS Global can help
- Corporate support for businesses applying for TCSP licences.
- AML/CTF policies, risk assessments and staff training.
- Company secretarial and compliance support for licensed businesses.
In summary
- A licence is needed for trust or company service businesses.
- Valid 3 years; renew at least 60 days before expiry.
- Strict AML/CTF obligations apply.
Official references
- Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), Part 5A and Schedule 2
- Companies Registry: Guideline on Licensing of Trust or Company Service Providers and TCSP register, www.tcsp.cr.gov.hk