When looking for a place to register their company, founders most often pay attention to the major world`s financial center. Usually, there are a lot of large companies and, therefore, potential clients in such regions. Many of them are very competitive, but if you can get a foothold in such a region, you will make a lot of profit. One of these regions is Hong Kong. That is why many companies seek to obtain a PSP license in Hong Kong.
This Chinese province offers great opportunities for any business. The world’s leading companies operate in this province and all of them need to conduct their operations. To get PSP license in Hong Kong, you need to try hard. This does not mean that it is impossible to get permission in the region, but you have to make efforts. But once it has been issued, you will see how quickly your company’s turnover begins to grow.
Blessings of getting a license
If you have decided to buy a PSP license in Hong Kong, you need to remember that this region has many advantages for the development of your interchange. Companies involved in servicing e-payment`s dealings can get the following advantages from working in the region:
- Hong Kong’s convenient geographic positions. This province is located in eastern`s Chinees and if you try to register a payment service provider in Hong Kong you can get a permit to the largest Asian`s market`s. For example, you can work with Japanese, South Korean, or Singaporean corporations. Such broad access to markets is not available in all regions. And given the population density of these countries and the number of corporations in dissimilar industries, you can get a good springboard for corporation blossoming;
- Availability of extended enrollment. In this country is profitable to buy a company with PSP license in Hong Kong. There is an excellent banking network where financial institutions cooperate with various payment-systems and negotiators. Due to this, the speed of transaction processing is much higher than in similar corps in other countries;
- Highly extended economizing. High indicators of paying capacity of the Hong Kong population show that it is advantageous to open a business in this region. Working here, you will get a lot of solvent clients who can potentially use your services. It is possible to work both with individuals and legal entities.
By examining these advantages, founders of corporations can be convinced that they have made the right decision to obtain a license in this Chinese province.
Prerequisites for the docs
If you have decided to buy payment service provider license in Hong Kong, you need to apply and contain the essential package of docs. It is submitted to the Office of Money Circulation. This state body is the local regulator. Its area of responsibility is economic institutions and all money-service-operators. Only those who meet the requirements for payment service providers put forward by this authority will be able to operate in the local market.
To acquire permission the following requirements must be:
- an existing company (the registration procedure must be completed for new companies and the company must not be in bankruptcy);
- the company must have at least $20,000 in bank accounts;
- have their own or rented office in Hong Kong;
- assemble competent personnel for administration positions by departments, including accountants and compliance.
Representatives of the regulator will conduct a review of the applicants’ financial strength, examine their operating credentials and see how they handle potential risks. If corporation representatives convince the controller that they can handle all the challenges and that their performance meets the requirements, the regulator will issue the organization a license. It is also possible to return documents for revision or refuse to issue a license. But in the latter case, the regulator provides a written justification for its decision.
Who can help with processing
Company founders can instruct their employees to collect documents for processing a payment agent license in Hong Kong on their own. But not all of them regularly communicate with government regulators and understand the specifics of coordination with them.
For these purposes, the right solution is to contact our company. Each of our lawyers has repeatedly submitted such applications. We know all of the regulator’s necessities, including the latest changes, and are ready to help you get the necessary approval as quickly as possible. All you need to do is contact us and at the first consultation we will review your current documents and tell you if you can qualify for a license.
In addition, we will help you prepare the correct package of docs, and you will only have to wait for the regulator to tell you that you can start working.