Securities and Futures Commission of Hong Kong

Requirements for Obtaining a License under the Securities and Futures Commission (SFC)

To operate within Hong Kong’s securities and futures markets, individuals and entities must obtain a license from the Securities and Futures Commission (SFC). Below is an overview of the fees, office requirements, processing times, and steps involved in the application process.

License Fees

Annual Fees

Annual licensing fees must be paid within one month of the anniversary date of the license or registration. Fees vary by type of intermediary and regulated activity (RA):

• Licensed Corporation (LC):
• For RA other than Type 3: HK$4,740 per RA
• For Type 3: HK$129,730
• Licensed Representative (LR):
• Not approved as Responsible Officer (RO):
• For RA other than Type 3: HK$1,790 per RA
• For Type 3: HK$2,420
• Approved as RO:
• For RA other than Type 3: HK$4,740 per RA
• For Type 3: HK$5,370
• Registered Institution (RI):
• For RA other than Types 3 and 8: HK$35,000 per RA

Application Fees

Fees for various applications are as follows:

• Licensed Corporation (LC):
• Types 1, 2, 4, 5, 6, 7, 8, 9, 10: HK$4,740 per RA
• Type 3: HK$129,730
• Licensed Representative:
• Types 1, 2, 4, 5, 6, 7, 8, 9, 10: HK$1,790 per RA
• Type 3: HK$2,420
• Temporary Licensed Representative: HK$1,850 per RA
• Provisional Licensed Representative: HK$800 per application
• Approval to Become Responsible Officer: HK$2,950 per RA

Office Requirements

Applicants must meet the following conditions:

• Be incorporated in Hong Kong or be an overseas company registered with the Hong Kong Companies Registry.

Processing Time

The processing time for applications depends on the type of license and various factors affecting the completeness and quality of the application:

• Provisional Licensed Representative: 7 business days
• Normal Licensed Representative: 8 weeks
• Responsible Officer: 10 weeks
• Licensed Corporation: 15 weeks

Factors affecting processing times include:

• Types of services or products proposed.
• Quality and completeness of the application and supporting documents.
• Timely responses to requests for additional information.
• Regulatory checks and vetting by other bodies.

Application Process

Step 1: Preparing the Application

• Use the WINGS portal to submit your application online.
• Ensure all questions in the application form, supplements, and questionnaires are fully answered.
• Attach all necessary supporting documents and ensure the application is signed properly.

Step 2: Submitting the Application

Before submission, confirm:

• All required fields are completed.
• Supporting documents are accurate and included.
• Proper authorization, such as board resolutions approving the application, is in place.

Step 3: Post-Submission

• The SFC may request further information or clarification.
• Applicants should promptly respond to any queries to avoid delays.

Key Notes

• Licensing is contingent on meeting the requirements outlined in the Securities and Futures Ordinance (SFO).
• Annual fees are mandatory for the continuation of licenses.
• Failure to provide complete and accurate information may result in application delays or rejection.

By following the outlined steps and ensuring compliance with the SFC’s requirements, applicants can secure a license to operate within Hong Kong’s regulated securities and futures markets.