How to apply for a TCSP license in Hong Kong
The question for how to apply for a TCSP license in Hong Kong can be tough , especially if you are not familiar with the legal and regulatory environment in the city.
A TCSP is a type of license issued by the Companies Registry in Hong Kong for carrying out work on a trust or a company service business , the so-called TCSP business.
Companies that are engaged in the following business activities must apply for a TCSP license with the Companies Registry in the HKSAR:
- Forming corporations or other legal persons
- Acting, or arranging for another person to act, as a director, named secretary, partner or similar position in relation to other legal persons
- Providing a registered office, business address, correspondence or administrative address for a corporation or any other legal person
- Acting, or arranging for another person to act, as a trustee of an express trust or similar legal arrangement
- Acting, or arranging for another person to act, as a nominee shareholder for a person other than a listed entity
What exemptions are given to companies that do not require TCSP licensing:
- The Government
- An authorized institution, i.e. a bank, a restricted licence bank, or a deposit-taking company
- A licensed corporation (as defined under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615)) that operates a trust or company service business in Hong Kong that is ancillary to the corporation’s principal business
- An accounting professional
- A legal professional
- A person of a class or description prescribed by the Secretary for Financial Services and the Treasury by regulations
What are the consequences of a TCSP license holder if you fail to fulfill legal obligations?
Anyone who violates the licensing requirement commits an offense and is liable on conviction to a fine of HK$100,000 and imprisonment for 6 months.
How can we help with TCSP licensing matters?
Our experienced team based in Hong Kong can assist you with the preparations of the TCSP licensing application by gathering all the necessary documentation/information from the relevant parties in order to make a case to the Companies Registry of the HKSAR.
We will then be authorised as your representative for the application and liaise with the Companies Registry in relation to any updates/ queries on the application.
We will be attending to TCSP fillings and keeping all records up to date and making any changes in a timely fashion and notifying the CR(Companies Registry)in a timely fashion.
We will ensure that your license is valid throughout under our administration/assistance and attend to any queries from the CR in relation to the TCSP license. If you are interested in applying for a TCSP license in Hong Kong, please contact our HK team at firstname.lastname@example.org