INTERSHORES I How To Apply For A Money Lenders License

1. What should I do if I want to apply for a money lenders licence?

Step 1 Complete three sets each of the application form and statement form and one set each of the relevant SISs. (Each form must be manually signed).

Step 2 Prepare a business plan for the money-lending business (Note).

Step 3 Deliver the following documents to the Companies Registry:

(a) two sets each of the application form and statement form, one set each of the relevant SISs and a business plan; and

(b)(i) evidence of authorisation (if the applicant is a limited company);

(b)(ii) a character or business reference (if the applicant is an individual or a partner of a firm).

Step 4 Deliver one set each of the application form and statement form to the Money Lenders Licensing Section of Hong Kong Police Force

2. What can I get?

The licensing court will grant a money lenders licence valid for 12 months if it thinks fit.

3. How long does it take?

Normally, a licence will be granted in 3 to 4 months’ time from the date of delivery of the application.

Notes

Applicants for a money lenders licence are required to submit a business plan with their application to show that the applicants have comprehensive understanding of the money-lending business and are ready to carry on the business. Key items of information that should be included in the business plan.

Guideline on Application for New Issue/ Renewal of and Endorsement on Money Lenders Licence

The Money Lenders Ordinance (Cap. 163) specifies the factors that the licensing court shall consider in processing an application for a money lenders licence. The factors include:

(i) whether the applicant is a fit and proper person to carry on business as a money lender (e.g. the general knowledge, qualification and experience in relation to money lending business etc);

(ii) whether the premises to which the application relates are suitable for the carrying on of the business of money-lending (e.g. usage of the premises and permission from the landlord and tenant etc); and

(iii) whether the grant of such licence is contrary to the public interest.

To facilitate the investigation to be carried out in respect of an application for the purposes of determining whether, in the opinion of the Commissioner of Police (CP), there are grounds for objecting the application in accordance with the Money Lenders Ordinance, the CP may require the applicant to produce the following documents for processing the application:

Required Documents	Contents
Documentary proof to support the applicant's capability in managing the money lending business	Reference letter of previous working experience in money lending business, relevant certificate, etc. (Resumes are not accepted).
Documentary proof to show the financial situation of the applicant	Bank statements of the company, directors or shareholders.
Tenancy agreement	Tenancy agreement for premises intended to be used for money lending business.
General permission from the landlord	Written consent from landlord and tenant, if the premises is sublet, for the intended use of premises for money lending business.
"Permit to occupy a new building" issued by the Buildings Department	Specifying the use of premises for “office” or “shop” purposes. If the permit does not allow the use of premises for the above purposes, permission from the Buildings Department, District Lands Office and/or Town Planning Board for the change of use is required.
Land Register obtained from the Land Registry by conducting land search	Specifying the ownership of premises.
Floor plan inside the premises	Showing the partitions and equipments inside the premises.
Annual return if the applicant is a company	Showing the directors and shareholders of the applicant.

Whatsapp : (852) 6499 4686

Phone : (852) 2186 6936

Email : info@intershores.hk

Disclaimer:

Whilst reasonable care has been taken in provision of information above, it does not constitute legal or other professional advice. INTERSHORES does not accept any responsibility, legal or otherwise, for any error omission and accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, readers are advised to take appropriate professional advice before committing themselves to any involvement in jurisdictions, vehicles or practice.

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