SFC Type 1 Licensing Requirements For Businesses In Hongkong

In order to operate as a foreign-owned SFC, one of the basic requirements is to acquire a Commercial License, which is available from the Commercial Office in the Executive offices of the SCS for Companies and SFC type 1 Corporation. These licenses are issued by the Hong Kong authority and are reviewed annually. It is highly recommended to submit a business plan and other documents for review to speed up the processing of the application.

Commercial License requirements vary from one region or district to another. The good idea is to seek the help of an expert who is specialized in this area to help you make an informed decision. You must understand that each license has its own set of regulations that must be followed. Most importantly, a license holder must have in-depth knowledge of the operations and policies of SFC. Moreover, he/she should also have sufficient experience to handle the complexity of the licensing process. He/she should be able to adhere to the rules and regulations of the Hong Kong government.

To be successful in your business venture in Hong Kong, you need to comply with all the licensing requirements and laws. For instance, it is a must for you to comply with the Basic Principles of Commercial Business. This includes complying with the policy and program of SFC as mentioned in their Memorandum and Articles of Agreement. Furthermore, you should also comply with the Basic Principles of Business as listed in the Glossary of Contents of the SCS Schedule IV.

The next step is to go through the licensing criteria of the Commercial Registry. You can access this information either from the Registration of Companies’ office or from the Office of the Secretary of State. For instance, if you wish to open an SFC type 1 Corporation, you should note that the Corporation Registration requirements apply to you and to any employee of yours who has been appointed as an agent for SFC.

To continue earning the benefits of an SFC Type 1 license, you have to maintain the eligibility criteria. In this regard, you should submit periodic reviews and updates to the relevant departments. These are particularly important when the licensing requirements are suspended or changed. The license holder is required to apply for a renewal of the license once the current one becomes invalid. The renewal process is carried out following the schedule of the SCS Schedule and the SFC Schedule.

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