Hong Kong forex regulations and requirements can be difficult to understand as the scope of allowances and restrictions is vast. Seeking a Hong Kong forex license is also regarded as a highly time consuming and complex process and as such it is advisable to acquire the help or a professional consultancy to guide you. A professional consultancy can educate you on how to comply legally with Hong Kong foreign exchange regulations and assist you with the relevant documentation to acquire a Hong Kong SFC license.
The Hong Kong Securities and Futures Commission, also known as the Hong Kong SFC is the regulatory body responsible for all supervisory, administrative and regulative order for Hong Kong broker firms. In order to obtain a Hong Kong forex license, all applications will be submitted by the application or a professional consultancy on behalf of the applicant, to the SFC.
The Hong Kong SFC was established in 1989 in a bid to create a strong and forceful regulatory body to monitor and control the financial services market. The regulatory scope for the Hong Kong SFC is applicable to all companies engaging in future and securities activity in Hong Kong. The scope of the SFC also extends to regulating all listed companies on the HKEx.
Comparative to other financial regulatory bodies, the Hong Kong SFC is one of the oldest securities and futures regulators in the world. It is responsible for the review and issuing of all Hong Kong FX licenses and has the power to make decisions regarding activity of the regulated broker firms.
To obtain a SFC license you must create a Hong Kong company for the specific purpose of providing and engaging in Hong Kong forex broker activity. The application for the license requires documents to be submitted, these include the company Memorandum and Articles of Association, and company manuals for internal and external procedures. You will also need to submit results of your fit and proper test.
The procedure for applying for and obtaining a Hong Kong forex license is a long and complicated procedure, thus enlisting the support of Starting Business to guide you through the entire application procedure will ensure that you follow all the correct procedures and supply the correct documents to the Hong Kong SFC.
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