Most businesses need only a Business Registration Certificate. Fintech, financial services, crypto, and other regulated sectors have mandatory licences — and operating without them is a criminal offence.
For most general commercial businesses — technology companies, consulting firms, trading businesses, e-commerce platforms — a Business Registration Certificate is the only mandatory regulatory approval. The analysis is different for financial services, crypto, insurance, healthcare, and several other regulated sectors, where operating without a licence is a criminal offence carrying significant penalties.
Every person carrying on a business in Hong Kong must obtain a Business Registration Certificate (BRC) from the Inland Revenue Department within one month of commencing business. The annual fee is approximately HK$2,000, or HK$5,200 for a three-year certificate. Failure to hold a valid BRC is a criminal offence.
The Securities and Futures Commission (SFC) regulates dealing in, advising on, and managing securities, futures, and asset management. If your business involves any of these activities — as a broker, fund manager, investment adviser, or operator of a trading platform — you need an SFC licence. Operating without the required licence carries penalties of up to HK$5 million and 7 years in prison.
Under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) as amended in 2023, any person operating a virtual asset exchange in Hong Kong, or actively marketing virtual asset services to Hong Kong investors, is required to obtain a VASP licence from the SFC. Whether a business is subject to the licensing obligation is a fact-specific analysis that depends on the nature of its activities — not just its corporate location. Unlicensed VASP operations carry criminal penalties of up to HK$5 million and 7 years imprisonment. This is a rapidly evolving regulatory area. Always seek current specialist legal advice before operating or marketing any virtual asset business.
Businesses that exchange currencies or transmit money require a Money Service Operator (MSO) licence from the Customs and Excise Department.
Accepting deposits from the public requires authorisation from the HKMA. Obtaining a bank licence is a multi-year process involving significant capital requirements and regulatory scrutiny.
Carrying on insurance business requires authorisation from the Insurance Authority under the Insurance Ordinance (Cap. 41). This applies to insurers, intermediaries, and Lloyd's members.
| Business Activity | Licence | Regulator |
|---|---|---|
| Restaurant / food business | Restaurant Licence | Food and Environmental Hygiene Dept |
| Employment agency | Employment Agency Licence | Labour Department |
| Import/export (controlled goods) | Import/Export Licence | Trade and Industry Department |
| Travel agency | Travel Agents Licence | Travel Industry Council |
| Legal practice | Solicitor's Practising Certificate | Law Society of Hong Kong |
Describe your business activity precisely — in specific operational terms, not a general label. The specific activity determines whether a licence is required. Always seek legal advice before launching in a regulated sector.
The risk of assuming you do not need a licence is greater than the cost of finding out you do.
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