Since 1 March 2018, only licensed Trust or Company Service Providers (TCSPs) can carry on a trust or company service business, and they must comply with the statutory customer due diligence and record-keeping requirements.

Anyone who violates the licensing requirement commits an offence and is liable on conviction to a fine of HK$100,000 and imprisonment for 6 months.

TCSP licence application and renewal can be complicated and time-consuming. Our team has ample knowledge of and experience in handling various matters related to TCSP licensing. Let us assist you so that you can focus on your core business.

Who are trust or company service providers?

• 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

Who are exempted from 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 regulation

What disciplinary actions will you face if you fail to fulfill ongoing obligations as a TCSP licensee?
A TCSP licensee is required to comply with various ongoing obligations, amongst which includes notifying the Registrar regarding changes in particulars previously provided in connection with the licensee’s application / renewal of licence. Failing to comply with the ongoing obligations may result in one or more of the following disciplinary actions from the Registrar:

• Publicly reprimand the licensee
• Order the licensee to remedy the contravention
• Order the licensee to pay a pecuniary penalty not exceeding HK$500,000 plus HK$10,000 per day while the failure to comply continues

How can we help in TCSP licensing related matters?

Our experienced team can assist you in:

• Handling the application for and renewal of a TCSP licence
• Attending to subsequent TCSP filings regarding changes in particulars previously filed with the Registrar

Why engage our TCSP services?

1. Leveraging our expertise
Tricor maintains a number of TCSP licensees and have deep knowledge of the matter, thereby helping you avoid hiccups and delays in the application and renewal of TCSP licence.

2. Saving time and effort
There are unique and complicated forms, documents, guidelines and procedures under the TCSP licensing regime. Engaging Tricor can save you from studying various regulations, guidelines and procedures.

3. Going beyond TCSP licensing
Tricor offers a full range of company secretarial and compliance services in addition to TCSP licensing services, helping you navigate the fast-changing regulatory environment.

Tricor, At Your Service
Tricor provides all-round solutions and services to support you excel in the business world.