Service 1 - SVF Licensing Application

We are engaged by various investors to apply for Stored Value Facility (“SVF”) Licence from Hong Kong Monetary Authority (“HKMA”). Following the instructions given under the “Guideline on Supervision of Stored Value Facility Licensees” and the “Practice Note on Supervision of Stored Value Facility Licensees”, we assist applicants to fulfill the requirements of financial resources, fit and proper personnel, prudent IT controls, robust market and financial risk management, management of float and deposit, clients’ money protection, and reliable refund policy.

Service 2 - Insurance Brokerage Licence

The Insurance Authority (“IA”), the newly established authority of Hong Kong’s insurance industry, maintains a friendly environment to attract investors setting up a insurance brokerage firm in Hong Kong for a minimum paid-up capital of HKD 500,000.

With a single Responsible Officer, a licensed insurance brokerage firm under section 64ZA of the Insurance Ordinance is allowed to carry on general insurance business and/or long term insurance business.

Our professional team will provide one-stop service to assist applicants obtaining the insurance brokerage licence, which include but not limited to

• recruitment of Responsible Officer,

• evaluate the quality of proposed Responsible Officer to consider if he/she will be accepted by IA

• elaborate the market trend of insurance business, the cost of operation in the city, and the regulator expectation over the business development (e.g., the sustainability of the business, the sufficiency of the recourses and etc.)

• develop a business plan that not only satisfies the “marking scheme” of the relevant regulator, but also build up the framework within which the business is running in future

• deal with regulator’s challenge and enquiry directly

• provide all relevant legal, regulatory and commercial advice on business operation, including but not limited to the needs of applying for working visa, company secretaries services and accounting services in the city

• sourcing professional indemnity insurance, the limit of indemnity must not be less than HKD 3 million in the first 12 months of operation

Axis will also provide tailor made compliance support services on project or monthly basis. Our service scope includes:

• provide spontaneous feedback to licence holder when relevant circulars/requests raised out by IA and relevant self-governing bodies, evaluate the impact and provide compliance solution

• prepare regular compliance documentation update based on latest IA circulars/requests

• deal with regulator’s challenge and enquiry directly

• follow-up non-compliance incidents and disciplinary actions

• provide in-house continuous professional development activities accredited by the Hong Kong Council for Accreditation of Academic & Vocational Qualifications (香港學術及職業資歷評審局)

Service 3 - Money Lender Licence

Due to the restriction of loan-to-value ratio of mortgage and the cheap funding cost in Hong Kong, it is common among investors to set up money-lending companies under the Money Lenders Ordinance.

Running a money-lending company in Hong Kong is simple, which is governed by the Hong Kong Police. Nevertheless, investors will face difficulties in drawing tailor made loan contracts and finding the regulatory redline of handling debt collection.

Our lawyer members will work with applicants obtaining money lender licences, our services include but not limited to

• recruit manager that will is acceptable by the Hong Kong Police

• identify premises in which the Hong Kong Policy will allow applicants to run the money services

• develop a business plan that not only satisfies the “marking scheme” of the relevant regulator, but also build up the framework within which the business is running in future

• deal with regulator’s challenge and enquiry directly

• provide all relevant legal, regulatory and commercial advice on business operation, including but not limited to the needs of applying for working visa, company secretaries services and accounting services in the city

• sourcing appropriate operation system that help calculating interests, setting payment schedules, monitoring payment status and issuing payment advice automatically

Axis will also provide tailor made compliance support services on project or monthly basis. Our service scope includes:

• fulfill the anti-money laundering requirements set forth by the Hong Kong Police

• develop a suitable policy to handle debt collection

• deal with regulator’s challenge and enquiry directly

• follow-up non-compliance incidents and disciplinary actions