Hong Kong SFC License 2026: Type 1/3/4/9 & VATP
What it takes to obtain SFC Types 1, 3, 4, 9; VATP; MSO in Hong Kong: the regulator, minimum capital, local substance, typical timeline and how hard it is to open a corporate bank account, based on regulator publications as of October 2026.
Asia's financial centres. Reviews are strict and slow, but a licence carries strong credibility and better access to banking.
Key facts (October 2026)
| Regulator | SFC, HKMA, Customs (MSO) |
|---|---|
| Main licences | SFC Types 1, 3, 4, 9; VATP; MSO |
| Minimum capital | Type 4/9 (no client assets) liquid HK$100k / Type 1 paid-up HK$5m / Type 3 paid-up HK$30m / VATP paid-up HK$5m |
| Local substance | At least 2 responsible officers, one an executive director |
| Typical timeline | SFC pledge: 15 weeks for a complete application |
| Corporate banking | The HKMA tells banks not to refuse accounts merely because a company is offshore or its directors are non-resident |
Capital and fees are taken from regulators' rules and publications (October 2026), in local currency, and are confirmed case by case before applying.
What to consider
- SFC application and annual fees HK$4,740 per activity (Type 3: HK$129,730).
- A VATP needs HK$5m paid-up capital, 12 months of operating costs held in Hong Kong and at least one responsible officer living there.
- Only two stablecoin issuer licences (HK$25m capital) had been granted as of April 2026; new VA dealing and custody regimes are still being legislated.
- MSO licence fees from HK$3,810 (revised 15 May 2026).
Serving clients in Japan
A foreign licence does not let you deal with residents of Japan in FX, securities or crypto: as a rule, Japanese registration is required. See Japan rules.
FAQ
What is the minimum capital for a financial licence in Hong Kong?
Type 4/9 (no client assets) liquid HK$100k / Type 1 paid-up HK$5m / Type 3 paid-up HK$30m / VATP paid-up HK$5m. Requirements can rise with the activities and size of the business.
How long does licensing take in Hong Kong?
SFC pledge: 15 weeks for a complete application. Missing documents extend the timeline, so preparation matters.
Do I need staff or an office in Hong Kong?
At least 2 responsible officers, one an executive director. Nominee-only structures are not accepted; real management and compliance are expected.
Can I open a corporate bank account in Hong Kong?
The HKMA tells banks not to refuse accounts merely because a company is offshore or its directors are non-resident. We recommend preparing banking in parallel with the licence application.
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