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AUGUST 2018 – Sovereign is pleased to announce that it is among the first Hong Kong-based firms to be formally licensed as a Trust or Company Service Provider (TCSP) under Hong Kong’s newly created TCSP licensing regime.
Sovereign Trust (Hong Kong) Limited and its operating sister companies – Sovereign Fiduciaries (Hong Kong) Limited, Sovereign Fiduciaries Services Limited and Sovereign Trustees Limited – have all been granted TCSP licences.
Under the new licensing regime, TCSPs are required to apply for a licence from the Registrar of Companies and satisfy a ‘fit-and-proper’ test before they can provide trust or company services as a business in Hong Kong. Any person who carries on a trust or company service business in Hong Kong without a licence commits an offence.
TCSP licensees are also required to comply with the statutory customer due diligence and record-keeping requirements as set out in Schedule 2 to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615).
These new licences add to the 31 professional licences held by Sovereign Group companies around the world, including in the Bahamas, Bahrain, the BVI, the Cayman Islands, Cyprus, Dubai, Gibraltar, Guernsey, the Isle of Man, Malta, Mauritius, the Seychelles, Singapore, Turks & Caicos Islands and the UK. They are testament to our high standards, knowledge and professionalism.
Julia Connolly, Director of Sovereign Trust (Hong Kong) Limited, said: “This is the first time that TCSPs have been subject to their own regulatory regime in Hong Kong. We have been lobbying the relevant authorities for many years to introduce licensing in Hong Kong in order to ensure that standards within the industry are consistent and in accordance with best international practice.
“In recent years, gaining access to banking in Hong Kong has become increasingly difficult for non-resident companies seeking to conduct business through Hong Kong. It is to be hoped that the new TCSP Registry will enable Hong Kong banks to welcome applications for accounts from entities using Hong Kong as an international finance centre.
“The introduction of the TCSP licensing regime is an important step in fulfilling the recommendations of the Financial Action Task Force (FATF) in respect of Hong Kong. It means that Hong Kong can once again act as the commercial service centre for the Far East and welcome investors that wish to take advantage of the excellent professional services available in Hong Kong and have their affairs settled under Hong Kong law.”