Form 7 renewal of a money lenders licence by a company

Form 7 Renewal of a Money Lenders Licence by a Company

A company holding a money lenders licence under the Money Lenders Ordinance (Cap. 163) must renew it before expiry. The prescribed form for a corporate applicant is Form 7. The procedure, required documents and specific obligations for a company differ from those for an individual or partnership.

The licensing authority is the Commissioner for Labour, who administers the Ordinance and decides on renewals. Continuing to lend money after the licence expires is an offence. Any loan agreement made during that period may be unenforceable.

Money Lenders Licence Renewal Form 7

Form 7 is the statutory form prescribed under the Money Lenders Ordinance for a company to renew its money lenders licence. Complete it in English or Chinese. A director or the company secretary must sign it. Submit the completed form to the Licensing Office of the Commissioner for Labour before the existing licence expires.

The form requires the company’s registered name, business address, the address of each place where money lending is carried on, and the names and addresses of all directors and the company secretary. The company must also declare it has not been convicted of any offence under the Money Lenders Ordinance or any other enactment relevant to money lending during the licence period.

Company Money Lender Licence Renewal Hong Kong

A company operating as a money lender in Hong Kong must hold a valid licence for each place of business. The renewal procedure follows the same statutory framework as for other applicants, but the documentation and declarations are more extensive because a company is a legal entity acting through its directors and officers.

Ensure the business registration certificate is current. The Inland Revenue Department issues this certificate to every business in Hong Kong, but it is not a trade licence and does not authorise regulated activities. The money lenders licence is the separate authorisation permitting the company to carry on money lending.

Corporate Money Lender Licence Renewal

A corporate applicant must provide additional information not required from an individual. The Commissioner for Labour must be satisfied the company is fit and proper to hold a licence. This assessment covers the company itself, each director, the company secretary and any person who controls the company.

Disclose any change in directors or the company secretary since the last renewal. If a director has been convicted of an offence involving fraud, dishonesty or money lending, the Commissioner may refuse the renewal. The company must also confirm it has maintained the required level of paid-up capital and that its financial statements have been properly prepared.

Money Lenders Ordinance Form 7

Form 7 is issued under the Money Lenders Ordinance (Cap. 163). It is available from the Licensing Office of the Commissioner for Labour or the GovHK website. Complete every section. Incomplete applications are returned and may cause the licence to lapse if the renewal is not processed in time.

The Commissioner may require supporting documents with Form 7. These typically include a copy of the current money lenders licence, the business registration certificate, the company's certificate of incorporation, and a list of all directors and the company secretary. The Commissioner may also request a copy of the company's latest audited accounts.

Supporting Documents for a Corporate Applicant

A company submitting Form 7 must attach the following supporting documents unless the Commissioner has waived the requirement in writing:

• A copy of the current money lenders licence.
• A copy of the business registration certificate for each place of business where money lending is carried on.
• A copy of the certificate of incorporation issued by the Companies Registry.
• A copy of the company's annual return (Form NAR1) filed with the Companies Registry for the most recent financial year.
• A list of all directors, the company secretary and any person who holds 10% or more of the issued shares of the company.
• A declaration signed by each director confirming he or she has not been convicted of any offence under the Money Lenders Ordinance.

The Commissioner may also request a copy of the company's memorandum and articles of association to confirm the company has the power to lend money.

Timing and Effect of Renewal

Submit Form 7 at least 28 days before the expiry date of the current licence. If the application is submitted late, the Commissioner may refuse to accept it or may require the company to apply for a new licence instead of a renewal. A new licence application requires Form 1 and the full vetting process, which takes longer than a renewal.

If the Commissioner grants the renewal, a new money lenders licence will be issued for 12 months. The company must display the licence at each place of business where money lending is carried on. The licence is not transferable. If the company changes its name or place of business, it must apply for a new licence.

Consequences of Failure to Renew

A company that continues to lend money after its money lenders licence has expired commits an offence under the Money Lenders Ordinance. The company may be liable on conviction to a fine and imprisonment of its directors. Any loan agreement made while the company was unlicensed may be unenforceable, and the borrower may apply to the court for relief.

A money lenders licence is a trade licence authorising a regulated activity. A business registration certificate alone does not give the company the right to lend money. The company must hold both documents and must renew the money lenders licence separately from the business registration certificate.

Where to Submit Form 7

Form 7 must be delivered to the Licensing Office of the Commissioner for Labour. The office is part of the Labour Department and is located in Hong Kong. The company may submit the form in person or by post. The Commissioner will acknowledge receipt and will notify the company of the decision in writing.

Keep a copy of the completed Form 7 and all supporting documents for your records. If the Commissioner requires further information, respond promptly to avoid delay in the renewal process.