Quick Facts
| Parameter | Value |
|---|---|
| License name | TCSP License |
| Country | Hong Kong |
| Regulator | Companies Registry |
| What it covers | Trust or Company Service Provider — client-asset custody |
| Minimum capital | Substance-based |
| Timeline | ~3 months |
What is the TCSP License?
The TCSP License is a regulator authorisation issued by Companies Registry that allows a regulated entity in Hong Kong to provide the services covered by the regime. Used as custody vehicle paired with VATP.
Who needs a TCSP License?
Operators offering services that fall within the activity definition supervised by Companies Registry. The activity scope captures trust or company service provider — client-asset custody — and you should treat anything within or adjacent to that scope as caught until the structure has been opined on.
How the TCSP License application works
The application is run as a structured five-stage workstream: scoping and gap analysis, incorporation and substance, AML/KYC programme drafting, regulator submission and RFI cycles, and post-licence onboarding. Total time from kickoff to authorisation is ~3 months.
Cost of the TCSP License
The total first-year cost combines: regulator fee, statutory capital tied up at Substance-based, legal fees confirmed at engagement, substance (resident director, office, AML officer where required), and the first year of ongoing supervision. We provide a fixed-scope quote at engagement so the number is not a moving target.
Pitfalls to avoid
- Mismatched substance. Paper directors and serviced offices are detected at first examination. Substance must be substantive;
- Generic AML programmes. Companies Registry reads policies as a competency signal — generic templates are visible;
- Banking afterthoughts. A licence without a bank account is a paperweight. Banking is part of the engagement, not bolted on after authorisation;
- Ignoring the year-one supervision burden. Authorisation is the start. Annual audit, AML refresh and material-change notifications are calendared from day one.
Frequently asked questions
What does the TCSP License cover?
The TCSP License authorises trust or company service provider — client-asset custody. It is supervised by Companies Registry. Used as custody vehicle paired with VATP.
What is the timeline for the TCSP License?
Typical timeline is ~3 months from kickoff to authorisation. Variance comes from RFI cycles and the quality of the application file at submission, not from the published schedule.
What is the minimum capital for the TCSP License?
Statutory capital is Substance-based. Capital is one input — substance, governance and the AML programme usually drive the application outcome more than the capital line on its own.
How does the TCSP License fit alongside other Hong Kong licences?
Most operating models in Hong Kong combine TCSP License with one of the other available regimes — see the full list on the Hong Kong page.
Who supervises TCSP License authorisation in Hong Kong?
Companies Registry is the supervising authority. The same regulator handles ongoing supervision after authorisation, including annual returns and material-change notifications.