An insurance broker means a person who carries on the business of negotiating or arranging contracts of insurance in or from Hong Kong as the agent of the policy holder or potential policy holder or advising on matters related to insurance. Authorization is to be sought from the Office of the Commissioner of Insurance or apply to become a member of a body of insurance brokers approved by the Insurance Authority (IA) in Hong Kong. A person, whether a sole proprietorship, partnership or limited company can apply to become an authorized insurance broker. The Chief Executive (CE) and Technical Representatives (TR) of the broker need to be registered also.

Hong Kong Insurance Brokerage Licence Key Features

  1. An insurance broker is required to nominate a CE. The CE shall be a fit and proper person that meets the minimum requirements of qualifications and experience. The CE shall be a person assuming responsibilities over the conduct of brokerage business.
  2. Technical representative refers to a person who provides advice to a policy holder or potential policy holder on insurance matters for an insurance broker, or negotiates or arranges contracts of insurance in or from Hong Kong on behalf of an insurance broker for a policy holder or potential policy holder.
  3. The insurance broker or the CE shall be a Hong Kong Permanent Resident or a Hong Kong Resident whose employment visa conditions, if any, do not restrict him from being engaged in insurance broking business.
  4. For an incorporated insurance broker, it shall maintain a minimum net assets value and minimum paid-up capital of HK$100,000 at all times.

Hong Kong Insurance Brokerage Licence Legal Requirement

Hong Kong  Insurance Brokerage Licence

Description

General

  • Local physical office required

No

Share capital or equivalent

  • Professional Indemnity Insurance

HK$3,000,000.

Officers

  • Insurance Manager

Yes

  • Principal Representative

Yes

Shareholders

  • Minimum number

None

  • Corporate shareholders allowed

None

  • Local  shareholders required

None

Service Providers Required

  • Company Secretary

None

Hong Kong Insurance Brokerage Licence Tax Treatment

Non-resident income is tax exempt in Hong Kong

Hong Kong Insurance Brokerage Licence Duration to Set Up

3 months

Hong Kong Insurance Brokerage Licence Distinctive Benefits

  • An Insurance broker may be sole proprietorship, partnership or limited company
  • Non-resident income is tax exempt in Hong Kong
  • The insurance broker is not restrict from being engaged in insurance broking business

Why US (Key Strengths)

  1. We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances.
  2. Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
  3. We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly.
  4. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
  5. We can provide you with fit and proper directors in case you need.
  6. We have a full in-house compliance support for all compliance requirements with the regulator and service providers