Hong Kong Securities and Futures Commission (SFC) Type 5 Regulated Activities - RA5

Hong Kong Type 5 license (providing advice on futures contracts)
Complete Guide to Application and Acquisition

A professional, accurate, and comprehensive analysis of the license application process based on official SFC documents.
Covering application requirements, procedures, fees, and compliance requirements

HK$100,000

Minimum paid-up share capital (without holding client assets)

HK$100,000

Minimum available cash (excluding client assets)

≥ 2 people

Minimum number of responsible personnel (RO)

6–12 months

Market reference review period

● License Definition

What is a Class 5 license plate?

According to Schedule 5 of the Hong Kong Securities and Futures Ordinance (SFO), Type 5 regulated activity (RA5) refers to advising on futures contracts. Institutions or individuals holding this license are legally permitted to provide clients with professional advice, analytical reports, and investment recommendations regarding the buying and selling of futures contracts.

Legal definition (Schedule 5 of the Securities and Futures Ordinance)

Category 5 regulated activities refer to: providing advice on futures contracts, including advising others on the buying or selling of futures contracts or on the value of futures contracts, or issuing analyses or reports to assist others in making decisions on the buying or selling of futures contracts.

Source: Schedule 5 of the Securities and Futures Ordinance (Chapter 571)

Main business activities covered

Futures contract opinion

We provide professional analysis and opinions on the buying and selling of various futures contracts, including commodity futures, financial futures, stock index futures, and interest rate futures.

Research Report Released

We publish research reports covering futures market analysis, price forecasts, and trading strategies to assist clients in making investment decisions.

Portfolio Recommendations

Provide clients with professional advice on futures contract portfolio allocation and risk management.

Market Commentary

Provides professional commentary and analysis on futures market trends and the impact of macroeconomic factors on futures prices.

Business Boundary Description

License Type 5 only authorizes providing advice, not executing futures transactions. Clearly defining business boundaries is crucial for compliant operations.

✓ Provide advice on buying and selling futures contracts

✓ Publish futures market research reports and analyses

✓ Provide professional valuation of futures contracts

× Executing futures contracts on behalf of clients (requires a separate Type 2 license)

× Providing advice on securities (requires a separate Type 4 license)

× Managed futures portfolio (requires a separate Type 6 license)

Special Note Regarding Opinions on Cryptocurrency Futures

Advising on cryptocurrency futures contracts depends on whether the product falls under the definition of "futures contract" under the Securities and Futures Ordinance. Currently, the Hong Kong Stock Exchange (HKEX) does not offer directly listed Bitcoin or cryptocurrency futures contracts; HKEX's existing cryptocurrency-related products are futures ETFs (such as the CSOP Bitcoin Futures ETF, stock code 3066.HK), which are securities rather than futures contracts themselves. The regulatory framework for advising on cryptocurrency derivatives on over-the-counter or overseas platforms is still evolving; it is recommended to consult a professional compliance advisor before engaging in such business to confirm whether specific products fall under the regulated scope.

Relationship with relevant licenses and associated exemptions

Understanding the relationship between Type 5 licenses and other licenses for regulated activities can help in planning the optimal licensing strategy.

Class 2

Futures contract trading – Attached exemption

Institutions holding a Type 2 license may provide futures advice when engaging in futures contract trading without needing to apply for a separate Type 5 license. This is an important incidental exemption mechanism.

Class 4

Provide advice on securities

Similar in nature to Category 5, but targeting securities rather than futures contracts. Both can be held simultaneously, making it suitable for institutions providing comprehensive investment advice.

Class 1

Securities Trading

Institutions holding a Type 1 license may provide securities advice when engaging in securities transactions, similar to the relationship between Type 2 and Type 5 licenses.

● Adaptability Assessment

Does your business require a Type 5 license?

Understanding the license combination options under different business models, as well as typical business scenario matching, will help you determine whether you need to apply for a Class 5 license.

Business Model and License Combination

Single No. 5 license plate

Starter

Holding only a Type 5 license, focusing on providing advice services on futures contracts.

Suitable for: Independent consulting firms that focus on futures research and analysis report publication.
Business restrictions: Cannot execute futures trades on behalf of clients; if execution of trades is required, a separate Type 2 license must be applied for.
Minimum paid-up capital: HK$100,000 (excluding client assets)

Combination of No. 2 and No. 5

Growth

Simultaneously holding futures contracts (Type 2) and providing advice on futures contracts (Type 5).

Applicable Scenarios: Suitable for comprehensive futures service institutions that provide both futures trading execution and investment advice.
Business Restrictions: Note: Holding a Type 2 license allows you to provide futures advice, but holding a Type 5 license clearly enhances your professional image.
The higher of the two capital requirements shall apply.

Combination of No. 4 and No. 5

Growth

He/She holds both Type 4 and Type 5 advisory positions for securities and futures contracts.

Applicable scenarios: Suitable for comprehensive investment advisory firms that cover both the securities and futures markets.
Business restrictions: The qualification requirements for responsible personnel must be met for both types of licenses.
The higher of the two capital requirements shall apply.

Business Scenario Matching Case

Futures research institutions

Starter

We focus on publishing futures market research reports, price analysis, and trading strategy recommendations, providing subscription services to institutional clients.

License requirements:Class 5
Typical clients: institutional investors, hedge funds

Independent Futures Advisor

Starter

We provide clients with personalized futures investment advice, including allocation strategies and risk management solutions for commodity futures and financial futures.

License requirements:Class 5
Typical clients: high-net-worth individuals, family offices

Integrated futures service provider

Growth

We also provide futures trading execution and investment advice, offering clients a one-stop futures investment solution.

License requirements:Category 2 + Category 5
Typical clients: retail and institutional investors

All-round investment advisor

Growth

It covers the securities and futures markets, and provides comprehensive investment advice on stocks, bonds, and futures contracts.

License requirements:Category 4 + Category 5
Typical clients: Comprehensive investors

Cryptocurrency Futures Advisor

Enterprise

We provide professional advice and analysis on cryptocurrency futures products (such as Bitcoin futures) listed on recognized exchanges.

License requirements:Category 5 (Specific product range must be evaluated)
Typical clients: Institutional cryptocurrency investors

Large financial institutions

Enterprise

We offer a full range of licensed services covering securities, futures, and asset management to meet the diverse financial service needs of institutional clients.

License requirements:第1/2/4/5/9類組合
Typical clients: corporate clients, sovereign wealth funds

Analysis of common factors causing application failure

Understand the common reasons for rejection by the Securities and Futures Commission (SFC) when reviewing applications for Type 5 licenses, and avoid risks in advance.

Capital and financial aspects

  • Insufficient quick cash or unreasonable financial forecasts
  • The forecast for operating expenses in the first six months lacks basis.
  • Incomplete financial records or significant liabilities

Recommendation: Ensure sufficient working capital is available when applying for the application, and provide reasonable financial forecasts.

Personnel Qualifications

  • The person in charge lacks relevant experience (must have ≥3 years).
  • HKSI exam subjects do not meet Category 5 requirements (must pass Paper 1 and Paper 8).
  • The responsible personnel were unable to be stationed in Hong Kong or supervise operations at any time.

Recommendation: Arrange for the responsible personnel to take the HKSI exam in advance to ensure complete experience records.

Compliance architecture level

  • Inadequate AML/CFT policies or lack of specific operating procedures
  • Internal monitoring systems are lacking or merely a formality.
  • Failure to appoint a compliance officer or money laundering reporting officer (MLRO)

Recommendation: Establish a complete compliance framework before applying to ensure that policy documents are actionable.

Corporate governance level

  • Opaque shareholding structure or unclear actual controller
  • Background checks on major shareholders or directors failed.
  • The company's articles of association are inconsistent with the scope of business applied for.

Recommendation: Ensure a clear equity structure and that all key personnel have undergone appropriate candidate evaluations.

Materials and Processes

  • Incomplete application documents or contradictory information
  • Failed to respond to the CSRC's request for supplementary information in a timely manner
  • The business plan lacks specificity or does not match the actual business.

Recommendation: Carefully check all documents before submission and ensure consistency of information.

● Self-assessment checklist

Interactive application eligibility self-assessment checklist

Check the criteria you have met to instantly see how ready your application is. All criteria are based on the SFC Official License Handbook (2025 Edition).

Application preparation

It is recommended to complete the basic preparations first.

Capital and Finance

  • The Company's paid-up share capital has reached HK$100,000 (without holding client assets).
  • Quick funds have reached HK$100,000 (non-accounting for client assets)
  • Operating expense forecasts for the first six months have been prepared and are based on reasonable grounds.
  • The company has complete financial records and no material undisclosed liabilities.

Personnel Qualifications

  • At least two qualified candidates for Responsible Person (RO) have been identified.
  • The personnel in charge have passed HKSI Paper 1 (Securities and Futures Regulations).
  • The personnel in charge have passed HKSI Paper 8 (Futures Contracts).
  • The person in charge should have at least 3 years of relevant industry experience.
  • At least one person must be an executive director who can oversee the business at any time.

办公室

  • We have already established a physical office in Hong Kong (with a fixed address).
  • Office spaces must meet the basic requirements for conducting regulated activities.

Compliance Architecture

  • AML/CFT policies and procedures have been established.
  • A Compliance Officer has been appointed.
  • A Money Laundering Reporting Officer (MLRO) has been appointed.
  • Internal control systems and risk management policies have been established.
  • A customer complaint handling procedure has been established.

Corporate Governance

  • The company has a clear equity structure and a clearly defined actual controller.
  • All major shareholders and directors were assessed through fit and proper evaluation.

Do you need professional assistance to complete the preparation work?

AIYING's professional team can help you identify gaps and develop targeted preparation plans.

free consultation
● Application Requirements

Detailed Explanation of Application Requirements

Applying for a Type 5 license requires meeting the SFC's comprehensive requirements for corporations, covering multiple aspects such as corporate structure, financial resources, qualifications of responsible personnel, and compliance arrangements. The following data is from the SFC's Licensing Manual (2025 edition).

Financial resource requirements

Business type Minimum Paid-up Capital Minimum quick capital Common situations
Do not hold client assets
Type 5 licenses are applicable to most applicant organizations (purely providing advice, not executing transactions).		 HK$100,000 HK$100,000 common
Holding client assets
This applies in very rare cases, such as when simultaneously holding or controlling a client's margin account (Type 5 licenses themselves do not authorize the execution of transactions).		 HK$5,000,000 HK$3,000,000  

* Source: Securities and Futures (Financial Resources) Rules. If applying for multiple regulated activities simultaneously, the highest amount required for each category must be maintained. Note: The nature of business for a Type 5 license is to advise on futures contracts; it does not authorize the execution of trades or hold client assets. The vast majority of applicants fall under the "Does not hold client assets" category.

RO (Responsible Personnel) Qualification Requirements

Quantity requirements

For each type of regulated activity, at least two responsible persons (ROs) must be appointed, at least one of whom must be an executive director, and at least one of whom must be available to oversee the business at any time.

Academic requirements

Applicants must hold recognized academic qualifications (such as a university degree) or possess relevant industry experience to demonstrate their professional knowledge in futures trading.

Experience requirements

Must have at least 3 years of relevant industry experience and demonstrate the ability to supervise Category 5 regulated activities.

Hong Kong-based requirements

The responsible personnel must be able to monitor regulated activities at any time, and are usually required to be stationed in Hong Kong or be able to arrive in Hong Kong at any time; purely remote monitoring is not acceptable.

HKSI Professional Qualification Examination Requirements (Type 5 License)

Paper 1

Securities and Futures Regulations – Covering the basics of Hong Kong securities and futures regulations

Required
Paper 8

futures contract – Covers the basics of futures contracts and market operations

Required

* Applicants who can demonstrate sufficient relevant experience may apply for exemption from certain examination requirements. Please refer to the SFC's "Competency Guidance" for details.

Other key requirements

Director of Money Laundering Reports (MLRO)

  • A Money Laundering Reporting Officer (MLRO) must be appointed to oversee AML/CFT compliance.
  • MLROs must possess sufficient qualifications and experience to understand the relevant regulations.
  • The MLRO can be concurrently held by the compliance officer, but must have sufficient time to fulfill their responsibilities.
  • Suspicious transactions must be reported to the Joint Financial Intelligence Unit (JFIU).

Office requirements

  • Must have a physical office in Hong Kong as its principal business address.
  • The office must be a fixed address and be open to on-site inspections by the Securities and Futures Commission.
  • Appropriate facilities are required to support the conduct of regulated activities.
  • Complete business records must be kept and accessible in the office.

Quick Answers to Frequently Asked Qualification Questions

Can I apply for registration of a company overseas?

Yes. Non-Hong Kong companies registered in Hong Kong (i.e., branches of overseas companies registered in Hong Kong) can also apply for a Type 5 license, but they must meet all the same requirements applicable to local companies, including capital requirements, qualifications of responsible personnel, and compliance structure.

Are the personnel in charge required to be stationed in Hong Kong?

The responsible personnel must be able to monitor regulated activities at any time. The Securities and Futures Commission (SFC) requires at least one responsible personnel to be able to monitor the business at any time, which usually means being based in Hong Kong. Purely remote monitoring arrangements are generally not acceptable, but specific circumstances must be confirmed with the SFC.

Is remote working feasible?

Licensed corporations must have a physical office in Hong Kong. While employees may have a degree of flexibility in their work arrangements, the company must have a fixed business address in Hong Kong and be able to accept on-site inspections by the Securities and Futures Commission at that address.

● Path Comparison

New application vs. acquisition of licensed company

There are two main paths to obtaining a Type 5 license: applying for a new license from the SFC, or acquiring an existing licensed company (commonly known as "buying a shell company"). Each method has its advantages and disadvantages, and a comprehensive evaluation is necessary before making a choice.

important hint:Regardless of the chosen path, approval from the SFC is required, and all licensing conditions must be met. The acquisition route does not bypass the SFC's approval process; the SFC will conduct equally rigorous due diligence on the acquirer (Section 132 of the Securities and Futures Ordinance).

Contrast Dimensions New application Acquisition of licensed companies Advantage
License issuance time 6–12 months including preliminary preparation (1–3 months) + SFC approval (4–9 months) 3–6 months including due diligence (1–2 months) + SFC approval of changes (2–4 months) Takeover
Application Fee HK$4,740 (official application fee) plus annual license fee of HK$4,740 and professional service fee. The acquisition price (determined by market factors) plus due diligence and legal fees will be discussed with AIYING for reference. Application
Compliance history A completely new compliance record, free from past baggage, allowing for the design of a compliance framework tailored entirely to individual needs. A comprehensive due diligence process must be conducted to identify potential compliance risks and historical violations when inheriting the target company's records. Application
SFC Approval SFC conducts a comprehensive review of all application materials and procedures, and performs a full suitability assessment of applicants. Shareholding changes require SFC approval and cannot be bypassed; they also require vetting by appropriate candidates. Flat
Personnel Arrangement You must recruit qualified Research Officers (ROs) who meet the HKSI Exam Paper 1+8 requirements, and have at least two responsible personnel. Depending on the terms of the acquisition, existing licensed personnel may be retained, and qualified responsible personnel may also be retained. Takeover
Business continuity Building customer relationships from scratch takes time and time to accumulate a customer base and market reputation. It may inherit existing business, depending on the specific circumstances, and may acquire existing customers and business relationships. Takeover
Brand control Completely independent, the new brand can design its brand image entirely according to its own positioning. The existing brands need to be integrated, and their reputation issues need to be addressed. Application

Select suggestions

We recommend choosing a brand new application.

  • The company already has qualified responsible personnel (ROs).
  • They have high requirements for compliance history and prefer a clean slate.
  • Sufficient time (12 months or more)
  • Hoping to have complete control over the company's brand and culture
  • With a limited budget, we hope to reduce initial costs.

We recommend considering an acquisition strategy.

  • The market timing is urgent, and a license needs to be obtained quickly.
  • The target shell company has a good compliance record and no major violations.
  • The acquiring party has sufficient funds to complete the acquisition and integration.
  • We hope to acquire existing customer resources or business relationships at the same time.
  • Possesses a legal and compliance team capable of handling complex acquisition transactions.
● Application Process

Application Process Guide

This guide, which details the complete application process from preparation to approval, is compiled based on SFC's official procedures and practical experience to help you efficiently complete your Type 5 license application. The overall timeframe is approximately 6 to 12 months.

Preliminary preparation

1–3 months

  • Determine the company structure and equity structure
  • Registered Hong Kong Limited Company
  • Identify and assign Responsible Person (RO) candidates
  • Arrange for RO to take the HKSI exam (Paper 1 and Paper 8).
  • Appoint a Compliance Officer and Money Laundering Reporting Officer (MLRO)
  • Lease physical office space in Hong Kong

Document preparation

1–2 months

  • Write a business plan.
  • Develop AML/CFT policy and procedural documents
  • Establish internal control systems and risk management policies
  • Prepare financial forecasts (first 12 months)
  • Complete all application forms
  • Prepare all supporting documents

Submit application

SFC Approval: 4–9 months

  • Submitting an application through the WINGS system
  • Pay the application fee (HK$4,740)
  • In accordance with the CSRC's requirement to provide supplementary information
  • If necessary, arrange a meeting with the Securities and Futures Commission.

Licensing and Launch

Immediately after approval

  • Received license from the Securities and Futures Commission
  • Pay the annual license fee (HK$4,740)
  • Confirm license status in the SFC public register
  • Formal commencement of Category 5 regulated activities
  • Establish a continuous compliance monitoring mechanism
CAD file name Required Explain
Company Documents Corporate Licensing Application Form (TC/F1) Required Must be signed by an authorized person of the company
Company Documents Company Incorporation Certificate and Business Registration Certificate Required Valid identification is required.
Company Documents Articles of Association (M&A) Required It must reflect the regulated activities to be carried out.
Company Documents Equity structure diagram Required All direct and indirect shareholders must be shown.
Company Documents Business Plan Required A detailed description of the business model and risk management is required.
Company Documents Financial forecasts (first 12 months) Required Must include operating forecasts for the first 12 months
Personnel Documents Individual Application Form (TC/F2) Required One copy for each RO and executive director
Personnel Documents Education certificate Required University degree or equivalent qualification
Personnel Documents Proof of work experience Required Prove 3+ years of relevant experience
Personnel Documents HKSI Examination Certificate Required Paper 1 and Paper 8
Personnel Documents Criminal record certificate Required Hong Kong and principal place of residence
Compliance Documents AML/CFT Policy and Procedure Documents Required Must comply with AMLO requirements
Compliance Documents Internal control system documents Required Must cover major business risks
Compliance Documents Customer Agreement Template Optional If so, please submit it for reference.
Compliance Documents Complaint handling procedure Optional Recommendation to submit
* From January 1, 2022, all license applications must be submitted through the WINGS licensing service system. The above list is for reference only; specific requirements are subject to the latest guidelines from the Securities and Futures Commission.
● Fee Details

Application Fee Details

The following list only includes the statutory fees stipulated by the SFC. All figures are from the Securities and Futures (Licensing Fees) Regulations (Chapter 571AK). Professional service fees vary considerably depending on the case; please contact AIYING for a personalized quote.

SFC official fees

Expense items Amount of money 類型 Explain
Incorporation license application fee (Class 5) HK$4,740 One time Payment is due upon application and is non-refundable.
The person in charge will approve the application fee (per person). HK$2,120 One time Each responsible person must pay [amount] upon application.
Annual corporation license fee (Class 5) HK$4,740 Per year The first payment is made upon approval, followed by annual renewals.
Annual fee for responsible personnel (per person) HK$2,120 Per year Each responsible person pays a fee upon annual renewal.

note:The annual license fee must be paid before the anniversary date; late payment may result in license suspension. If holding multiple licenses, the fees for each category must be paid separately. Source: Securities and Futures (License Fees) Regulations (Chapter 571AK), subject to change based on the latest announcement from the Securities and Futures Commission.

Professional service fee description

Due to significant individual variations, this website does not provide estimated figures.

Legal counsel fees

Company registration, application document review, and legal advice vary considerably depending on the scope of services and the law firm.

Legal counsel fees

Company registration, application document review, and legal advice vary considerably depending on the scope of services and the law firm.

Annual audit fee

Licensed corporations are required to submit audited financial statements annually, with the requirements varying considerably depending on the company's size and the complexity of its business.

Continuing compliance costs

Employee CPD training, compliance system maintenance, annual filing, etc., depend on the company size and business volume.

Contact AIYING for a targeted quote
● Continuous compliance

Post-license compliance obligations

Obtaining a Type 5 license is not the end goal; licensed corporations must continuously fulfill several compliance obligations to maintain the validity of their licenses. The following are the main ongoing compliance requirements.

AML/CFT compliance

  • Maintain effective AML/CFT policies and procedures, and review and update them regularly.
  • Conduct customer due diligence (CDD) and ongoing monitoring of clients.
  • Identify and report suspicious transactions to the Joint Financial Intelligence Unit (JFIU).
  • Regularly conduct AML/CFT training for employees
  • Appoint a Money Laundering Reporting Officer (MLRO) and ensure their effective performance of duties.

Annual reporting obligation

  • Submit an annual return form before the anniversary date each year.
  • Submit audited financial statements
  • Confirmation of continued compliance with minimum capital requirements
  • Changes in the person in charge and licensed representative for reporting
  • Pay annual license fee and annual fee for responsible personnel

Personnel Continuous Compliance

  • Ensure that the responsible personnel continue to meet the requirements for suitable candidates.
  • Licensed representatives must complete Continuing Professional Development (CPD) training.
  • Promptly notify the CSRC of any changes in responsible personnel.
  • Newly appointed personnel must obtain prior approval from the China Securities Regulatory Commission.
  • Maintain employee roster and training records

Notice of Major Changes

  • Significant changes to the equity structure must be approved by the China Securities Regulatory Commission in advance.
  • Changes to the scope of business must be notified to the China Securities Regulatory Commission.
  • Changes to company name and address must be reported promptly.
  • Major lawsuits or regulatory investigations must be disclosed in a timely manner.
  • A significant deterioration in financial condition must be immediately notified to the Securities and Futures Commission.

Warning of consequences of violations

Severity Violations possible consequences
🔴 Engaging in regulated activities without a license Maximum imprisonment of 7 years and a fine of HK$500,000
🟠 Breach of Continuing Compliance Obligations The Securities and Futures Commission (SFC) may suspend or revoke licenses and may impose disciplinary sanctions.
🟠 Failure to maintain minimum capital requirements The entity must immediately cease all regulated activities and notify the Securities and Futures Commission.
🟠 Failure to report major changes in a timely manner This could result in the suspension or revocation of the license and disciplinary action.

* The above is for general reference only; actual penalties will vary depending on the specific circumstances. It is recommended to consult a professional compliance advisor to ensure continued compliance.

● Licensed companies

Licensed Company Showcase

The following is a list of some entities holding Type 5 licenses, sourced from the SFC's publicly available register of licensees. This information is for reference only and does not constitute investment advice or endorsement.

Phillip Futures Co., Ltd.

Phillip Futures Limited

We provide futures contract trading and advisory services, covering a wide range of futures products including commodity futures and financial futures.

Local licensed corporations

Category 2 and Category 5

CITIC Futures (Hong Kong) Limited

CITIC Futures (Hong Kong) Limited

CITIC Group's futures business platform provides futures trade execution and investment advice services.

Local licensed corporations

Category 2 and Category 5

Haitong International Futures Co., Ltd.

Haitong International Futures Limited

Provides futures contract trading and related investment advice, covering products such as stock index futures and commodity futures.

Local licensed corporations

Category 2 and Category 5

Guotai Junan Futures (Hong Kong) Limited

Guotai Junan Futures (Hong Kong) Limited

Provides futures contract trading and advisory services to institutional and individual investors.

Local licensed corporations

Category 2 and Category 5

Shenwan Hongyuan Futures (Hong Kong) Limited

Shenwan Hongyuan Futures (Hong Kong) Limited

Provides advice on futures contract trading and investment, covering futures products listed on the Hong Kong Stock Exchange.

Local licensed corporations

Category 2 and Category 5

China Merchants Futures (Hong Kong) Limited

China Merchants Futures (Hong Kong) Limited

China Merchants Securities' futures trading platform provides futures trading and advisory services.

Local licensed corporations

Category 2 and Category 5

UBS Asset Management (Hong Kong) Limited

UBS Asset Management (Hong Kong) Limited

A leading global asset management firm, providing diversified investment advice and management services, including those covering futures contracts.

Local licensed corporations

Class 4, Class 5, Class 9

JPMorgan Securities (Asia Pacific) Limited

JP Morgan Securities (Asia Pacific) Limited

Provides comprehensive securities and futures investment advice services to institutional investors.

Local licensed corporations

Class 1, Class 4, Class 5

Goldman Sachs (Asia) Limited

Goldman Sachs (Asia) LLC

A top global investment bank, providing comprehensive financial services and investment advice, including futures contracts.

Registering a non-Hong Kong company

Class 1, Class 2, Class 4, Class 5

Morgan Stanley Asia Limited

Morgan Stanley Asia Limited

Provides professional investment advice on futures contracts and securities, serving institutional and high-net-worth clients.

Local licensed corporations

Class 1, Class 4, Class 5

Citigroup Global Markets Asia Limited

Citigroup Global Markets Asia Limited

Provides advice on global market futures contracts and securities investment, covering multiple asset classes.

Local licensed corporations

Class 1, Class 2, Class 4, Class 5

OSL Asset Management Limited

OSL Asset Management Limited

Focusing on the digital assets sector, we provide asset management and advisory services covering cryptocurrency futures contracts.

Local licensed corporations

Class 4, Class 5, Class 9

HashKey Capital Limited

HashKey Capital Limited

Focusing on digital asset investment, providing investment advice and management services for cryptocurrencies and related derivatives.

Local licensed corporations

Class 4, Class 5, Class 9

Huobi Asset Management (Hong Kong) Limited

Huobi Asset Management (Hong Kong) Limited

Provide investment advice and asset management services related to digital assets.

Local licensed corporations

Class 4, Class 5, Class 9

China International Capital Corporation (Hong Kong) Limited

CICC Securities (Hong Kong) Limited

We provide research reports on futures contracts and the securities market, offering professional investment advice to institutional clients.

Local licensed corporations

Class 1, Class 4, Class 5

Guosen Securities (Hong Kong) Limited

Guosen Securities (Hong Kong) Limited

We provide futures and securities market analysis reports, covering products such as commodity futures and stock index futures.

Local licensed corporations

Class 1, Class 4, Class 5

GF Securities (Hong Kong) Brokerage Limited

GF Securities (Hong Kong) Brokerage Limited

Provide research reports on futures contracts and securities.
Investment advice services

Local licensed corporations

Class 1, Class 4, Class 5

Zhongtai International Securities Co., Ltd.

ZhongTai International Securities Limited

We provide research and analysis of the futures and securities markets and offer professional investment advice to our clients.

Local licensed corporations

Class 1, Class 4, Class 5

Information Explanation:The above company information is from the SFC's publicly available register of licensees, updated in February 2025. All entities shown are verifiable licensees listed in the SFC's publicly available register; specific license numbers are not displayed. This display is for reference only and does not constitute investment advice or endorsement of any entity. For the latest licensing status, please visit the SFC's publicly available register.

● Frequently Asked Questions

Frequently Asked Questions

The following is a summary of the most frequently asked questions during the application process for a Type 5 license, covering aspects such as basic concepts, eligibility, procedures, and acquisition paths.

basic concepts

Type 2 licenses (advising on the buying and selling of futures contracts) refer to brokerage services that execute futures contracts; Type 5 licenses (advising on futures contracts) refer to advisory services that provide investment advice on futures contracts without executing trades. Institutions holding Type 2 licenses that also provide advisory services typically need to hold a Type 5 license, or may be subject to an ancillary exemption from a Type 2 license (e.g., providing advice only as an ancillary to trade execution).

If your business involves providing investment advice to clients on futures contracts (including commodity futures, financial futures, stock index futures, cryptocurrency futures, etc.), and such advice is not attached to other regulated activities, you will generally need a Type 5 license. If you are only providing general market information (not personalized advice for specific clients), you may not need a license, but it is recommended that you consult a professional advisor to confirm.

Yes. Under the Securities and Futures Ordinance, the definition of futures contracts covers a variety of types of derivatives. The Securities and Futures Commission (SFC) has clearly stated that providing advice on cryptocurrency futures contracts falls under Type 5 regulated activity and requires a corresponding license. If your business involves investment advice on cryptocurrency futures, you must apply for a Type 5 license.

Eligibility and Requirements

Officers responsible for overseeing Category 5 regulated activities must pass Paper 1 (Securities and Futures Regulations) and Paper 8 (Futures Contracts) of the Hong Kong Securities and Investment Institute (HKSI). Applicants may apply to the Securities and Futures Commission (SFC) for exemption from certain examination requirements if they can demonstrate sufficient relevant industry experience. Please refer to the SFC's "Guidelines on Competency" for details.

If a licensed corporation does not hold client assets, the minimum paid-up capital and minimum quick capital are both HK$100,000. If a licensed corporation holds client assets, the minimum paid-up capital increases to HK$5,000,000, and the minimum quick capital is HK$3,000,000. Most organizations that only provide advisory services fall into the former category.

Overseas companies must first register as non-Hong Kong companies in Hong Kong (i.e., register a branch with the Companies Registry) before they can apply for a Type 5 license. Registered non-Hong Kong companies have the same eligibility as local companies and must meet all the same application requirements, including capital requirements, responsible personnel qualifications, and compliance structure.

application process

從開始準備到獲得執照，通常需要6至12個月。其中前期準備（公司架構、人員安排、考試）約1-3個月，文件準備約1-2個月，證監會審核通常需要4-9個月。審批時間受申請資料品質、證監會工作量及是否需要補充資料等因素影響。以上時間僅為市場參考，實際時間可能有所不同。

Yes. If an application is rejected, the applicant can resubmit it after resolving the relevant issues. The Securities and Futures Commission (SFC) usually gives applicants an opportunity to present their arguments before rejecting an application. It is recommended that before resubmitting, you carefully understand the reasons for the rejection and make targeted improvements to the relevant arrangements, or seek assistance from professional advisors.

WINGS (Web-based Integrated Notification and Guidance System) is the SFC's online licensing service system. Applicants must first register an account in the WINGS system, then complete the application form and upload supporting documents according to the system instructions. From January 1, 2022, all applications, notifications and annual returns must be submitted through the WINGS system.

Acquisition Path

Yes. Any acquisition that results in a change of the majority shareholder (holding 30% or more of the shares) of a licensed corporation requires prior approval from the Securities and Futures Commission (Section 132 of the Securities and Futures Ordinance). The acquiring party must submit an application to the SFC demonstrating its suitability as a suitable candidate; this approval process typically takes several months. It is recommended to consult a professional advisor to assess compliance risks before signing any acquisition agreement.

Following the acquisition, the license of the licensed corporation will remain valid once the change is approved by the Securities and Futures Commission (SFC). However, if the original responsible personnel leave the company after the acquisition, a new responsible personnel must be appointed promptly and approved by the SFC. If no suitable responsible personnel are appointed, the license may be suspended until a suitable arrangement is made.

Continuous Compliance

主要包括：（1）維持最低資本要求；（2）每年提交週年申報表；（3）重大變更須及時通知證監會；（4）確保負責人員持續符合資格；（5）員工完成持續專業發展（CPD）培訓；（6）維持有效的AML/CFT合規程序；（7）每年提交經審計的財務報表。

可以。持牌法團可同時持有多類受規管活動的牌照。常見的組合包括第4類（就證券提供意見）與第5類（就期貨合約提供意見）同時持有，或第1類（證券交易）、第2類（期貨合約交易）與第4類、第5類的組合。同時持有多類牌照時，須滿足各類別中最高的資本要求。

About Aiying

Aiying (License.aiying.cc) specializes in global traditional finance and Web3-related license application and acquisition consulting services. With teams primarily located in Hong Kong, the UAE, and Europe, and strong relationships with local regulators, Aiying has successfully secured applications and smooth operations for leading and mid-tier crypto and traditional institutions. Team members are qualified in Hong Kong, Europe (Ireland), the UK, the UAE, and other jurisdictions, with a global network ensuring XNUMX/XNUMX professional support. Headquartered in Asia, the team brings together experts in operations, marketing, law, regulatory compliance, and accounting, adhering to clients' business objectives to provide comprehensive and in-depth strategies and solutions.

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Based on SFC official guidelines and Aiying's practical experience, we provide the most authoritative application guidance.

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Aiying's "pre-screening mechanism"

To maximize your success rate, Aiying conducts an internal mock review of your application materials before formal submission. Our expert team acts as a regulator, scrutinizing each document from the most rigorous perspective to identify logical loopholes, data inconsistencies, and compliance gaps in advance.

Through this mechanism, we can ensure that the materials submitted to the regulatory authorities are highly professional, complete and impeccable, thereby minimizing the number of regulatory inquiries and significantly shortening the approval time.And reduced the license rejection rate by 67%.