Property Management Company Licence Hong Kong
All property management companies (PMCs) in Hong Kong that manage properties with a deed of mutual covenant (DMC) and provide more than one category of prescribed property management services (PMS) must be licensed by the Property Management Services Authority (PMSA) .
Here's a summary of the requirements:
Only licensed PMCs can operate: Any PMC providing properties in Hong Kong subject to a deed of mutual covenant with more than one category of prescribed PMS must hold a valid PM licence. A company cannot act as a PMC if it does not possess a valid license. Contravention is liable on conviction to a maximum fine of HK$500,000 and imprisonment for two years.
Application process: The PMC must apply to the PMSA for a license. The PMSA will only issue a license if the PMC complies with the following:
Is a suitable person to hold the licence
Meets all the prescribed criteria for holding a PMC licence
Has paid the prescribed fee for the issue of a PMC licence
More Information about the Application Process
The Property Management Services Authority (PMSA) outlines the application process for a Property Management Company (PMC) license on their website. Here's a breakdown of the key steps:
1. Eligibility and Documents:
Ensure your PMC meets the criteria and has all the required documents. This includes:
Business registration documents under the Companies Ordinance (Cap. 622).
Proof that at least one director (for companies), partner (for partnerships), or sole proprietor holds a valid PMP (Tier 1) Licence. (PMP - Property Management Practitioner)
Financial statements demonstrating financial stability.
A detailed business plan outlining your property management services.
Completed application form.
2. Application Submission:
Download the application form for a PMC license from the PMSA website.
Fill out the form completely and accurately, attaching all necessary documents.
Submit the application package to the PMSA. Currently, walk-in submissions are not accepted. You'll need to schedule an appointment for original document inspection after receiving an initial approval notice.
3. Processing and Approval:
The PMSA will review your application and documents.
They may contact you or relevant parties to verify information.
If everything is in order and the fees are paid, the PMSA will issue a notification of approval.
Schedule an appointment for final document inspection at the PMSA office.
4. License Issuance:
Once the PMSA verifies your original documents, they will issue your PMC license.
Remember, meeting the eligibility criteria and submitting a complete application package are crucial for a smooth and successful licensing process.
Other Requirements
In addition to the eligibility documents and application process, there are other requirements for obtaining a Property Management Company (PMC) license in Hong Kong:
Suitable Person: The PMSA will assess whether the PMC is a "suitable person" to hold a license. This involves factors like the company's reputation, financial stability, and any history of disciplinary action against directors or the company itself.
Prescribed Criteria: The PMC must meet all the criteria set out by the PMSA for holding a PMC license. These criteria likely include details regarding:
Company Structure: This could involve having a registered office in Hong Kong and adhering to good corporate governance practices.
Staff Qualifications: The company might need to employ a minimum number of staff with relevant qualifications in property management. As mentioned earlier, at least one director (for companies) or a partner (for partnerships) must hold a valid PMP (Tier 1) License.
Insurance Coverage: The PMC may be required to hold adequate insurance to cover potential liabilities arising from their property management services.
Financial Statements: The PMC application likely requires submitting recent financial statements demonstrating the company's financial stability. This assures the PMSA the company has the resources to deliver property management services effectively.
Business Plan: A detailed business plan outlining the PMC's services, target market, and operational strategies might be required. This helps the PMSA assess the company's understanding of the industry and its commitment to providing quality services.
The licensing regime aims to improve the professionalism and quality of property management services in Hong Kong. By requiring PMCs to be licensed, the PMSA hopes to ensure that they are competent, experienced, and financially sound.
Fees
There are two main fees associated with obtaining a Property Management Company (PMC) license in Hong Kong:
Application Fee: This fee is the same for both new applications and license renewals. The current fee is HK$500.
License Fee: This fee is paid for the issuance of the PMC license and is valid for 36 months (3 years). The current license fee is HK$18,000.
You can find this information on the official website of the Property Management Services Authority (PMSA) under the "Fee" section.
Resources:
You can find more information about the application process, fees, and other requirements on the PMSA website.
The PMSA website offers a detailed guide on the "Application Process Procedures" which you can find here for a more comprehensive understanding.
How Bestar can Help
Property Management Company Licence Hong Kong
Here are some areas where Bestar can assist with a Hong Kong property management company (PMC) license application:
1. Document Preparation and Review:
Bestar might assist with compiling and organizing required documents like business registration documents, financial statements, and the business plan.
We might also review your application package to ensure completeness and accuracy before submission to the PMSA.
2. Eligibility Assessment:
Bestar could help assess your company's eligibility for a PMC license based on the criteria outlined by the PMSA. This might involve reviewing your company structure, staff qualifications, and financial standing.
3. Liaison with PMSA:
Bestar may act as a liaison between your company and the PMSA, facilitating communication and addressing any questions or concerns that arise during the application process.
Finding Out More About Bestar:
Search Bestar's website or contact us to learn more about the services we offer related to property management company licensing in Hong Kong.
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