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香港牌照Hong Kong licences
香港牌照清单Hong Kong list 香港稳定币发行人牌照（Specified Stablecoin Issuer）HKMA Specified Stablecoin Issuer Licence香港 SFC 虚拟资产交易平台营运者牌照（VATP）SFC Virtual Asset Trading Platform Operator Licence香港 SFC 第 1 类受规管活动牌照（证券交易）SFC Type 1 - Dealing in Securities香港 SFC 第 4 类受规管活动牌照（就证券提供意见）SFC Type 4 - Advising on Securities香港 SFC 第 9 类受规管活动牌照（资产管理）SFC Type 9 - Asset Management香港储值支付工具牌照（SVF）HKMA Stored Value Facility Licence香港金钱服务经营者牌照（MSO）Money Service Operator Licence香港信托或公司服务提供者牌照（TCSP）Trust or Company Service Provider Licence香港放债人牌照（Money Lender）Money Lenders Licence
阿联酋牌照UAE licences
阿联酋牌照清单UAE list 迪拜 VARA 虚拟资产服务提供商牌照（VASP）Dubai VARA Virtual Asset Service Provider Licence迪拜 VARA 虚拟资产发行人（含 FRVA / ARVA）VARA Virtual Asset Issuance LicenceDIFC DFSA 金融服务牌照DIFC DFSA Financial Services Licence阿布扎比 ADGM FSRA 金融服务牌照ADGM FSRA Financial Services Permission阿联酋 CMA 联邦证券与商品牌照UAE CMA Securities and Commodities Licence阿联酋央行零售支付服务牌照（RPSR）CBUAE Retail Payment Services Licence迪拜/阿联酋换汇店牌照（Money Exchange）CBUAE Money Exchange Business Licence阿联酋自贸区商业牌照（DMCC / IFZA / DAFZA 等）UAE Free Zone Commercial Licence
其他司法管辖区Other jurisdictions
其他司法管辖区清单Other list 新加坡 MAS 支付、资本市场与财务顾问牌照Singapore MAS Payment, Capital Markets and Financial Advisory Licences开曼群岛 VASP、基金与离岸架构Cayman Islands VASP, Funds and Offshore Structuring立陶宛 MiCAR CASP 与 EMI 牌照路径Lithuania MiCAR CASP and EMI Licensing Pathway南非 FSCA FSP / Crypto Asset Service ProviderSouth Africa FSCA FSP / Crypto Asset Service Provider
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Licence香港Hong Kong

香港 SFC 第 4 类受规管活动牌照（就证券提供意见）SFC Type 4 - Advising on Securities

SFC Type 4 – Advising on SecuritiesSFC Type 4 – Advising on Securities

Key Facts申请情报Application Intelligence

监管机构Regulator SFCSFC
法律依据Statutory Basis SFO（Cap. 571）附表 5；FRRSFO (Cap. 571) Schedule 5; FRR
典型时间表Typical Timeline 准备期 1 - 2 个月；SFC 审批约 15 周（含答询 4 - 6 个月）Preparation: 1-2 months. SFC review: around 15 weeks, commonly 4-6 months including questions.
资本/财务资源Capital / Financial Resources 不持有客户资产（一般情形）：无最低缴足股本要求，速动资金不低于 HK$100,000No client assets held: generally no minimum paid-up share capital; liquid capital not less than HKD 100,000.
政府收费Government Fees 按《证券及期货（费用）规则》，以 SFC 公布为准Fees are charged under the Securities and Futures (Fees) Rules and are subject to SFC publication.
适合申请人Best-fit Applicants 投资顾问公司、研究机构、财富管理顾问Investment advisory companies, research houses and wealth management advisers.
01

业务边界Perimeter

就证券买卖向客户提供投资意见Providing investment advice on securities transactions to clients.

02

主体与人员Entity & People

香港注册公司；至少两名负责人；合规主管及 MLRO；MIC 配置Hong Kong incorporated company; at least two Responsible Officers; compliance officer and MLRO; MIC configuration.

03

资本与系统Capital & Systems

不持有客户资产（一般情形）：无最低缴足股本要求，速动资金不低于 HK$100,000No client assets held: generally no minimum paid-up share capital; liquid capital not less than HKD 100,000.

04

申请材料Application Pack

牌照规划、RO 评估、合规手册、SFC 答询Licence planning, RO assessment, compliance manual preparation and SFC response support.

05

持续合规Ongoing Compliance

年度审计、月度申报、重大变动通知、资本维持Annual audit, monthly returns, material change notifications and capital maintenance.

Readiness申请准备清单Readiness Checklist

申请前应先确认Before Filing

  • 香港注册公司；至少两名负责人；合规主管及 MLRO；MIC 配置
  • Hong Kong incorporated company; at least two Responsible Officers; compliance officer and MLRO; MIC configuration.

监管重点Regulatory Focus

  • FRR 合规；利益冲突管理；研究报告独立性；持续专业培训
  • FRR compliance, conflicts management, independence of research reports and continuous professional training.

交付材料Delivery Workstream

  • 牌照规划、RO 评估、合规手册、SFC 答询
  • Licence planning, RO assessment, compliance manual preparation and SFC response support.
①

监管机构与法律依据Regulator & Statutory Basis

  • SFC；SFO（Cap. 571）附表 5；FRR
  • SFC; Schedule 5 to the SFO (Cap. 571); FRR.
SFC SFO（Cap. 571）附表 5；FRRSFO (Cap. 571) Schedule 5; FRR
②

适用业务范围Permitted Activities

  • 就证券买卖向客户提供投资意见
  • 发布证券研究报告
  • 投资顾问服务
  • Providing investment advice on securities transactions to clients.
  • Issuing securities research reports.
  • Investment advisory services.
③

申请人资格Applicant Eligibility

  • 香港注册公司；至少两名负责人；合规主管及 MLRO；MIC 配置
  • Hong Kong incorporated company; at least two Responsible Officers; compliance officer and MLRO; MIC configuration.
④

资本要求Capital Requirements

  • 不持有客户资产（一般情形）：无最低缴足股本要求，速动资金不低于 HK$100,000
  • 持有客户资产：缴足股本 HK$5,000,000，速动资金 HK$3,000,000
  • No client assets held: generally no minimum paid-up share capital; liquid capital not less than HKD 100,000.
  • Client assets held: paid-up share capital of HKD 5,000,000 and liquid capital of HKD 3,000,000.
⑤

关键合规要求Key Compliance Obligations

  • FRR 合规；利益冲突管理；研究报告独立性；持续专业培训
  • FRR compliance, conflicts management, independence of research reports and continuous professional training.
⑥

时间表Timeline

  • 准备期 1 - 2 个月；SFC 审批约 15 周（含答询 4 - 6 个月）
  • Preparation: 1-2 months. SFC review: around 15 weeks, commonly 4-6 months including questions.
⑦

政府收费Government Fees

  • 按《证券及期货（费用）规则》，以 SFC 公布为准
  • Fees are charged under the Securities and Futures (Fees) Rules and are subject to SFC publication.
⑧

持续合规义务Ongoing Obligations

  • 年度审计、月度申报、重大变动通知、资本维持
  • Annual audit, monthly returns, material change notifications and capital maintenance.
⑨

典型申请人画像Typical Applicant Profile

  • 投资顾问公司、研究机构、财富管理顾问
  • Investment advisory companies, research houses and wealth management advisers.
⑩

Spark Advisory 服务范围Our Engagement Scope

  • 牌照规划、RO 评估、合规手册、SFC 答询
  • Licence planning, RO assessment, compliance manual preparation and SFC response support.