On 12 June 2024, the resolution (“Resolution”) was passed by the Legislative Council under section 135(2) of the Banking Ordinance (Cap. 155) (“BO”) to amend the second schedule to the BO, to increase the fees payable (collectively “Fees”) under sections 19(1) to (2), 20(5), 45(1) to (3), 48 (1) to (4), 51(1) to (2) and 118F(1) to (2) of the BO set out in the table below, and the Government gazetted the Resolution on the same day.
| Item number as set out in the second schedule to BO | Description of fee | Relevant section in the BO | Original fee (HKD) | Amended fee (HKD), effective from 12 June 2024 |
| 1 | Banking licence fee | 19(1) | 474,340 | 610,000 |
| 1A | Renewal of banking licence fee | 19(2) | 474,340 | 610,000 |
| 2 | Registration fee for deposit taking company | 19(1) | 113,020 | 145,000 |
| 3 | Renewal of registration fee for deposit taking company | 19(2) | 113,020 | 145,000 |
| 4 | Restricted banking licence fee | 19(1) | 384,270 | 490,000 |
| 5 | Renewal of restricted banking licence fee | 19(2) | 384,270 | 490,000 |
| 6 | Inspection fee | 20(5) | 10 | 12 |
| 7 | Fee for a copy or extract, per page | 20(5) | 5 | 6 |
| 8 | Fee for the establishment of a local branch of a bank, other than a restricted licence bank | 45(1) | 22,400 | 29,000 |
| 9 | Annual fee for maintaining a local branch of a bank, other than a restricted licence bank | 45(1), (2) and (3) | 22,400 | 29,000 |
| 10 | Fee for the establishment of a local branch of a restricted licence bank or deposit-taking company | 45(1) | 19,110 | 20,000 |
| 11 | Annual fee for maintaining a local branch of a restricted licence bank or deposit-taking company | 45(1), (2) and (3) | 19,110 | 20,000 |
| 12 | Fee for the establishment of a local representative office | 48(1) | 22,400 | 29,000 |
| 13 | Annual fee for maintaining a local representative office | 48(1), (2), (3) and (4) | 22,400 | 29,000 |
| 14 | Fee for the establishment of an overseas branch of a bank, other than a restricted licence bank | 51(1) | 44,800 | 58,000 |
| 15 | Annual fee for maintaining an overseas branch of a bank, other than a restricted licence bank | 51(1) and (2) | 44,800 | 58,000 |
| 16 | Fee for the establishment of an overseas branch of a restricted licence bank or deposit-taking company | 51(1) | 38,400 | 40,000 |
| 17 | Annual fee for maintaining an overseas branch of a restricted licence bank or deposit-taking company | 51(1) and (2) | 38,400 | 40,000 |
| 18 | Fee for the establishment of an overseas representative office of a bank, other than a restricted licence bank | 51(1) | 11,200 | 14,500 |
| 19 | Annual fee for maintaining an overseas representative office of a bank, other than a restricted licence bank | 51(1) and (2) | 11,200 | 14,500 |
| 20 | Fee for the establishment of an overseas representative office of a restricted licence bank or deposit-taking company | 51(1) | 19,110 | 20,000 |
| 21 | Annual fee for maintaining an overseas representative office of a restricted licence bank or deposit-taking company | 51(1) and (2) | 19,110 | 20,000 |
| 22 | Approved money broker fee | 118F(1) | 44,800 | 58,000 |
| 23 | Renewal of approved money broker fee | 118F(2) | 44,800 | 58,000 |
Pursuant to the BO, authorized institutions, local representative offices and approved money brokers are obliged to pay to the Director of Accounting Services licence fees, registration fees, and establishment fees for local and overseas branches or overseas representative offices, and relevant renewal fees on every anniversary thereafter.
In response to the 2024-25 Budget announced by the Government, the HKMA proposed to raise the Fees after considering factors such as the “user pays” and cost-recovery principles, general price inflation and corresponding fee levels in other jurisdictions.
Please click here for copies of the relevant Legislative Council Brief and government gazette notice.
