Complete fee breakdown for SFC VATP licensing
| Cost Category | Amount (HKD) | Amount (USD) |
|---|---|---|
| SFC Application Fee | 780,000 | ~100,000 |
| Annual License Fee | 295,000/year | ~38,000 |
| Minimum Paid-up Capital | 5,000,000 | ~640,000 |
| Minimum Liquid Capital | 3,000,000+ | ~385,000+ |
| Compliance Setup | 2,000,000 - 5,000,000 | ~250,000 - 640,000 |
| Legal & Advisory | 1,500,000 - 3,000,000 | ~190,000 - 385,000 |
| Technology Infrastructure | 2,000,000 - 5,000,000 | ~250,000 - 640,000 |
| Total First Year | 8,000,000 - 25,000,000+ | ~1M - 3.2M |
| New License Application | HKD 780,000 |
| Annual Renewal | HKD 295,000 |
| Responsible Officer Approval (each) | HKD 3,770 |
| Licensed Representative (each) | HKD 1,880 |
| Minimum Paid-up Share Capital | HKD 5,000,000 |
| Minimum Liquid Capital (base) | HKD 3,000,000 |
| Variable Liquid Capital | Based on client assets held |
| Insurance Coverage | Required (varies by risk) |
Note: Liquid capital requirement increases based on operational scale and client assets under custody.
| Legal Advisory (application) | HKD 800,000 - 2,000,000 |
| Compliance Framework Design | HKD 500,000 - 1,500,000 |
| AML/CFT System Setup | HKD 300,000 - 800,000 |
| Policy & Procedure Documentation | HKD 200,000 - 500,000 |
| External Assessment (HKSAE 3000) | HKD 300,000 - 600,000 |
| Trading Platform Development/License | HKD 1,000,000 - 3,000,000 |
| Cold/Hot Wallet Infrastructure | HKD 500,000 - 1,500,000 |
| Cybersecurity (ISO 27001) | HKD 300,000 - 800,000 |
| Market Surveillance System | HKD 200,000 - 500,000 |
| Penetration Testing & Audit | HKD 150,000 - 300,000 |
| Responsible Officers (2+ required) | HKD 2,400,000 - 4,800,000/year |
| Compliance Team (2-4 staff) | HKD 1,200,000 - 2,400,000/year |
| Office Space (Central HK) | HKD 600,000 - 1,500,000/year |
| Ongoing Legal & Advisory | HKD 300,000 - 600,000/year |
| Technology Maintenance | HKD 500,000 - 1,000,000/year |
| Scenario | First Year | Annual Ongoing |
|---|---|---|
| Minimum Viable (bare bones) | HKD 8,000,000 | HKD 3,000,000 |
| Standard Setup (recommended) | HKD 15,000,000 | HKD 5,000,000 |
| Enterprise Grade (full scale) | HKD 25,000,000+ | HKD 8,000,000+ |
| Jurisdiction | License Fee | Min Capital | Total First Year |
|---|---|---|---|
| 🇭🇰 Hong Kong | HKD 780,000 | HKD 5M | HKD 8-25M |
| 🇸🇬 Singapore | SGD 1,000-1,500 | SGD 250K-500K | SGD 500K-2M |
| 🇯🇵 Japan | ¥150,000 | ¥10M+ | ¥50M-150M |
| 🇦🇪 Dubai VARA | AED 100,000+ | AED 15M | AED 20-50M |
| 🇪🇺 EU MiCA | Varies | €50K-150K | €500K-2M |
Total first-year cost ranges from HKD 8-25 million (USD 1-3.2M). This includes:
The SFC charges HKD 780,000 for a new VATP license application. Annual renewal fee is HKD 295,000. These fees are non-refundable even if the application is rejected.
Some ways to optimize costs:
⚠️ Warning: Do not cut corners on capital requirements or compliance - SFC will reject applications that don't meet standards.
Most licensed exchanges take 18-36 months to break even, depending on:
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Last Updated: February 26, 2026
Sources: SFC Fee Schedule, industry interviews, public filings
Disclaimer: Costs are estimates based on market data. Actual costs vary by specific circumstances. Consult licensed professionals for accurate quotes.
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