# 香港金融牌照周期与成功率：数据说明

_仁港永胜（香港）有限公司拟定 · 唐上永（唐生）业务经理讲解 · 2026年10月22日核查_

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## 如何阅读这张图

图表比较的是主管机关公开的部分处理目标或通常处理参考，不是企业从筹备到获批的全项目周期。牌照、登记、基金结构与交易所会籍分开标注，不按数字大小排列申请难度。

本次12项均未找到可直接比较的同一申请批次获批数及明确结案分母，故成功率统一显示“未公开可比数据”，不是0%，也不以服务承诺达标率、持牌存量或仍在审案件计算百分比。

![香港金融牌照周期与成功率可比性对照图](香港金融牌照周期与成功率对比.png)

## 数据表及口径

| 项目 | 性质 | 官方处理参考 | 起算及关键限制 | 成功率 |
|---|---|---|---|---|
| SFC持牌法团 [^1] | 牌照 | 官方目标15周；第11/12类未运行发牌 | 申请人全面提交全部所需文件后；不含公司设立、资本准备等前期工作。 | 未公开可比数据 |
| MSO汇款/找换 [^2] | 牌照 | 未见完整材料后统一量化周期 | 材料收集、营业处所查核、适当人选审查和能力评核影响进度；未见统一量化目标。 | 未公开可比数据 |
| TCSP服务提供者 [^3] | 牌照 | 官方目标2.5个月；补件/调查不适用 | 只涵盖注册处处理新牌照申请；需要修改、补件或进一步调查的申请不适用。 | 未公开可比数据 |
| IA保险经纪公司 [^4] | 牌照 | 官方目标12周；完整资料后 | 所需资料齐备后；不包括筹备、账户开设、不完整或退回申请。 | 未公开可比数据 |
| DPMS A/B类 [^5] | 登记 | A类通常12工作日；B类通常33工作日 | 海关收齐必要文件及资料后；A/B是两类别，不是单宗12–33日区间。 | 未公开可比数据 |
| SVF储值支付 [^6] | 牌照 | 未见统一量化周期 | HKMA书面确认按formal处理后才开始；补件或暂停会影响处理进度。 | 未公开可比数据 |
| 稳定币发行人 [^7] | 牌照 | 未见统一量化周期 | 妥善提交申请表及支持资料后处理；首批队列实际经过时间不是统一目标。 | 未公开可比数据 |
| VATP交易平台 [^8] | 牌照 | 无专属统一周期；法团一般15周仅作参照 | 15周仅为SFC法团一般服务承诺，不能代表VATP双重许可全流程专属时限。 | 未公开可比数据 |
| OFC基金公司 [^9] | 基金结构 | 私募SFC注册目标2工作日；不含后续发证 | 2工作日仅为SFC私募注册目标；不含后续公司成立发证。公募另按注册及认可处理。 | 未公开可比数据 |
| LPF有限合伙基金 [^10] | 基金结构 | 官方目标4工作日；无需修改/补件时适用 | 无需修订或补充资料的申请；律师筹备、签署及修订时间不包括在内。 | 未公开可比数据 |
| MLO放债人 [^11] | 牌照 | 完整材料后未见；递交日起通常3–4个月* | 官方3–4个月以交付申请日计，没有限定已齐备或获接纳材料，故主图不计入。 | 未公开可比数据 |
| 黄金交易所会籍 [^12] | 会籍 | 未见统一量化周期 | 交易所会籍/股份转让及成员人员登记，不是一般金融牌照。 | 未公开可比数据 |

## 重要补充

TCSP的2.5个月来自2026–27服务承诺，90%指服务标准目标覆盖，不是申请获批率。需要修改、补件或进一步调查的申请不适用该时限。[^3]

SFC持牌法团的15周和IA保险经纪的12周按官方原单位展示，不把月份或工作日换算为自然日。SFC第11、12类尚未投入发牌运作；第13类已实施。VATP只有法团一般服务承诺可作参照，并无专属全流程统一处理周期。[^1][^4][^8]

DPMS A类12工作日与B类33工作日是两个类别的通常处理期，不是单宗申请的12–33日区间。[^5]

OFC私募注册的2工作日是SFC年度服务目标，并不包括公司注册处后续成立发证。现行FAQ另称私募申请获接办后一般少于1个月；公募注册及认可通常1–3个月，时钟与范围不同，不在主图混比。[^9]

MLO官方2023年12月申请小册子称从交付申请日起通常3–4个月，没有限定已齐备或获接纳材料，因此只作补充参考，不纳入完整材料后时长主图。[^11]

稳定币首批36家实体提出申请、其中两家获牌，但其余仍在沟通。36不等于已结案分母，不应把2/36解释成成功率。[^7]

所有周期均须连同资料完整性、补件、适当人选审查及制度范围阅读；不构成个案法律意见、法定审批时限或获证承诺。

## 逐项官方来源

[^1]: 香港SFC持牌法团（第1至13类；共同法团新申请流程）；核查日期 2026-10-22。[Application procedures — Securities and Futures Commission](https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Application-procedures)；[Performance pledges — Securities and Futures Commission](https://www.sfc.hk/en/About-the-SFC/Corporate-governance/Performance-pledges)；[Do you need a licence or registration? — Securities and Futures Commission](https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Do-you-need-a-licence-or-registration)；[New public fund depositaries regime comes live on 2 October 2024 — Securities and Futures Commission](https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=24PR156)；[Statistics — Securities and Futures Commission](https://www.sfc.hk/en/Published-resources/Statistics)；[Enhancing institutional resilience and operational efficiency, SFC Annual Report 2025-26](https://www.sfc.hk/-/media/EN/files/COM/Annual-Report/2025-26/11_Enhancing-institutional-resilience-and-operational-efficiency_EN.pdf)。
[^2]: 香港金钱服务经营者（MSO）牌照；核查日期 2026-10-22。[Money Service Operators Licensing Guide（May 2026）](https://eservices.customs.gov.hk/MSOS/download/guideline/Licensing_Guide_en.pdf)；[Money Service Operators Licensing Guide（May 2026），第5.4至5.6節](https://eservices.customs.gov.hk/MSOS/download/guideline/Licensing_Guide_en.pdf)；[Money Service Operators Licensing Guide（May 2026），第5.4節](https://eservices.customs.gov.hk/MSOS/download/guideline/Licensing_Guide_en.pdf)；[Supervision of Money Service Operators](https://www.customs.gov.hk/en/service-enforcement-information/anti-money-laundering/msos/index.html)；[Money Service Operators Licensing System](https://eservices.customs.gov.hk/MSOS/)；[Statistics](https://www.customs.gov.hk/en/publications-useful-information/statistics/index.html)；[List of Licensed Money Service Operators](https://data.gov.hk/en-data/dataset/hk-customs-ced_stat-msos)；[Fee revisions under the Money Service Operators licensing regime](https://www.customs.gov.hk/en/customs-announcement/press-release/index_id_5151.html)。
[^3]: 香港信托或公司服务提供者（TCSP）牌照 / Hong Kong Trust or Company Service Provider Licence；核查日期 2026-10-22。[2026 Performance Pledge（Companies Registry）](https://www.cr.gov.hk/en/about/docs/Performance_Pledge_2026_e.pdf)；[Guideline on Licensing of Trust or Company Service Providers（Companies Registry）](https://www.tcsp.cr.gov.hk/tcspls/portal/guide/59/eng)；[Companies Registry Annual Report 2024-25 — Business Review, Licensing of Trust or Company Service Providers](https://www.cr.gov.hk/docs/ar/2025/05_2025_e.pdf)；[TCSP Registry（Companies Registry官方TCSP网站）](https://www.tcsp.cr.gov.hk/)。
[^4]: 香港保险经纪公司牌照（新申请）；核查日期 2026-10-22。[IA Licence Application（牌照申请及处理时限）](https://www.ia.org.hk/english/supervision/reg_ins_intermediaries/licence_application.html)；[Insurance Intermediary Licence Statistics（保险中介牌照统计）](https://www.ia.org.hk/en/supervision/reg_ins_intermediaries/statistics.html)；[Register of Licensed Insurance Intermediaries（持牌保险中介人登记册）](https://iir.ia.org.hk/)。
[^5]: 香港贵金属及宝石交易商A/B类注册（DPMS）；核查日期 2026-10-22。[Registration Guide（DPMS注册指南，官方现行指南）](https://www.drs.customs.gov.hk/download/drsguideline/Registration_Guide.pdf)；[Supervision of Dealers in Precious Metals and Stones（香港海关DPMS监管制度页面）](https://www.customs.gov.hk/en/service-enforcement-information/anti-money-laundering/supervision-of-dealers-in-precious-metals-and-ston/index.html)；[Registration of DPMS（DPMS注册类别说明，官方注册系统）](https://www.drs.customs.gov.hk/information/3_registrationDPMS)；[Statistics（香港海关官方统计页）](https://www.customs.gov.hk/en/publications-useful-information/statistics/index.html)；[Departmental Reviews（香港海关部门回顾索引）](https://www.customs.gov.hk/en/publications-useful-information/publications/departmental-reviews/index.html)。
[^6]: 香港储值支付工具（SVF）牌照；核查日期 2026-10-22。[Stored Value Facilities and Retail Payment Systems - HKMA](https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/stored-value-facilities-and-retail-payment-systems/)；[Regulatory Regime for Stored Value Facilities - HKMA](https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/stored-value-facilities-and-retail-payment-systems/regulatory-regime-for-stored-value-facilities/)；[Explanatory Note on Licensing for Stored Value Facilities - HKMA](https://www.hkma.gov.hk/media/eng/doc/key-functions/financial-infrastructure/infrastructure/retail-payment-initiatives/Explanatory_note_on_licensing_for_SVF.pdf)；[Statistics of Stored Value Facilities (SVF) Schemes Issued by SVF Licensees, Q2 2026 - HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2026/09/20260918-4/)；[Annex: Statistics of SVF Schemes Issued by SVF Licensees for Second Quarter 2026 - HKMA](https://www.hkma.gov.hk/media/eng/doc/key-information/press-release/2026/20260918e4a1.pdf)；[HKMA Press Releases: Stored Value Facilities and Retail Payment Systems](https://www.hkma.gov.hk/eng/news-and-media/press-releases/stored-value-facilities-and-retail-payment-systems/)；[Register of SVF Licensees - HKMA](https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-svf-licensees/)。
[^7]: 香港法币参考稳定币发行人牌照；核查日期 2026-10-22。[Regulatory Regime for Stablecoin Issuers](https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/stablecoin-issuers/)；[Explanatory Note on Licensing of Stablecoin Issuers](https://www.hkma.gov.hk/media/eng/doc/key-functions/ifc/stablecoin-issuers/Explanatory_Notes_on_Licensing_of_Stablecoin_Issuers_eng.pdf)；[Explanatory Note on Licensing of Stablecoin Issuers](https://www.hkma.gov.hk/media/eng/doc/key-functions/ifc/stablecoin-issuers/Explanatory_Notes_on_Licensing_of_Stablecoin_Issuers_eng.pdf)；[Robust development of the regulated stablecoin ecosystem in Hong Kong](https://www.hkma.gov.hk/eng/news-and-media/insight/2026/04/20260410/)；[Register of Licensed Stablecoin Issuers](https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/)；[Annual Report 2025](https://www.hkma.gov.hk/media/eng/publication-and-research/annual-report/2025/AR_2025E.pdf)；[HKMA Data and Statistics](https://www.hkma.gov.hk/eng/data-publications-and-research/data-and-statistics/)；[Annual Report 2025](https://www.hkma.gov.hk/eng/data-publications-and-research/publications/annual-report/2025/)。
[^8]: 香港虚拟资产交易平台（VATP）营运者牌照；核查日期 2026-10-22。[Virtual asset trading platform operators](https://www.sfc.hk/en/Rules-and-standards/Virtual-assets/Virtual-asset-trading-platforms-operators)；[Licensing Handbook for Virtual Asset Trading Platform Operators (July 2025)](https://www.sfc.hk/-/media/EN/assets/components/Guidelines/File-current/Licensing-Handbook-for-VATPs_July-2025.pdf)；[Performance pledges](https://www.sfc.hk/en/About-the-SFC/Corporate-governance/Performance-pledges)；[Licensing Handbook (2025)](https://www.sfc.hk/-/media/EN/assets/components/codes/files-current/web/licensing-handbook/LIC-Handbook-2025-Eng.pdf)；[SFC Annual Report 2025-26, Year in Review](https://www.sfc.hk/-/media/EN/files/COM/Annual-Report/2025-26/06_Year-in-Review_EN.pdf)；[Statistics](https://www.sfc.hk/en/Published-resources/Statistics)；[Lists of virtual asset trading platforms](https://www.sfc.hk/en/Welcome-to-the-Fintech-Contact-Point/Virtual-assets/Virtual-asset-trading-platforms-operators/Lists-of-virtual-asset-trading-platforms)。
[^9]: 香港开放式基金型公司（OFC）；核查日期 2026-10-22。[Open-ended fund companies — SFC OFC overview and application process](https://www.sfc.hk/en/Regulatory-functions/Products/Open-ended-fund-companies)；[Frequently Asked Questions relating to Open-ended Fund Companies, updated 23 July 2026 — SFC](https://www.sfc.hk/-/media/files/PCIP/FAQ-PDFS/20260723-OFC-FAQ.pdf)；[SFC Annual Report 2025-26, Year in Review and Operational Data](https://www.sfc.hk/-/media/EN/files/COM/Annual-Report/2025-26/06_Year-in-Review_EN.pdf)；[SFC Annual Report 2025-26, Operational Data — performance pledge qualifications](https://www.sfc.hk/-/media/EN/files/COM/Annual-Report/2025-26/06_Year-in-Review_EN.pdf)；[Statistics — Securities and Futures Commission of Hong Kong](https://www.sfc.hk/en/Published-resources/Statistics)；[Frequently Asked Questions on Open-ended Fund Companies — Companies Registry](https://www.cr.gov.hk/en/legislation/ofc/faq.htm)。
[^10]: 香港有限合伙基金（LPF）注册；核查日期 2026-10-22。[Limited Partnership Funds - Overview](https://www.cr.gov.hk/en/legislation/lpf.htm)；[Performance Pledges](https://www.cr.gov.hk/en/about/corp-info/performance.htm)；[FAQ - Limited Partnership Funds](https://www.cr.gov.hk/en/legislation/lpf/faq_new.htm)；[Statistics - Number of Limited Partnership Funds Registered](https://www.cr.gov.hk/en/legislation/lpf/statistics/Number.htm)；[Number of Limited Partnership Funds that have Remained Registered on the LPF Register](https://www.cr.gov.hk/en/legislation/lpf/statistics/Remained.htm)。
[^11]: 香港放债人牌照（Money Lender’s Licence，MLO）；核查日期 2026-10-22。[Governing Authorities — Money Lenders Licensing](https://www.cr.gov.hk/en/services/money-lenders/governing.htm)；[Application for a Money Lender’s Licence and its Renewal](https://www.cr.gov.hk/en/services/money-lenders/application/licence-renewal.htm)；[How to Apply for a Money Lenders Licence, PAM 17A_E, December 2023](https://www.cr.gov.hk/en/publications/docs/17-e.pdf)；[Licensing Conditions of Money Lenders Licence](https://www.cr.gov.hk/en/services/money-lenders/application/licensing-conditions.htm)；[Number of Licensed Money Lenders](https://www.cr.gov.hk/en/services/money-lenders/statistics/Number.htm)；[Companies Registry releases statistics for 2024-25 — Annual Report](https://www.cr.gov.hk/docs/ar/2025/full_report_2025_c.pdf)；[Companies Registry releases statistics for first half of 2026](https://www.cr.gov.hk/en/publications/news-press/press/20260717.htm)；[Search on Licensed Money Lenders](https://www.cr.gov.hk/en/services/money-lenders/search/licensee-search.htm)。
[^12]: 香港黄金交易所会籍及交易资格（会籍转让与成员从业人员登记）；核查日期 2026-10-22。[HKGX — Membership Application / Notification Service of Purchase or Sale of memberships](https://hkgx.com.hk/en/member/membership)；[HKGX — Registration System](https://hkgx.com.hk/en/registration/registrationsystem)；[HKGX — About Hong Kong Gold Exchange](https://hkgx.com.hk/en/about/whatis)；[HKGX — Milestones](https://hkgx.com.hk/en/about/milestones)；[Hong Kong Census and Statistics Department — Table 340-95006: Average daily turnover of 99 Tael Gold and Loco London Gold in the Hong Kong Gold Exchange](https://www.censtatd.gov.hk/en/web_table.html?id=340-95006)。