Company: MEGL
Filing Date: 2025-05-09
Form Type: F-1
Source: 0001641172-25-009448
Chunk: 112

Company: Magic Empire Global Ltd
Filing Date: 2025-05-09
Form: F-1
Chunk 112
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 provisions of the SFO and its subsidiary legislations as well as the codes and guidelines issued by the SFC.

Section 116(3) of the SFO provides that the SFC shall refuse to grant a license to carry on a regulated activity unless the applicant for license satisfies the SFC that, inter alia, the applicant is a fit and proper person to be licensed for the regulated activity. The applicant must remain fit and proper at all times after the grant of such licenses by the SFC. In simple terms, a fit and proper person means one who is financially sound, competent, honest, reputable and reliable. Pursuant to section 129(1) of the SFO, in considering whether a person, an individual, corporation or institution, is fit and proper for the purpose of licensing or registration, the SFC shall, in addition to any other matter that the SFC may consider relevant, have regard to the following:

| (a) | the financial status or solvency;                                        |
| (b) | the educational or other qualifications or experience having regard to   
 the nature of the functions to be performed;                             |
| (c) | the ability to carry on the regulated activity competently, honestly and 
 fairly; and                                                              |
| (d) | the reputation, character, reliability and financial integrity.          |

of the applicant and other relevant persons as appropriate. The above fit and proper criteria serve as the fundamental basis when the SFC considers each licence or registration application. Detailed guidelines are contained in the Fit and Proper Guidelines, the Licensing Handbook and the Guidelines on Competence.

Minimum capital requirements

Section 145 of the SFO provides that depending on the types of regulated activity a licensed corporation conducts, a licensed corporation is required to maintain at all times paid-up share capital and liquid capital not less than the specified amounts in the Securities and Future (Financial Resources) Rules (the “FRR”).

The following table summarizes the minimum paid-up capital and liquid capital that a licensed corporation is required to maintain for Type 6 (advising on corporate finance) regulated activity:

| Regulated                                  
 activity                                   |     | Minimum paid-up share 
 capital               |            |     | Minimum liquid 
 capital        |           |
| Type 6 (advising on corporate              
 finance)                                   |     |                       |            |     |                |           |
| (a) in the case where the corporation acts 
 as a sponsor                               |     |                       |            |     |                |           |