- SEPs are free to choose their own MPF schemes
- Directly contact the trustees of their chosen schemes to set up their SEP accounts
- Sign a participating agreement
- Fill in an enrolment form indicating their choice of MPF funds, relevant income, and contribution frequency (monthly or annually)
- Complete a tax residency self-certification (i.e. declaration on whether the SEP is a tax resident outside Hong Kong)
- Return the completed form to the trustee to set up an account
If an SEP fails to provide the tax residency self-certification, the trustee will not be able to complete the account opening procedure.
Failure to enrol in an MPF scheme
If an SEP fails to enrol in an MPF scheme on time, the SEP is liable to a maximum fine of $50,000 and imprisonment for six months.