How to Obtain Australian Financial License (ASIC) | Law&Trust International

Obtaining a Financial License in Australia (ASIC)

If you decide to open a business in the financial sphere in the territory of Australia, you will need to obtain a financial license from the Australian regulator - Australian Securities & Investments Commission. Our specialists will provide assistance for you in the foregoing and save your time.

The Corporations Act (2001) requires financial service providers in Australia to obtain an AFS license. Obtaining a financial license in Australia is a rather complicated procedure, but our specialists have many years of experience in obtaining this type of license and know how to avoid delays and difficulties in obtaining this type of license.

In total, the procedure for obtaining a financial license in Australia takes 3-4 months.

In order to obtain a financial license in Australia, the first thing to do is to register a resident company (A private (i.e. "Pty Ltd") company). The company can be 100% established by non-residents of Australia.

The time that registration takes: the company can be registered and the application can be filed for registration with the tax authorities within 2 business days from the date of providing all the necessary information.

Australian legislation provides that at least 1 director of the company must be a resident of Australia.

Australian Public Officer. Upon the request of the local tax authority, there must be a position at each enterprise that can only be occupied by an Australian citizen who has an accounting education.

To register a company and open a bank account, a client does not need be be personally present in Australia.

An obligatory requirement for a financial company in Australia is the presence of directors ("responsible managers") with the necessary experience and skills in the field of finance.

You will need to employ "responsible directors/managers" with the required experience in the stated activities. "Responsible director/manager" is a person who is responsible for daily decisions regarding the provision of financial services of the company. Each of the directors should have the appropriate education, experience and skills in working with financial services and products that your company will provide.

The number of directors to be appointed will depend on the complexity of your business. Be that as it may, the ASIC (regulator) prefers 2 or more responsible directors to be appointed.

Procedure for Obtaining a Australian Financial License (ASIC)

The following documents should be prepared for filing with the application in the ASIC:

  • ASIC form FS01. This document requires you to provide information about you as the applicant, your business, the financial services and products that you plan to provide, and your ability to comply with the AFS license requirements by means of responsible directors, resources, systems and processes.

  • Submission of description of the business. This should be a detailed description of your business, including the sources of income of your business, prospective types of customers, organizational methods and schemes.

  • Documentary evidence or confirmation for each responsible manager (director).

These documents are submitted to the ASIC along with information on the competence and reputation of your authorized responsible directors. This information includes:

  • Information containing personal data of the director;

  • Confirmation of qualifications;

  • Copies of certificates of no criminal record (not older than 12 months);

  • Copies of 2 business certificates confirming the experience of the director in the financial sphere (not older than 12 months);

  • Table of organizational competence. This is a document that confirms the relevant knowledge, experience and skills of your appointed responsible managers who will be directly responsible for significant daily decisions regarding the provision of financial services;

  • Financial statements and sources of funds. There are various financial statements that need to be submitted, depending on the financial requirements that apply to financial services and products.
    Typically, most applicants are required to provide recent income declarations and account statements.
At the time of obtaining the license, all responsible directors should be located in Australia, while there are no requirements for the personal presence of the company's founder. There is also the possibility of discussing the conclusion of an agreement on the use of the license as a representative with the owners of a similar business. Guarantee of obtaining a license in Australia The success in obtaining the AFS license depends largely on the skills and experience of people you have appointed as "responsible directors".

The regulator will verify the documents for:

- availability of competence and experience of responsible managers (directors) of the company in this field;

- availability of sufficient funds for the implementation of this business.

Availability of office

It is possible to have only legal address, and the presence of physical office is not necessary.

Reporting - bank account.

Reporting should necessarily be submitted.

For the Australian company, bank account must be opened in one of the Australian banks.

The possibility of acquiring the White Label is not available for financial services in Australia, but it is possible to perform services as a representative of the licensee, i.e. use someone else's license.

Contact the specialists of Law&Trust International for obtaining ASIC license in Australia and you will receive quality services at the best price as soon as possible!

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