AustraliaWhat is the process for applying for an Australian financial services license?

January 7, 2023by Tetra Consultants0
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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 you time.

The Australia 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.

Tetra Consultants’ team of licensing and business setup experts have summarized the most prevalent steps that take place during a typical engagement of applying for an Australia AFS license. In total, we expect to complete the procedure for obtaining a financial license in Australia in about 3 to 4 months.

What is the process for applying for an Australian financial services license

Steps to secure and applying for an Australia AFS License

Step 1: Planning and strategizing 

  • Tetra Consultants will assist you in incorporating your business in Australia by preparing required documents, providing you with a local registered address and director, and more. Generally, this process is completed within 1 week.
  • Once registration of the business is completed, we will proceed to open a corporate bank account with a reputable bank by leveraging our extensive banking network. This process should be completed within 4 weeks.

Step 2: Prepare the documents and License application

  • The first step that businesses need to undertake is to fill out the ASIC form FS01 which comprises five sections asking for information about the applicant, the business, the services and products provided by the business, ability to meet obligations, and more.
  • Tetra Consultants’ team of experts will make sure that information keyed into the application should not be inaccurate or misleading, which may otherwise be taken as a criminal offense.

Step 3: Submitting the proofs of documents

  • Once the application form is submitted, Tetra Consultants’ team of experts will prepare the sets of documents that will be required to send as proofs to ASIC which can include the documents like: 
  • Business Description:
  • Source of Business income
  • Growth Expectation
  • Target audience
  • Additional information about the business
  • People Proofs for each manager:
  • Personal information
  • Proof of qualifications
  • Business references showcasing financial service experience
  • check of criminal history and bankruptcy
  • Financial Statements and financial resources:
  • Statements of Income
  • Cashflow Statement
  • Balance Sheet
  • Organisational competencies:
  • Proof of manager’s competencies (skills, experience, and knowledge)

Step 5: Submitting additional proof (if required):

  • As part of the assessment process, you will receive requests for additional information to be provided. Generally, these requests are in the form of further documents called non-core proof documents in addition to the Additional proofs detailed above, or questions from an ASIC analyst looking to gain a deeper understanding of your business, processes, procedures, activities, etc. 
  • Accordingly, once the application and documents are submitted to ASIC, the authorities thoroughly review the application. If needed, they can ask for additional documents as proof of supporting documents. 
  • These additional documents must be submitted within 10 business days from when ASIC requested them.

Step 6: Approval of AFS License:

  • Once the ASIC has received the application form along with all the required documents, it will issue a letter of offer for the AFS License which includes the conditions based on which the license is being granted.

Conclusion: 

  • Engage Tetra Consultants to know more about the steps required to register company in Australia and apply for an Australia AFS license. Our service package includes everything from planning and strategizing to ultimately securing the licensing in a timely manner.
  • In addition, Tetra Consultants can also assist with attaining other offshore financial licenses depending on your long-term business goals. We can assist you in obtaining a specific license or authorization from your selected jurisdiction, in order to lawfully operate financial businesses.
  • Contact us to find out more about how to secure an Australian Financial Services License to conduct business in the financial industry in the country. Our dedicated and experienced team will revert within the next 24 hours.

Tetra Consultants

Tetra Consultants is the consulting firm that works as your advisor and trusted partner in your business expansion. We tell our clients what they need to know, instead of what they want to hear. Most importantly, we are known for being a one-stop solution for our valued clients. Contact us now at enquiry@tetraconsultants.com for a non-obligatory free consultation. Our team of experts will be in touch with you within the next 24 hours.

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