Australia AFS License in 2026

• The first step in the process of obtaining an Australian Financial service (AFS) License in 2026 is to register company in Australia. Tetra Consultants’ legal team and licensing specialists will help you with the registration process, drawing up the necessary documentation, and registering your company with the relevant authorities. Our legal and licensing specialists will also provide you with a registered address and a resident company director if needed. 

• Our local team in Australia is more than happy to assist with your project. The registration process will take around 1 week, and your company will be able to proceed with the next steps in the licensing process, as per the 2026 ASIC licensing regulations. 

• After completing the company registration process, Tetra Consultants will help you with the corporate bank account opening with a bank of your choice. We have access to a wide network of international banks and will help you open a bank account at a bank that meets the necessary requirements. 

• The bank account opening process will take around 4 weeks, depending on the bank’s due diligence and compliance procedures. 

• Before making the application, we will help businesses to establish the scope of the Australian financial service (AFS) License. 

• Some of the factors that businesses must consider include: 

• Retail Authorisation vs. Wholesale Authorisation 
  • Retail Authorisation permits the provision of financial services to retail clients. However, the requirements for retail authorisation are stringent, including the requirement for disclosure and the protection of retail clients. 
    • Wholesale Authorisation permits the provision of financial services only to sophisticated or institutional investors. Wholesale authorisation requires fewer regulatory requirements.  

• Niche License Categories 
  • Another factor that businesses must consider is the type of financial service activity that the business intends to conduct. Some of the examples of financial service activities that businesses may conduct include the provision of financial product advice, dealing in financial products, or making investments. 

• Selecting the appropriate authorisation is important for full compliance with ASIC’s licensing requirements. 

• Next, our lawyers and licensing specialists will appoint a Responsible Manager who will demonstrate competence in one of the five ways set out by ASIC, which are: 
  • Relevant university degree and financial service experience 
  • Relevant diploma or advanced diploma and industry experience 
  • Extensive industry experience of 5 or more years in financial service 
  • Professional certification or membership with industry experience 
  • Combination of targeted qualification and relevant work experience 

• Also, our appointed responsible managers will demonstrate competence in the following ways: 
  • Demonstrating that the applicant has the necessary skills, knowledge, and experience to conduct the financial service activities. 

• Further, the application for the AFS License in 2026 will require the completion and submission of the ASIC Form FS01, which is the official application form for the license. 

• Our lawyers and licensing specialists assist with this step of the application process by preparing and reviewing the FS01 form, ensuring that all information provided is accurate, complete, and compliant with ASIC regulations, as providing incorrect or misleading information may be a criminal offence under Australian law. 

• The government fees for the application of the AFS license will be determined based on the information provided in the application form. 

• After we submit the FS01 application form on your behalf, ASIC will require core supporting documents (e.g., proof of statement) to assess the business’s operational structure and financial capabilities. These will include documents regarding business information, financial resources documents, and organizational competence. 

• The ASIC will carry out a fit and proper test to assess whether the company’s directors, owners, and responsible managers are “fit and proper” to run a licensed financial service business. 

• This will involve an assessment of: 
  • Integrity and Professional Reputation 
  • Financial Soundness and Solvency Record 
  • Criminal and Regulatory Record 
  • Professional Experience and Qualifications 

• The Fit and Proper Test is an important requirement for obtaining an AFS License in 2026. 

• In the course of the review, ASIC may request additional documentation in order to further assess the company’s compliance system. Such as outsourcing documents indicating the outsourced functions of the company, dispute resolution systems documents indicating the company’s procedure for handling customer complaints, and other documents. These documents must be submitted within 10 business days from the date ASIC requests them. 

• After the ASIC review of the application and the submission of the additional documents, ASIC may send the applicant a Letter of Offer for the grant of the AFS License. This letter outlines the conditions under which the license will be approved. 

• Upon acceptance of the conditions by the applicant and the fulfilment of the conditions, the AFS License will be approved, and the business will be permitted to provide financial service in Australia. 

• Financial institutions based overseas and looking to conduct business in Australia may apply for a Foreign AFS License (FAFSL) under the Australian financial regulations. 

• ASIC may, under the 2026 regulatory environment, offer relief to overseas firms if the host country is deemed to possess “sufficiently equivalent” regulations and legislation. This will enable overseas financial institutions to conduct and offer financial service in Australia, adhering to local regulations and legislation. 

• Once your company obtains an AFS License, it is essential to ensure ongoing compliance with the regulations to remain in good standing with the ASIC. 

• The ongoing compliance cycle for firms under the new 2026 environment may include the following: 
  • FS70: Submission of the Annual Profit and Loss Statement 
  • FS71: Submission of the Annual Audit Report 
  • Maintenance of sufficient financial resources 
  • Continuous monitoring of Responsible Managers’ competencies 
  • Reporting of significant breaches or changes to ASIC 

• Our team of lawyers and licensing specialists is here to ensure your company maintains ongoing compliance with ASIC and functions smoothly under the new Australian financial regulations 2026. 

• Additionally, our accounting and tax team will make sure to comply with all the taxation and accounting requirements. 

Our Services

• Tetra Consultants works as your advisor and trusted partner in your business expansion and payment license application. With our own team of lawyers, licensing specialists, compliance team, and accountants, 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. 

• Additionally, Tetra Consultants also offers advisory services in the areas of management structure and developing a comprehensive business plan, which includes strategy, market and client targeting, customer journey maps, structure, procedures, and AML procedures, among other services. Moreover, with the backing of certified RMs, NTA requirements, and comprehensive PI insurance coverage, Tetra Consultants also offers services in communicating with the relevant authorities on behalf of the clients, acting as a liaison and project manager, and offering tax and legal services, among other services. 

• In addition, Tetra Consultants can also assist with attaining other offshore financial licenses depending on your long-term business goals. 

• Contact us to find out more about how to secure an Australian AFS License to conduct business in the financial industry in the country. Our team will respond within 24 hours. 

FAQs