Australian financial license
Australia offers attractive business opportunities. Financial services as a whole is an area of business that is in demand and constantly evolving. To do business in Australia, you need to obtain a financial license from the Australian regulatory authorities.
An Australian financial license allows a company to engage in activities that include offering a financial product to clients.
The main activities are:
- receiving and making payments to third parties;
- foreign exchange transactions;
- financial consulting;
- investing for third parties;
- operations with cryptocurrencies.
The licensing procedure includes registering a company in Australia, preparing the necessary documents and opening a bank account, collecting an application for a financial license and related documentation.
Note that the company may be established by non-residents. For an Australian company, a bank account must be opened with a local bank. To register a company and open a bank account, the client does not need to be personally present in Australia.
A financial company in Australia is required to have directors with the necessary experience and skills in the financial sector. The number of directors depends on the complexity of your business.
The main requirements for obtaining a financial license in Australia are:
- Having an employee with experience in the financial industry;
- Justification for starting such activities;
- A simple business plan;
- Compliance with all directors and founders;
- Availability of funds to start operations;
- Approval by AML Compliance Policy;
- Some additional documents;
- Reporting requirements;
- Maybe only a legal address, the physical presence of a real office is not necessary.
Reporting is mandatory. Accounting reports should be submitted annually. The audit is carried out at the request of the regulatory authorities
In most cases, it is possible to avoid the requirement for the сapital, if transactions for a particular customer do not exceed 100,000 AUD.
Consult with IT-OFFSHORE specialists on obtaining financial license in Australia. We guarantee quality services at the best price and with the most convenient timing.