Banking License - Steps to Receiving

Banking License - Steps to Receiving

Banking is one of the most profitable and solid at the moment. This is a sought-after business area and almost every person uses the services of banking institutions.

But how to start this great and profitable business? That's right, the first thing you need to get a license for banking.

But doing it yourself is risky. The process of obtaining a banking license is often difficult, so it is recommended to contact us for help.

Why is it necessary to get a banking license?

To open own bank and offer financial services, individuals and companies need to obtain a banking license in chosen jurisdiction. This mandatory document allows its owners to conduct banking activities, as well as to launch a bank. The first step in obtaining is determining which jurisdiction you want to apply for a banking license. It depends on the planned type of bank and on the planned banking services that you want to offer.

Obtain a banking license

After a jurisdiction has been chosen, individuals and companies must determine the type of banking license.

There are two main types of licenses:

• Class A / I: unlimited
• Class B / II: limited

After selecting a class, investors are required to submit relevant documentation along with minimum capital requirements and submit it to the financial regulatory authority of the selected jurisdiction.

Many jurisdictions have a registration fee, as well as the minimum deposit that investors must present before a license can be issued.

To successfully obtain a banking license and become a financial services provider, individuals and companies are encouraged to contact us for help.

Thus, with our help, you can be sure that the process is completed professionally and in a timely manner, as well as in accordance with the rules of your jurisdiction.

What is a class A and class B banking license?

A class A banking license allows a bank or financial institution to carry out financial activities with international clients without any specific restrictions. Therefore, it is also called unlimited license. To obtain, you must have a lot of capital. For example, in Belize, at least $ 25 million.

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Whereas a class B banking license limits only to the type of activity specified in the license. Therefore, it also calls limited and requires a smaller amount of capital than the first license.

What documents are needed to get a license for banking operations?

To obtain a license for banking operations, each jurisdiction has certain requirements for documents that must be complied with.

Standardly required documents are:

• To write an application
• Indicate the data of the company: name, capital
• Corporate documents
• Prepare a detailed business plan
• on behalf of each beneficiary it is necessary to provide data such as full name, place of residence with proof
• Prove that the source of funds is local
• On behalf of each director - compile Curriculum Vitae
• Describe the company structure and management scheme.
• Describe the security system, technical support and so on

Additionally, to open your own banking institution, you must buy or rent an office in the jurisdiction where registration takes place.

In case you are interested in obtaining a license for banking operations and open a banking institution, you have the opportunity to contact us for help!

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