Australia AFS License

N5Bank assists our international clients to secure Australia AFS License. At the start of the engagement, our team of experts will explain all mandatory requirements for the license applications. N5Bank will help our clients to meet all obligations including capital injection of minimum paid up capital, appointing local compliance officer and securing local lease agreement.

Australia AFS License (Australian Financial Services)

An Australia AFS license needs to be obtained from the Securities & Investments Commission in order to conduct any form of business in the financial services industry in Australia.

Introduction to Australia AFS License

In accordance withChapter 7 (Section 911A) of the Corporations Act of 2001, businesses in the financial industry are required to obtain an Australian Financial Service License from ASIC.

Non-compliance with the policies under the AFSL and Corporations Act 2001 will result in fines and penalties against the business.

There are different types of Australia AFS licenses available for businesses to choose from. This depends on the services provided by the business.

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When will you require an Australia AFS License?

All businesses conducting the following activities are required to obtain an Australian Financial Services License to conduct their business in the country:

Provides or deals in financial products
Provides consulting services to financial planners
Markets a financial product
Manages a registered scheme
Provides a custodial or depository service
Organising crowd-funding campaigns
Other services in the financial services sector

Businesses may be exempted from obtaining an Australia AFS License. Some of these reasons include the following:

Business provides its services as a representative of another business that has the Australia AFS License or is exempted from obtaining one.
Business’s service includes providing general advice (not with the purpose of providing financial advice) that is published in the newspaper or periodical and is available to the public

How long to secure Australia AFS License?

Businesses can expect to obtain the Australia AFS License within 3 to 4 months from application submission.
Firstly, the application submitted is reviewed within a period of 6 weeks.
Following this, ASIC may revert to asking for additional supporting documents which should be submitted within 10 working days.
ASIC will then review the application and documents for an additional 2 to 3 weeks.

How to apply for Australia AFS license?

Step 1: Register your business

N5Bank 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.

Step 2: Open a bank account

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 3: Complete the ASIC Form FS01:

The first step that businesses need to undertake when applying for an Australia AFS License 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.
The information keyed into the AFS license application should not be inaccurate or misleading, which may otherwise be taken as a criminal offense.
Based on the information keyed in, the government fees to be charged will be calculated.

Step 4: Submit ‘core’ proof documents:

Once the AFS license application form is submitted, you will be required to send proofs of various documents to ASIC including the following:

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: Additional proof (if required):

Once the application and documents for an Australia AFS License are submitted to ASIC, the authorities thoroughly review the application. If needed, they can ask for additional documents as proof including the following:

Arrangement for the management of conflicts of interests
Outsourcing Statement (showing what will be outsourced and to whom)
Dispute Resolution System (how complaints will be handled)
Development Programs for managers (how the business will ensure that managers remain of good character and have adequate skills and knowledge to conduct business)
Program for monitoring, supervision, and training of representatives of the business (description of the program)

These additional documents must be submitted within 10 business days from when ASIC requested them.

Step 6: Approval of Australia AFS License:

Once the ASIC has received the AFS license 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.

Our Services

N5Bank provide advisory services related to management structure, designing and creating a business plan that includes: – strategy/market/client target/customer journey, the structure of the company, procedures for operations, procedures for AML, communicating with regulatory authorities on behalf of the customer, serving as a liaison/Project Manager, tax Compliance and legal services.

Technical compliance:

Professional IT analysis to ensure that the software meets regulatory standards. There are proven software solutions such as BAAS or SAAS. We significantly often work with such platforms as SoftexLab, which is ready-made technical solutions for your future fintech business, which are audited by various regulators within the jurisdiction.

Card issuance:

We recommend a White Label solution with partners such as XBANKSY, which is aggregator of more than 30 different cards and BIN- sponsorship around the World. This is a faster and, most importantly, more profitable way than direct VISA or MasterCard membership.

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FAQs

What is AFS in Australia?

AFS stands for Australian financial services. All businesses working in the financial services industry in Australia are required to obtain an AFS license. Contact us now for more information.

Do I need an AFS License?

All businesses working in the financial sector in Australia are required to obtain an AFS license from the Australian Securities and Investments Commission (ASIC). For example: individuals providing or dealing in financial products, providing advice regarding financial products, and more are required to obtain such a license as per the Corporations Act of 2001. However, certain businesses are exempted from obtaining such a license.

What does an AFS license do?

The Australian Financial Services License permits individuals or businesses to conduct financial service business, including the purchasing, selling and advising in financial products, legally. This license does not mean that the Australian Securities and Investment Commission (ASIC) endorses the business, its products, or its advice. In fact, ASIC grants this license if the business meets basic standards in terms of training, compliance, insurance, dispute resolution, and risk management.

How do you get a financial services license in Australia?

Once your business is registered, you can apply to receive a financial services license. In order to do so, you need to follow these steps:

Step 1: Complete the ASIC application form FS01
Step 2: Submit certain ‘core’ proof documents
Step 3: Provide additional proof if required
Step 4: Approval granted

How long will I take to receive the AFS license?

Upon the submission of the application and the necessary documents, your business will receive the AFS license within a period of three to five months. The time frame may change depending on whether ASIC requires any additional documents from the business.

What is the fee that I need to pay?

Our total engagement fee depends on the services you require from us which includes registering your business, opening a bank account, obtaining required licenses, and more.

This total fee also includes the government fees that must be paid during the entire process. Specifically, for an AFS license, the government fee may vary depending on the business activities you wish to perform in Australia.

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