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How To Get Australian Financial Services License

In case you provide financial services, you have to make use of an Australian Financial Services (AFS) license. The AFS licensing procedure is by no means simple. Much care as well as consideration must be exercised whenever you file for an AFS license. Make use of this guide is to assist you to as well as your business cope with the applying process with very little stress as possible.

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How To Get Australian Financial Services License

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  1. How To Get Australian Financial Services License In case you provide financial services, you have to make use of an Australian Financial Services (AFS) license. The AFS licensing procedure is by no means simple. Much care as well as consideration must be exercised whenever you file for an AFS license. Make use of this guide is to assist you to as well as your business cope with the applying process with very little stress as possible.

  2. Do I Require an Australian Financial Services (AFS) license? Before you apply for an AFS license it’s worth taking into consideration regardless of whether you need one in the initial place. Underneath the Corporations Act if you keep on a company that gives financial services you'll be needed to hold an AFS license. For instance accountancy firms, insurance brokers, banks as well as financial planners are all necessary to have an AFS.

  3. ASIC requires you to define hold an AFS if you: Provide financial product or service advice to clients for instance, if you are involved in financial planning;Deal within a financial product, for instance, if you purchase or sell shares for the client;Make a market for any financial product, for instance, in which you frequently quote prices where people can purchase or sell financial products;Operate an authorized managed investment plan;Provide a legal or depository service, for instance, if you keep a financial product, or perhaps a beneficial interest in a financial product in trust for any client; orOffer traditional trustee organization services.

  4. Step 1 - Become familiar with ASIC’S Website Now that you’ve established that the business needs an AFS the best way to move ahead is always to acquaint yourself with ASIC’s licensing service. The licensing services are the sole way of obtaining an australian financial services licence and for that reason it is essential to read up on all of the available info on financial services upon ASIC’s website.

  5. Step 2 - Look at Your Documents Using ASIC’s licensing tool you'll be able to submit a web-based application form. Within this form you'll be needed to give details about yourself as the applicant, your company and the kind of financial products and service that they are likely to provide. At this time additionally, you will be motivated to submit info that evidences your own financial expertise along with the expertise of the business managers. Furthermore, you and also each manager will be necessary to offer documents such as income status, present and projected income statements along with a description of how your company continuously follow the ASIC’s financial needs.Step 2 is vital to an effective application. To be able to comprehend the exact data you need to collate seek advice from LawPath so we can hook you up to a certified commercial solicitor who are able to show you through the application method.

  6. Step 3 - Application Fee Upon submission to the online form you'll be needed to pay an application fee of $825 for a person or $1,485 for any corporate, partnership or even trustee applicant.

  7. Step 4 - Original Review At this time ASIC will undertake a basic review and definitely will usually react to your application in 2-4 weeks. It is vital to notice that at this time of the procedure you might be prompted to provide additional proofs listed on the application. Depending on the services you offer these may include:Complying Arrangements;Plans for Managing Conflicts of Interests; orA Risk Management Program Statement.

  8. Step 5 - Write Letter of Approval Following this, additional paperwork has met the ASIC’s requirements you might get a draft letter of approval. But don’t get thrilled yet. This letter is just a draft and could be subject to you pleasing certain conditions deliver to by ASIC. For instance, information on your professional indemnity insurance in many cases are needed to be submitted once you have obtained the draft letter of approval.

  9. Step 6 - Completion Finally, now you are capable of conduct your company and run under an AFS licence. At this time ASIC will issue your final licence as well as set out your obligations to conform.As ASIC is incredibly careful in thinking about AFS applications, it is important to collate all the necessary information and offer your documentation within the approved manner.To fully understand precisely what you'll need contact LawPath so we can hook you up with a practicing commercial lawyer who are able to take you through the reasons of the application process and find out the information that the business will need.

  10. Contact Us Financial Advisers Dealer Group 14/2 Enterprise Drive, Bundoora, Vic 3083 info@australiansuperfinder.com.au 1300 559 392 0417 460 236 Fax - 1300 857 881 https://financialadvisersdealergroup.com.au/

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