Licenses are granted by the Australian Securities and Investment Commission (“ASIC”) under the provisions of the Corporations Act 2001.
Below please find features of the particular license categories in more details:
Feature/Category | AFS License | Representative of AFS License |
Type of company required to be eligible | Australian LLC company | Individuals, legal entities, partnerships, or a group of individuals and/or legal entities that are the trustees of a trust. |
Corporate taxation | 27,5% | 27,5% |
Minimum paid-up statutory capital | 1 million AUD | Not required |
Main requirements | Minimum 2 directors (1 local), qualified personnel, AML/CFT registration, capital adequacy calculation, bookkeeping/audit, audited financial statements, physical office | • If it is an individual- to be well qualified in order to act as an authorized representative |
Timeframe | A complete license application is normally decided upon ASIC approval within 7-9 months from the date of filing | A complete license application is normally decided upon ASIC approval within 5-6 months from the date of filing |
Government fees | 7,500 AUD | * |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
1) Opening of operational and clients bank accounts (worldwide)
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit, Capital Adequacy Calculation, Quarterly & Annual Reporting
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services
"*" indicates required fields