The process of application for an Australian Financial Services License starts with the selection of your Responsible Manager or Managers (RM) if you want to appoint multiple persons. The RMs will have to be vetted for their qualification. Each RM will have to submit their personal information, certificates of qualifications held, bankruptcy check certificate, national criminal history check and copies to two business references. You will also need to prepare your Business Description (A5), Financial Statements and Financial Resources proof (B5) and Organizational Competence (B1) which includes a Table of Organizational Competence. You will also need to provide details about the type of your business entity (A1) along with its incorporation documents. It is recommended that documents are prepared in consultation with Empire Global AFSL Specialists.
The next step is obtaining a Professional Indemnity Insurance (PI Insurance) for your business to ensure that your business can cover any liabilities arising for your activities. You will also have to obtain a risk management statement for your business (B7) and a registration with an ASIC approved external dispute resolution scheme. Based on the approvals for businesses that you seek, you may also be required to submit the following documents:
- Development Program for Responsible Managers
- Industry Standards Compliance
- Compliance Arrangements
- Arrangements for Managing Conflicts of Interests
- Outsourcing Statement
- Program for Monitoring, Supervision and Training of Representatives
- Human Resources Capacity Statement
- Information Technology Capacity Statement
- Dispute Resolution System Statement
- Risk Management System Statement
- Compensation Capacity Statement
- Research Statement
In case of very specialized businesses, ASIC will ask for further documents which will be communicated by your AFSL Specialist or Empire Global.
The crucial third step is the actual process for application and you will have to submit Australian Financial Services License Application Form (FS01) online and pay the application fee. Empire Global will normally complete the process on your behalf and submit the necessary documents after obtaining your authorization.