Setting up an Australia Financial Services company in 2024
Since 2003, Healy Consultants Group has been providing our multi-national Clients with Australia financial services business set up. Healy Consultants Group will efficiently assist our Client to establish their Australia financial services company and meet all regulatory requirements.
What is an Australia Financial Services (AFS) Licence?
- To conduct financial services businesses in Australia, Healy Consultants Group will secure an Australia Financial Services (AFS) licence for our Clients. This licence is regulated by ASIC;
- An AFS licence is required if the business activity includes i) providing financial product advices to customers ii) dealing with financial products iii) market making iv) custodial or depository services or v) trustee company services;
- ASIC reviews and approves licence applications within four months. During the review, there is a 70% probability ASIC will revert asking for additional know your customer (KYC) documents.
Steps to take for licence application
- Prior to licence application, Healy Consultants Group will assist our Client to prepare required documents such as i) a quality business plan ii) licence application form iii) ‘fit and proper’ people proofs iv) organisational competence and v) financial statements and financial resources;
- If required, Healy Consultants Group will assist our Client to draft internal control documents such as i) risk management policies ii) external dispute resolutions iii) AML/CFT policies and iv) general terms and conditions;
- To qualify for an AFS licence, our Client is required to have local economic substance. Healy Consultants Group will help to secure a local physical office in the Central Business District, as well as help hire qualified local employees. One local employee should be appointed as a Responsible Manager and is required to be fit and proper. Thereafter, monthly rentals and salaries will be paid directly by our Client to the landlord and employees;
- In the event ASIC decides to grant our Client an AFS licence, a draft licence will be issued. Once our Client confirms to proceed, ASIC will send a requirements letter. Our Client is given a timeline to finalise any outstanding matters as quickly as possible;
- Once step 4 is completed, ASIC will send the final licence to our Client. The final licence will include i) licensee’s name ii) Australian Business Number (ABN) iii) licence number and iv) date of effect of the licence. Our Client will then be able to legally conduct financial services in Australia.
Our service packages
Our service package includes i) Australia company registration ii) local corporate bank account opening iii) provision of nominee director iv) assisting our Client to recruit qualified staff v) assisting with finding office premises and iv) securing an AFS licence from the Australian Securities & Investments Commission (ASIC).
Additionally, our Firm can offer multiple additional support services including i) accounting and bookkeeping ii) merchant account opening and iii) setting up trusts and foundations;
