How To Get Australian Financial Services License

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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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Do I Require an Australian Financial Services
(AFS) license?

• Before you apply for an AFS license its 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.

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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 planningDeal within a financial
  product, for instance, if you purchase or sell
  shares for the clientMake a market for any
  financial product, for instance, in which you
  frequently quote prices where people can purchase
  or sell financial productsOperate an authorized
  managed investment planProvide 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.

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Step 1 - Become familiar with ASICS Website

• Now that youve established that the business
  needs an AFS the best way to move ahead is always
  to acquaint yourself with ASICs 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 ASICs website.

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Step 2 - Look at Your Documents

• Using ASICs 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 ASICs 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.

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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.

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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 includeComplying
  ArrangementsPlans for Managing Conflicts of
  Interests orA Risk Management Program Statement.

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Step 5 - Write Letter of Approval

• Following this, additional paperwork has met the
  ASICs requirements you might get a draft letter
  of approval. But dont 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.

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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.

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Contact Us

• Financial Advisers Dealer Group
• 14/2 Enterprise Drive, Bundoora, Vic 3083
• info_at_australiansuperfinder.com.au
• 1300 559 392
• 0417 460 236
• Fax - 1300 857 881
• https//financialadvisersdealergroup.com.au/