Obtaining an EMI license in Australia – one of the most attractive options for doing business. For this reason, in all search engines on the World Wide Web, a query often appears on the topic of how to register a company in a given country.
Among the most active areas of business on the mainland kangaroo is the field of finance. But for the sake of doing business in the Australian world of money, you need to obtain permission for this activity (and, if necessary, for digital finance).
A financial services license (AFS) is required for such a business, unless you have an exemption from it, or you are already an entity authorized to provide these services in the format of an approved representative of another entity.
You must receive this documentation if:
First providing fin. of services, you must be the holder of an AFS permit or be a representative of a person who already has this document.
You are also able to apply for a limited AFS license, however this fact depends on the scope of your business.
For customers, the procedure for issuing a license is an assessment of the recipient of this document for the period of application, as for owners or staff, this is not the case.
In simple words, the possession of an AFS license does not determine the high-quality services or the scrupulousness of its holder.
Payment products regulated by the Australian Securities and Deposit Commission (ASIC) are renowned as non-cash payment systems (NCPs).
These payments are not made by subject transfer of local or foreign currency.
Examples of NCP payment methods include bank cards with a certain amount in the account, digital finance and other services for automatic debit.
If you provide cashless payment services, you also need to obtain an AFS license.
A document is needed if you:
But, as always, there are some exceptions to the rules, which we will discuss below. Given the services you intend to provide, you will be able to comply with the law as an authorized representative or licensee.
NCP non-cash payment systems that fall into one of the categories listed below may be exempted from compulsory obtaining an Australian digital finance license:
In addition, ASIC identified certain exceptions for specific financial products. For example, you are not required to obtain permission to provide financial services in the following areas:
Details of exceptions are found in the 185 Cash Management Guide.
The requirements for obtaining this document will depend on the services you provide. For example, manufacturers of products need:
The accounting department of the company must compile quarterly, annual financial reports and provide declarations to the tax service. Contact us for more information.
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