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A banking license

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Obtaining a banking license

Benefits of obtaining a license:

  • International banking is one of the attractive business areas;
  • Obtaining a banking license provides an opportunity to find stable partners at the international level;
  • European countries, the US and Asian states are the most attractive for obtaining a banking license;
  • Some states allow the operation of the bank under a temporary permit.

A term for obtaining a license isfrom 6 to 36 months

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If you decide to open a bank, then be prepared for a lengthy and relatively complex process. To register a bank will require the participation of numerous of professionals specializing in various fields of activity and actively cooperating with supervisory authorities. Their actions are aimed at fulfilling the task, namely - obtaining a banking license.

What do you need to open a banking institution?
  • A statement;
  • At least two partners;
  • Leaders must have an impeccable reputation (an impeccable history without any kind of fraud, without a history of money laundering and past bankruptcy);
  • Company employees must have a relevant experience and qualifications;
  • A risk manager;
  • The compliance worker;
  • An office;
  • A business plan;
  • The share capital (a paid-up capital is from 5 million to 50 million euros);
  • The declaration of capital;
  • A software, needed to open a bank;
  • A liquidity of applicants;
  • The partner income declaration;
  • A certificate of good conduct of managers.

Starting such a business requires large investments and is time consuming. But, if the bank structure and all processes are properly organized, then such an entrepreneurial business will be promising and financially profitable.

What is taken into account by the Regulator?
  • The information about all managers and officers.
  • An experience in the financial sector.
  • Did the applicant have financial difficulties?
  • A bank structure.
  • The skill level of employees.

After submitting the application and reviewing all necessary documents, you will need to go through an interview with the Regulator. Such an interview is held by all managers.

A business plan

To obtain a bank license, an entrepreneur must draw up a clear and detailed business plan, which will include the information on the project budget, business policies, competitiveness, compliance rules, management resources, a regulation of the financial protection of users, a list of banking operations.

It must be understood, that opening a bank entails various consequences in the financial market and the Regulator will have to study carefully all aspects related to this issue.

You should correctly approach a documentation for opening a bank institution. In order not to make mistakes at this stage, ask for an individual advice on registering a license to open a bank with competent lawyers of IQD Consulting.

Read also:
Terms of registering a banking institution

Opening a bank takes a period of 6-36 months. It all depends on the jurisdiction you choose, the completeness of the package of documents and compliance with all requirements of government agencies. There are states, in which the operation of the bank is permitted under a temporary permit. Such permission ceases to be valid at the time of final incorporation.

How to issue a license to open a bank?

Based on the information presented above, we can conclude, that obtaining a banking license is an expensive and lengthy process. In addition, it is important to comply with all legal requirements and act in accordance with laws of a particular jurisdiction. You can learn more details from specialists of our company at the contact list, that are posted on the site.

  • The information outlined in the article is actual at the time of its publication.
  • Please refer to our specialists for checking possible solutions for your business.
  • Still have any questions?

    Fill out the form or contact us as you find convenient. Our experts will help you resolve the issue.

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