Obtaining a banking licence on your requirements, a significant investment of time and resources. The licensing process is complex, with considerable costs involved. There are many hurdles to overcome. To fully grasp the intricacies of securing a banking licence, you need an experienced team of professionals with established connections in your jurisdiction of choice for registering a banking institution.
If you are interested in obtaining a banking licence, we advise contacting relevant specialists who possess the requisite knowledge and experience to legally support you through all stages.
When considering jurisdictions, European and American licences enjoy widespread international recognition and prestige. However, registering a banking licence in an island jurisdiction may not best serve your business interests.
Opening a bank in the USA
is a promising yet labor-intensive option. To avoid refusal from the Regulator, contact our company to coordinate registering a bank across various US states, each with distinct laws governing financial institutions.
Another viable location is the UK
To obtain British banking permissions, you must first register an English company. Note that a UK banking licence stipulates specific financial services.
Consider also Singapore's
thriving, reliable and progressive banking jurisdiction. Decisive reasons for those seeking a Singaporean banking licence.
Hong Kong
requires registering banking licence with their Financial Services Authority for banking activities.
The Czech Republic
offers unique benefits for obtaining a banking licence. Their Regulator carefully vets new financial market participants to ensure equal conditions. Czech banking enables passporting rights to expand activities abroad. Moreover, Czech banking licences have unlimited validity, enabling stability and reliability.
Switzerland
To determine the most suitable jurisdiction for a banking licence application, consult TK Deal. Our specialists can advise and provide accompanying services.
Obtaining a banking licence requires:
- Selecting the jurisdiction for registering the bank. Our specialists can provide detailed information on licensing conditions across various jurisdictions.
- Contacting specialists to obtain the informwtion about the necessary documents.
- Preparing and submitting the licence application.
- Waiting for the Regulator's response. Processing times vary by country and depend on the completeness and accuracy of submitted documents. Additional documents may be requested.
- Conducting interviews and approvals with the Regulator.
- Receiving the Regulator's final decision.
Basic licensing requirements:
- Completed application form.
- Minimum 2 partners.
- Managers must have impeccable reputations.
- Staff must have relevant experience.
- Appoint a risk manager.
- Registered office.
- Business plan.
- Minimum €5 million authorized capital.
- Software preparation and certification.
Contact TKDeal's seasoned specialists for accompanying services through all licensing stages.
Required documents:
- Partner income declarations.
- Confirmation of all registration fees.
- Authorized capital details.
- Shareholder equity information.
- Solvency confirmation.
- Shareholder identities.
- Confirmation of participants’ experience (minimum 10 years for managers).
- A prerequisite for a banking licence is confirming the liquidity of funds.
Business plan preparation
To obtain a bank licence, an entrepreneur must develop a clear and detailed business plan covering
- the project budget,
- business policies,
- competitiveness,
- compliance rules (preventing illegal employee actions),
- management resources,
- procedures for financially safeguarding users,
- and a list of banking operations.
Bank registration timelines
It takes 6 to 36 months to open a banking institution, depending on the selected jurisdiction, completeness of documents, and fulfilling all Regulatory requirements. Some states allow bank operating under a temporary permit until final incorporation.
Obtaining a banking licence demands considerable time and finances. It is vital you adhere to all legal and jurisdictional requirements. For further details, TKDeal specialists are available for personal consultations on securing a bank licence using the website contact information.
