Banking License

The banking sector has always been perceived by the public, as well as by the business world, as a symbol of wealth and economic power.

A banking license is a prerequisite for a financial institution that wants to provide banking services, such as taking deposits from the general public. Any business activities carried on without the required authorization are subject to prosecution under criminal law as provided in the laws governing precautionary supervision.

The process of applying for a banking license is often a complex one. You will need to complete a comprehensive set of application forms and provide the regulator (the Financial Services Authority of the Country of interest) with a full set of supporting documents such as your business plan, risk management policy statements, compliance manuals and procedures and other information.

Each country negotiates their licenses differently. Banking licenses are granted only to persons who have a sound financial standing, are well reputed in commercial and financial circles and have acquired sufficient expertise in banking, trade and industry. In many jurisdictions it is both difficult and financially restrictive for many people to own a bank.

Since 2000, the number of countries offering offshore banking licenses has been declining steadily. No matter whether you apply for a banking license at an onshore or offshore jurisdiction, due to the fact that the reputations of those countries' banking sectors is of great importance, the application and licensing process is long, difficult and costly.

Our Banking Consultant have carried out a number of successful Banking License Applications both onshore and offshore. We can provide full guidance from early stage planning right the way through to a successful issue of a banking license.