Australia has established itself as one of the prime forex hubs in the world in all these years. This may be due to the favorable conditions for FX & CFD brokers backed with the flexible regulation that allows brokerages to offer traders outstanding trading conditions. With the endless international brokers starting up offices Down Under, Australia's forex market growth keeps growing sustainably. Apply for a Forex license in Australia is a time consuming and complex, so it is highly advisable to enlist the help and guidance of a professional consultancy firm for the application.
About Licensing Body Australia Forex License (ASIC)
ASIC in Australia is the in charge for reviewing and issuance of forex licenses. The ASIC licenses are issued to financial companies which intend to engage in forex activity provided they meet certain criteria as required by the ASIC, this many include capital adequacy and fit and proper tests.
The Main aim of the ASIC is to offer licensing to financial firms where their application has been sanctioned. The ASIC is also responsible for monitoring and managing the financial firm’s activity, ensuring compliance with its rules. In addition, the scope of the ASIC extends to the remit of the following former bodies:
- Stock Exchange Commission
- Insurance Division of the Ministry of Economic Development
- Financial Services and Corporate Affairs
From the Client
- Details (e.g. name and ACN) of the applicant entity.
- Balance sheet and cash flow projection details for the business
- Full names, Dates of Birth and Place of Birth for the proposed Responsible Managers.
- Details of two (2) persons who can provide business references for each of the proposed RMs.
- Copies of all relevant qualifications for the RMs, such as a university degree or advanced diploma in economics, finance, commerce or business.
- RG146 qualifications held by the RMs for all advice authorizations.
- CVs or work history for the RMs.
- Completed police check form or copy of police check already completed.
Related to the process
- ASIC Application Form
- Bank Application Forms
- AML (Anti Money Laundering) Procedures
- Business Plan
- Financial projection of your business
- Balance sheet with forecast description
- Trademark applications, IP Agreements and Domain Name Registration;
- Website preparation as well as the preparation or review of any other marketing material.
- Assisting with the purchase and negotiations for an MT4 server or any other trading platform required
- Assessment, review or testing of the entity’s proposed trading platform;
- Assisting with the implementation of Know Your Customer (“KYC”) processes or other compliance procedures.