In Australia, the functioning of electronic payment instruments is the responsibility of the Commission regulating and controlling the financial turnover. Non-resident entrepreneurs are allowed to obtain license certificates in the country. Foreign holders of documents have the right to perform transactions with electronic money within the jurisdiction, but for this they need to open a division or a branch office of their legal entity in the country. Entrepreneurs, who want to obtain an electronic money license in Australia, are required:
- to confirm the seriousness of business intentions - the documentation package, that an applicant collects for this purpose, is
- not enough, a real office is required;
- to provide conditions for comfortable interaction to customers who are not familiar with virtual mutual settlements;
- to have a physical address for correspondence and control in the taxation field.
The branches and companies are registered in ASIC commission regulating the financial and investment sphere. A legal person must have an individual ARBN number, use the local agent services, be taxed (up to 30% of profit), provide financial accounting. You will also need to insure the staff.
Requirements for Licensees
Australia puts forward other requirements to the applicants for e-money certificates:
- the management and key managers of the company must have the qualifications and experience corresponding to the business direction;
- it is necessary to open a bank account in the country, where the nominal capital will be deposited - the starting amount rate depends on the company's type, the number of staff, the number of areas of activity (therefore, in many cases, it is advisable to open a legal entity in the form of Company Limited by Guarantees, where there are no requirements to a minimum deposit) ;
- when receiving the payment system license in Australia, applicants pay a state fee, which, if the commission does not approve the decision, is not refundable - it is necessary to pay separately for the submission of documentation and its examination by experts, and an annual commission fee is provided for the extension of the certificate.
The same requirements apply to entrepreneurs who are interested in the remote form of the document obtaining. This is allowed by the country's legislation, therefore it is not always necessary to come personally.
"Prifinance" is a Simple Receipt of Payment Licenses in Australia
With us you will receive all the necessary support and comprehensive consultancy on certificates obtaining. Employees of the company:
- explain the issues of electronic financial instruments implementation to customers, business registration in different jurisdictions;
- protect the customers interests at all stages of business creation and operation;
- help to prepare a documentation package (legalization, translation), check it for correctness and completeness;
- support the customer when opening bank accounts, filing an application with the Commission for Control Over Financial Turnover and certificates obtaining;
- undertake the related bureaucratic procedures - the business registration, the receipt of individual and tax numbers, the search for resident directors (if necessary), and so on.
The total level of licensing costs is affected by many factors - a form of the company, a need to purchase equipment for a work with electronic systems and so on. The experts of "Prifinance" will take into account all the customer's needs and wishes, develop an individual strategy for the electronic money integration into the company's settlements.