Eternity Law International — Payment & E-Money Institutions — EMI License — Obtaining an EMI license in Australia

Obtaining an EMI license in Australia

Published:
June 4, 2020

Obtaining an EMI license in Australia – one of the most attractive options for doing business. For this reason, in all search engines on the World Wide Web, a query often appears on the topic of how to register a company in a given country.

Among the most active areas of business on the mainland kangaroo is the field of finance. But for the sake of doing business in the Australian world of money, you need to obtain permission for this activity (and, if necessary, for digital finance).

A financial services license (AFS) is required for such a business, unless you have an exemption from it, or you are already an entity authorized to provide these services in the format of an approved representative of another entity.

WHERE TO USE AFS

You must receive this documentation if:

  • advise clients on monetary matters;
  • conclude contracts for financial products;
  • create a market niche for financial products;
  • perform operations with registered circuits;
  • Perform the functions of a depository of financial preservation;
  • represent the services of a trust fund.

First providing fin. of services, you must be the holder of an AFS permit or be a representative of a person who already has this document.

You are also able to apply for a limited AFS license, however this fact depends on the scope of your business.

For customers, the procedure for issuing a license is an assessment of the recipient of this document for the period of application, as for owners or staff, this is not the case.

In simple words, the possession of an AFS license does not determine the high-quality services or the scrupulousness of its holder.

REGULATION OF AUSTRALIAN PAYMENT SYSTEMS

Payment products regulated by the Australian Securities and Deposit Commission (ASIC) are renowned as non-cash payment systems (NCPs).

These payments are not made by subject transfer of local or foreign currency.

Examples of NCP payment methods include bank cards with a certain amount in the account, digital finance and other services for automatic debit.

If you provide cashless payment services, you also need to obtain an AFS license.

A document is needed if you:

  • operate with cashless payment mechanisms as a product developer;
  • provide other financial services, such as advising clients on monetary matters.

But, as always, there are some exceptions to the rules, which we will discuss below. Given the services you intend to provide, you will be able to comply with the law as an authorized representative or licensee.

AFS FINDING EXCLUSIONS

NCP non-cash payment systems that fall into one of the categories listed below may be exempted from compulsory obtaining an Australian digital finance license:

  • operations are allowed only to one person;
  • the financial side of the product is relegated to the background with respect to the system, the main purpose is not related to monetary services;
  • the system performs the fin. operations transferred to credit organizations;
  • one-time digital transfers are provided, that is, between you and the customers there is no permanent agreement on the transfer of finances.

In addition, ASIC identified certain exceptions for specific financial products. For example, you are not required to obtain permission to provide financial services in the following areas:

  • you provide loyalty schemes – low-cost systems work here, when the largest amount per person is 1 thousand US dollars, and the total amount of money is not more than 10 million US dollars;
  • You represent a one-time gift-only product.

Details of exceptions are found in the 185 Cash Management Guide.

REQUIREMENTS FOR OBTAINING AUSTRALIAN ELECTRONIC PERMISSION

The requirements for obtaining this document will depend on the services you provide. For example, manufacturers of products need:

  • Demonstrate to retail customers comprehensive product data (PDS), which will contain enough information to enable the customer to make the right decision to purchase your product or not;
  • Provide retail customers with up-to-date and truthful information about the financial product and timely inform customers about both minor and significant changes regarding the NCP system.

The accounting department of the company must compile quarterly, annual financial reports and provide declarations to the tax service. Contact us for more information.

You could be interested

STP licensed broker company in Cyprus for sale

Available: STP licensed broker company in Cyprus for sale. You can check out the key details of the proposal below. STP license for sale: main considerations Cypriot entity with CySEC license 2 bank accounts in Cyprus Includes MT4 main label+ MT5 main label（25 000 accounts） Detailed information is available on request. Email: office@eternitylaw.com Telegram: @anastasiiaeternitylaw

Company with SFC (Type: 1, 4, 9) in Hong Kong - For Sale

New investment opportunity – Hong Kong company with SFC license for sale. Please review the primary details of the proposal below. SFC license in Hong Kong for sale: general information Year of the registration of the company: 2018. Status of the legal entity: company is clean with no liabilities. Scope of the SFC license: trading...

Vanuatu security dealer licensed company for sale

It’s presented for sale security dealer licensed company in Vanuatu. Purchasing of forex broker licensed company in Vanuatu! Share capital is 50 000 USD. It is clean inactive entity. Option has EMI operational account in Lithuania. Price for buying of security dealer licensed company in Vanuatu: Julia.z@eternitylaw.com / Telegram @juliazhil Please feel free to join...

Crypto License in Estonia for sale

Crypto License in Estonia is offered for sale  License since 2019 (crypto) Clean company Legal Help with the change of control Opened bank account with PI Asking price for Crypto License in Estonia: on a request. Details: nick.b@eternitylaw.com, Telegram @beihuln Please feel free to join our telegram channel in order to keep updated on the new...

Non-opеrational SEMI in UK for sale

SEMI licensed company for sale The license was issued in the end of the 2020 by Financial Conduct Authority. The company for sale hasn’t opened bank account yet. Small office (for 2 employees). Software is available on your request. Clean company for sale. No operational activity . Share capital EUR 20’000 (not included in price)....

Lithuanian API for sale

With a reasonably inexpensive and skilled labor force, quite low taxes, and an easy connection to Target2 and SEPA via the Central Bank’s payment system CENTROlink, Lithuania is a jurisdiction with PayTech-friendly regulation. By pursuing its objective of being the top EU FinTech center, Lithuania has created the perfect environment for the expansion of innovation...

Discover our services

The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.

Ready-made companies for sale

Companies with a bank account around the world

Banks for sale

Established Banks for sale

Ready-made licenses for sale

Forex, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Licensing

Forex licenses, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Offshore company registration

Expert advice on the acquisition of an offshore company

Open a bank account

Open bank accounts in more than 120 banks around the world
Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof
+41 435 50 73 23

Kyiv

Baseina street, 7
+38 094 712 03 54

London

Grosvenor Gardens, 52
+44 203 868 34 37

Washington

1629 K St. Suite 300 N.W.
+1 (888) 647 05 40 Toll Free

Vilnius

Gediminas Avenue, 44A
+370 52 11 14 32

Tallinn

Kesklinna linnaosa, Tuukri 19
+372 880 41 85

Edinburgh

Lochrin Square, 1
+44 203 868 34 37

Nicosia

Jacovides Tower, 5 floor
+371 665 550 51

Riga

Esplanade, 7 floor
+371 665 550 51

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai
800938622 Toll Free

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard
+6531594300

Sydney

20 Martin Place
+61 2 888 00 365

Porto

2609 Avenida da Boavista
+351 800 500 206 Toll Free

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7
+995706070360