Australia Securities & Investment Commission

Requirements for Obtaining an AFS License

Application Fees

Online Application for a Body Corporate AFS License

• Retail clients – Low complexity products
• Fee Code: FSL1E
• Fee: $3,721
• Retail clients – High complexity products
• Fee Code: FSL1G
• Fee: $7,537
• Wholesale clients – Low complexity products
• Fee Code: FSL1N
• Fee: $2,233
• Wholesale clients – High complexity products
• Fee Code: FSL1P
• Fee: $5,025

Paper Lodgement for a Body Corporate AFS License

• Retail clients – Low complexity products
• Fee Code: FSL1F
• Fee: $5,582
• Retail clients – High complexity products
• Fee Code: FSL1H
• Fee: $11,305
• Wholesale clients – Low complexity products
• Fee Code: FSL1O
• Fee: $3,349
• Wholesale clients – High complexity products
• Fee Code: FSL1Q
• Fee: $7,537

Variation of AFS License Conditions

• For Individuals (Online):
• Fee Code: FS03
• Fee: $2,214
• For Individuals (Paper):
• Fee Code: FS03
• Fee: $3,328
• For Body Corporate (Online):
• Fee Code: FS03
• Fee: $2,470
• For Body Corporate (Paper):
• Fee Code: FS03
• Fee: $3,704

Other Requests and Applications

• Voluntary Suspension of AFS License:
• Fee Code: FS64
• Fee: $899
• Cancellation of AFS License:
• Fee Code: FS65
• Fee: $899
• Vary or Revoke AFS License Suspension:
• Fee Code: FS68
• Fee: $899
• Notify Change of AFS Licensee Details:
• Fee Code: FS20
• Fee: No fee (Late fees apply if notified after 10 business days).
• Exemption Requests:
• For Individuals, Corporate Bodies, or Partnerships:
• Fee Code: FS10, FS10B, FS10C, FS10D
• Fee: $3,487

Application Process

Step 1: Applying for and Varying an AFS License

Begin by reviewing the overall application process to ensure you understand the requirements and steps involved.

Step 2: Preparing Your Application

• Before submitting your application, prepare your core proofs. These documents are critical and must be submitted promptly after lodging the application online.
• Applications must only be submitted once all supporting documents are available. Scan and email the core proofs to licensing.afslproofs@asic.gov.au. Use the applicant's name and reference number in the email subject line.

Step 3: Additional Proofs

• Additional documents may be required during the application review.
• To avoid unnecessary delays and costs, do not prepare any additional proofs until ASIC explicitly requests them.

Application Assessment Criteria

ASIC will assess your application based on the following factors:

1. Competence:
2. Your ability to operate the proposed financial services business.
3. Financial Resources:
4. Verification that you have sufficient funds to support and maintain the business operations.
5. Compliance with AFS Licensee Obligations:
6. You must meet key requirements such as:

• Training of staff
• Compliance systems and processes
• Insurance coverage
• Effective dispute resolution mechanisms

For International Applicants:

If you are applying from regions like India, ensure compliance with both local and Australian financial services laws to streamline your application process.