What is a banking license?
A banking license is a special government-issued document that permits banking operations, such as
- issuance of loans
- deposit operations
- currency exchange
- opening and maintaining bank accounts
- work with other banking products.
When an organization has a banking license, it receives the legal right to conduct transactions related to banking products.
Get a banking license? Easily!
Our specialists know all the intricacies of obtaining banking licenses, including abroad. We work all over the world and we can say based on our experience that the following countries are the most popular:
- United Kingdom of Great Britain and Northern Ireland
- Germany
- Cyprus
- Lithuania
- Latvia
- Czech Republic
- Panama
And other jurisdictions. If you want to know in more details about the intricacies of acquiring a banking license or to clarify any questions, please, contact us and we will help resolve any of your issues.
License terms and other restrictions
– UNLIMITED
The document itself is issued for an indefinite period, however, there is a license withdrawal. That is, once having received a license, an organization has the right to use it for an unlimited amount of time. The Central bank can revoke the license of those organizations that no longer meet certain legal requirements.
Each country has its own subtleties, so contact our specialists to clarify some of the details and pitfalls of certain jurisdictions.
– LICENSE WITHDRAWAL
In certain cases, financial organizations may be deprived of licenses, but this is due to rather gross violations of business, for example:
- failure to comply with the Central Bank standards
- amount of capital is below the required minimum
- shortage of funds
In such a case, the interim management of the bank is appointed. As a result, the organization can be liquidated or declared bankrupt.
It is necessary to conduct all business activities very carefully and regularly consult with lawyers on changes in legislation. In this case, negative scenarios are exclusively excluded.
Process and subtleties of obtaining a license
Banking license is issued by special regulatory authorities. First of all, it is necessary to prepare a set of documents and submit an application in the correct form.
As a rule, banking licenses can be different, it is important to choose the one that suits your particular case.
The time frame for obtaining the document depends on the jurisdictional authority, type of the requested license, as well as the bureaucratic procedures themselves. In order to obtain a license as soon as possible, you should contact professionals who know all the subtleties of paperwork and who will significantly save your time and money.
Licenses in offshore zones
Complexity of obtaining a banking license abroad is connected with legislative approaches and business stimulation abroad.
It is worth noting that, depending on the offshore zone, a client receives guarantees of the safety of his or her funds and many advantages as a foreign entity conducting economic activity.
Our company is ready to assist you in obtaining the required banking license in any offshore country. You can get a preliminary consultation today by simply contacting us.
Oleg Venediktov
General counsel of VIP Departament
Also, our company provides licensing services for various types of activities
You can get additional information by phone:
+35725263434 or email: assist@legalawyers.com
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