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ARTICLE · 12 JUNE 2020

FACT SHEET: Top 10 tips for a successful AFSL application

Holley Nethercote
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These are our top 10 tips for a successful AFSL (Australian Financial Services Licence) application.

AustraliaFinance and Banking
Frank Varga
Frank Varga
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Here are our top 10 tips for a successful AFSL application.

  1. Organisational competency, as demonstrated by your Responsible Manager, will make or break your application.
  2. Get good legal advice at the very beginning on the need for a licence, and what types of authorisations you'll need.
  3. Decide early on whether to outsource the application. If you are not confident with preparing the documents yourself or know that you won't have time to do it properly, outsource it.
  4. Balance up the ongoing costs of holding an AFSL before proceeding – is it worth it for your business in the long term?
  5. Allow yourself a generous amount of time to prepare and draft all of the proof documents for the application (financial proof documentation takes forever to prepare).

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