What is the Memorandum of Association

Individuals and companies that wish to establish a bank are required to obtain a banking license from the relevant regulatory body. This process can be completed provided that the Memorandum of Association is provided with the other relevant documents required for bank registration.

The Important of the Memorandum of Association

The Memorandum of Association, also known as the Memorandum, is an obligatory legal certificate that must be obtained by anyone who wishes to acquire a banking license. It is a legal document that must be acquired, together with a number of other certificates, during the licensing, registration and formation stage of any financial institution.

During the bank formation stage, there are a number of documents that are expected to be filed to the jurisdiction’s financial regulatory body. It is integral that individuals and companies who wish to establish their financial institution administer and submit the documentation to the regulatory authority in a professional manner to obtain their license.

This legal certificate outlines and regulates the external activity of the company and the governance of the relationship between the company and external bodies. The Memorandum of Association details how the company will operate and conduct business in relation to its clients and external associates. It also acknowledges that each member (or subscriber) confirms their intention to form a company and become a member of that company in compliance with the information outlined within the certificate.

Individuals and companies that want to form a bank or financial institution are advised to seek the advice of a professional consultancy firm. Through the assistance of experienced consultants, you can acquire your bank license and fulfill the necessary criterion in a professional and timely manner.