What is the time period to obtain a bank license

Individuals and companies that wish to obtain a banking license are required to fulfill a number of requirements as stipulated by the jurisdiction’s regulatory body. As a result, the time period required to process the application and issue the banking license is dependent on the jurisdiction’s regulatory body.

How long will it take to acquire the banking license?

Individuals and companies that wish to establish an offshore bank are required to meet the criteria as outlined by the jurisdiction’s financial regulatory authority. The process of obtaining a banking license is usually different from one jurisdiction to another, therefore it is imperative to research and be aware of the conditions in order to be successful.

Typically, the initial bank license application must be filed with the Central Bank or Financial Authority of the jurisdiction. The type of application and the capital requirement is dependent on the type of license you wish to attain.

The following is a basic outline of the documents that may be required:

  • References: 2 financial and 2 character references
  • Police report declaring clean records
  • Financial standing through bank statements
  • Details of directors and shareholders of the bank
  • Business plan

The above mentioned documents must be filed with the initial application for the banking license. It may take some companies up to a period of one year to administer all of these documents and file them with the Central Bank.

After the documents have been received by the financial regulators, they will be issued with the banking license in a period varying from 30-60 days. This is largely dependent upon the type of banking license applied for and the jurisdiction’s regulations.