Credit Licence Application Process

Choose your Responsible Managers

Draft your documents for ASIC

ASIC queries and additional documents

Credit Licence granted and ongoing procedural documentation

The basic steps you need to follow when obtaining an Australian Credit Licence are:

Choose your Responsible Managers

You must ensure that the Responsible Managers (RMs) nominated in your application have the appropriate skills and experience to demonstrate organisational competence in each of the authorisations that your business is seeking.

Generally, ASIC requires RMs to have:

  • a minimum of 2 years’ problem free experience engaging in credit activities under another Australian Credit Licence or as a credit representative; and
  • a relevant credit industry qualification.
 

The qualifications required will depend on the type of licence being applied for.

Read more about the Responsible Manager requirements.

Sophie Grace can assist with assessing whether your RMs meet ASIC’s stringent requirements. Alternatively, we can put you in touch with candidates who will satisfy the requirements for the business you are seeking to operate.

You can also do our quiz below to see whether your RM is suitable.

Draft your documents for ASIC

The documents submitted to ASIC for your Australian Credit Licence application are known as ‘Proof Documents’. Sophie Grace will work closely with you to prepare the following proof documentation to meet the requirements of your credit licence application:

  • Business Description;
  • People proofs for each nominated Responsible Manager – including police check, bankruptcy check and qualifications;
  • Background checks for all fit and proper people, including directors, secretaries, senior managers, controlling shareholders and officeholders of the controller (where the controller is a body corporate);
  • Fit and Proper People Proof.

Additional Information

After the submission of an application, ASIC often requires further information to accompany the application. Sophie Grace will prepare this information and/or documentation for you and liaise with ASIC on your behalf.

AFSL Application - ASIC's Assessment

Ongoing Procedural Documentation and what's next

Get Online 

  • Credit Licensee Portal: All Licensees must register for online access via the Credit Licensee portal. This portal allows you to make changes in relation to your licence, including changes to your address, Responsible Managers, authorisations and credit representatives. You should ensure that your contact details are up to date so all correspondence from ASIC is received by the appropriate person.
  • ASIC Connect: The ASIC Connect portal allows you to add a Business Name/ABN via the ASIC Connect portal.
  • ASIC Regulatory Portal: A range of regulatory services can be accessed through the ASIC Regulatory Portal. Lodgements in relation to breaches and ASIC industry funding metrics are completed via this portal.
  • Companies Portal: this portal allows officeholders, or their agents, to make changes to the company details, including changes to the address, officeholders, shareholders and share structure.
 

Enrol with AUSTRAC

Any entity that provides designated services must be enrolled with AUSTRAC within 28 days of commencing operation. Enrolment forms can be completed via AUSTRAC Online.

Appoint Credit Representatives

Credit licensees are required to notify ASIC of the appointment of any Credit Representative within 15 business days of the appointment via the ASIC Connect portal. Any changes to Credit Representative details are also required to be notified to ASIC within 15 business days.

Establish Compliance Procedures

It’s important you have established compliance procedures at this time to ensure you are meeting your ongoing compliance obligations.

Commence Operations – Provide services within 6 months

Credit licensees must commence their credit services business within 6 months of receiving their final Australian Credit Licence. ASIC has the power to cancel an Australian Credit Licence if the licensee fails to commence its business within this timeframe. Credit licensees can request an extension of time from ASIC if there are genuine reasons to do so.

Not sure if your RM is suitable, take the quiz below to find out:

Disclaimer: This quiz is to be used as a guide only. Each RM will need to be appropriately assessed before being appointed.

Note: if you do not wish to provide your contact details, simply press 'submit' at the end of the quiz and you will be able to view your results.


Name
Email
Business
Phone

If you would like to obtain further information or assistance, please contact Sophie Grace directly.

Sophie Grace Compliance Portal

Sign up today for up-to-date compliance policies and regular consultation with our staff.

Contact Us

We will contact you as soon as possible!

=