Authorisation for the Representative Office of a Foreign Bank - Australian Government

Service summary

You will require this authorisation if you are a foreign bank intending to establish a representative office in Australia. Consent is also required for a foreign bank to use the word bank, or its equivalent, as part of the bank's corporate name in connection with maintaining a representative office.

Foreign banks may also apply to establish locally incorporated banking subsidiaries in Australia or apply to operate through branches.

Please consult the Contact Officer for more information.

Service type

Licence

A licence defines the need to obtain recognition / certification and registration to undertake a certain business activity.

Eligibility requirements

To be eligible for this authorisation you must:

  • be recognised as a bank under the laws of your home country
  • be of good substance and repute
  • be subject to adequate standards of prudential supervision in your home country
  • have received approval from your home country supervisor to establish a representative office in Australia
  • satisfy the Agency you can adhere to high standards of prudential management, including minimum entry and operating standards.

Please consult the Contact Officer for more information regarding eligibility requirements.

Prerequisites

Duration

Ongoing.

Fees

 TypeDescription
ApplyApplication

$8 500

Licence

$14 000 per financial year.

Forms

 Resources
Apply

Application for Authorisation for the Representative Office of a Foreign Bank - Please consult the Contact Officer for information on forms to be submitted.

Administering agency

Australian Prudential Regulation Authority

Act(s) name

Banking Act 1959 (Australian Government)

Regulation(s) name

Banking Regulations 1966 (Australian Government)

Contact details

Enquiries
Australian Prudential Regulation Authority

Phone:

02 8037 9015

Toll Free:

1300 558 849

Contact us website:

http://www.apra.gov.au/Pages/Contact-APRA.aspx Opens in a new browser window

Website:

Australian Prudential Regulation Authority Opens in a new browser window

Supporting information

Disclaimer

The information contained on the Australian Business Licence and Information Service (ABLIS) web site, or via packages or other sources is intended for general guidance only.

To the full extent permitted by law, the Federal, State, Territory and Local Governments make no representations or warranties (expressed or implied) in relation to the information, including its accuracy, currency or completeness.

The business information provided does not constitute professional or legal advice, nor is the use of any third party resource an endorsement of the information contained, the associated organisation, product or service. It is recommended that you obtain appropriate professional and /or independent legal advice to ensure that the material provided here is relevant to your particular circumstances.

To the full extent permitted by law the Federal, State, Territory and Local Governments, their employees and agents do not accept any liability for any reason, including without limitation, liability in negligence, to any person for the general information which is provided herein, or in respect of anything, including the consequences of anything done, or not done, by any such person in whole or partial reliance upon the information.