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.
A licence defines the need to obtain recognition / certification and registration to undertake a certain business activity.
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.
$14 000 per financial year.
Application for Authorisation for the Representative Office of a Foreign Bank - Please consult the Contact Officer for information on forms to be submitted.
Australian Prudential Regulation Authority
Banking Act 1959 (Australian Government)
Banking Regulations 1966 (Australian Government)
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