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

Description

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.

Duration

Ongoing.

Fees

Fees Details for this service in table format.

Task Type Business Structure Amount
Apply Application All $8500.00
Apply Licence All $14000.00

Forms

Task Business Structure Resources
Apply All Application for Authorisation for the Representative Office of a Foreign Bank - Please consult the Contact Officer for information on forms to be submitted.

Other resources

Act(s) name

Banking Act 1959 AG

Regulation(s) name

Banking Regulations 1966 AG

Administering agency

Australian Prudential Regulation Authority

Contact details

Contact Email, Phone and Address Details for this service in simple two column table format, header then data.

Enquiries

Australian Prudential Regulation Authority

Toll Free: 1300 558 849
Phone: 02 8037 9015
Contact us website: http://www.apra.gov.au/Pages/Contact-APRA.aspx (Opens in new window)
Website: Australian Prudential Regulation Authority (Opens in new window)