business.gov.au

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.

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.

Duration

Ongoing

Fees

Fees Details for this service in table format.

Task Type Business Structure Amount Description
Apply Application All $10000.00

Fees for 2024-25
Renew Renewal All $3000.00

Annual Monitoring by APRA (per financial year). Fees for 2024-25

Forms

Act(s) name

Banking Act 1959 Australian Government

Regulation(s) name

Banking Regulations 2016 Australian Government

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.