Applicants must have approved educational qualifications (or be in partnership with a person who holds the qualifications if running a business). In addition to holding these qualifications, applicants must be fit and proper persons and not have been found guilty or convicted of a class of offence specified in the regulations; or suspended or disqualified from practising a trade, occupation or business in Australia.
If the licence will not be subject to an employee condition, the applicant must also, not be bankrupt or subject to a composition or deed or scheme of arrangement with or for the benefit or creditors; within 5 years of applying, not have been a director of a body corporate which has been wound up for the benefit of the creditors at the time of winding up or within 6 months preceding the commencement of the winding up; and you must have sufficient financial resources.
Each partner in partnership must be licensed if they intend to carry on the functions of the licence. Applicants with business conditions must show sufficient business knowledge and experience.