The process of obtaining an AFSL (Australian Financial Services Licence) can be pretty time-consuming and requires deep understanding of regulatory requirements relevant to your specific financial service or product offering. 'How long does it take?' is a question very often asked and we can confidently say, the timeline for approval varies depends on the complexity of your application.
Generally speaking... it can take several months, and in some cases, up to 10 months or even a year to complete. It's not uncommon for ASIC (Australian Securities and Investments Commission) to request additional information or seek clarification during the application process, which may further extend the timeline.
AFSL Application milestones are highlighted in this chart:
AFSL performance - number of days to reach % decisions
Source: ASIC Liaison Meeting October 2022. Whilst there is no fixed timeframe for ASIC's assessment of applications, it can take them up to a year for some cases. This is in addition to the time you spend preparing the application, which itself can take months. Working with a service provider experienced in preparing successful applications can expedite the process, provided all necessary documentation is in order, and any potential ASIC questions or concerns are anticipated and promptly addressed.
To expedite the process and allow you to focus on your business sooner, it can be advantageous to consider outsourcing or renting someone else's AFSL. This can enable you to obtain the necessary license within a week or two, rather than going through the lengthy application process yourself. Should you have any further questions, require assistance in applying for your own AFSL, or to become an authorised representative of Avenir Capital,
contact us today for an obligation free consult:
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OR, contact one of our team directly, Anya, on 0438 355 002 or email ahaywood@avenircapital.com.au