Licence types
Banks
Deposit-taking credit institutions, from full commercial banks to international and private banks. Compared across 88 regimes. Figures are the statutory minimums from each regulator; real capital needs are usually higher.
| Jurisdiction | Licence | Minimum capital | Timeline | Risk |
|---|---|---|---|---|
| Austria Europe (EU) | Bank licence (Konzession zum Betrieb von Bankgeschaeften), CRR credit institution ECB on a draft decision proposed by the FMA | EUR 5,000,000 | CRD Art. 15: decision within six months of a complete application and in any event within 12 months of receipt; the ECB then has ten working days (extendable once) to object to the FMA draft | Standard |
| Belgium Europe (EU) | Authorisation (agrément) as a credit institution ECB on a draft decision of the NBB (SSM) | EUR 6,200,000 | Decision within 6 months of a complete file and at the latest 12 months after receipt of the application (Banking Act art. 12) | Standard |
| Cyprus Europe (EU) | Authorisation as a credit institution ECB on proposal of the CBC | EUR 5,000,000 | CRD art. 15: six months from a complete application, and in any event 12 months | Standard |
| Estonia Europe (EU) | Authorisation of a credit institution ECB, on a proposal from Finantsinspektsioon | EUR 5,000,000 | Finantsinspektsioon: 6 to 12 months; decision within 6 months of complete documents and not later than 12 months after the application | Standard |
| France Europe (EU) | Agrément as a credit institution (établissement de crédit) ECB on proposal of the ACPR | EUR 5,000,000 | 6 months from a complete file, and at most 12 months from initial submission (ACPR) | Standard |
| Germany Europe (EU) | Licence to conduct banking business (CRR credit institution) ECB on proposal of BaFin | EUR 5,000,000 | BaFin must decide within 6 months of complete documents (KWG § 33(4)); CRD art. 15 caps the process at 12 months from receipt | Standard |
| Ireland Europe (EU) | Banking licence (credit institution) ECB, with the application submitted to the Central Bank of Ireland | EUR 5,000,000 | CRD Art. 15: decision within 6 months of a complete application and in any event within 12 months of receipt | Standard |
| Italy Europe (EU) | Banking licence (autorizzazione all'attività bancaria) ECB on proposal of Banca d'Italia | EUR 10,000,000 | ECB final decision within 180 days of receipt of the application (subject to suspensions) and in any case within 12 months | Standard |
| Lithuania Europe (EU) | Bank licence (credit institution) ECB, on the basis of an assessment by the Bank of Lithuania (SSM) | EUR 5,000,000 | Law on Banks art. 9(11): decision within 6 months of receipt of the application (or of additional documents), and in any case within 12 months | Standard |
| Lithuania Europe (EU) | Specialised bank licence ECB, on the basis of an assessment by the Bank of Lithuania (SSM) | EUR 1,000,000 | Same statutory timeframe as a regular bank: Law on Banks art. 9(11), 6 months, and in any case 12 months | Standard |
| Luxembourg Europe (EU) | Credit institution authorisation ECB on proposal of the CSSF | EUR 8,700,000 | CSSF states a 12-month legal deadline for licensing decisions; CRD art. 15 sets 6 months from a complete file | Standard |
| Malta Europe (EU) | Licence to carry on the business of banking (credit institution) ECB on proposal of the MFSA (SSM parallel procedure) | EUR 5,000,000 | MFSA must determine within six months of receipt (or of complete information), and in any event within twelve months (BR/01 paras 37 to 39; CRD art. 15) | Standard |
| Netherlands Europe (EU) | Licence to pursue the business of a bank ECB, with the application handled by DNB | EUR 5,000,000 | DNB: statutory consideration period of 26 weeks from the formal application; can take longer if the file is incomplete | Standard |
| Poland Europe (EU) | Authorisation to establish a bank and authorisation to commence activity (two-stage bank licence) KNF (Poland is outside the euro area and the SSM) | EUR 5,000,000 | No specific Polish deadline found on KNF pages; CRD art. 15 requires a decision within 6 months of a complete application and in any case within 12 months | Standard |
| Portugal Europe (EU) | Credit institution authorisation ECB on proposal of Banco de Portugal | Not published | CRD Art. 15: decision within 6 months of a complete application and in any event within 12 months of receipt | Standard |
| Spain Europe (EU) | Authorisation of a bank (entidad de crédito) ECB on proposal of the Banco de España | EUR 18,000,000 | Decision within 6 months of receipt or of completion of the file and in any case within 12 months; silence means refusal (RD 84/2015 art. 3(2)) | Standard |
| Gibraltar Europe (non-EU) | Credit institution (Part 7 permission) GFSC | EUR 5,000,000 | Not published | Standard |
| Guernsey Europe (non-EU) | Deposit taking licence GFSC (Banking and Insurance Division) | Not published | Not published | Standard |
| Isle of Man Europe (non-EU) | Class 1(1) deposit taking licence IOMFSA | Not published | IOMFSA service standard of 6 months from a complete application; longer if incomplete or issues arise | Standard |
| Jersey Europe (non-EU) | Registration to carry on deposit-taking business JFSC | Not published | Not published | Standard |
| Liechtenstein Europe (non-EU) | Bank licence (Bewilligung als Bank) FMA Liechtenstein (no ECB involvement: Liechtenstein is outside the euro area and the Single Supervisory Mechanism) | CHF 10,000,000 | FMA decides within six months of receipt of the complete application; an application left incomplete for twelve months is rejected | Standard |
| Monaco Europe (non-EU) | Credit institution agrément (Monegasque bank or branch of a foreign credit institution) ACPR (banking operations), CCAF (financial activities) and the Monegasque Government (establishment) | Not published | Not published | High risk |
| Switzerland Europe (non-EU) | Banking licence FINMA | CHF 10,000,000 | Not published | Standard |
| United Kingdom Europe (non-EU) | Part 4A permission to accept deposits (UK bank authorisation) PRA, with the consent of the FCA (dual regulation) | Not published | Statutory deadline of 6 months from a complete application, or 12 months from receipt of an incomplete application | Standard |
| Bahrain Middle East | Conventional bank licence (retail or wholesale) Central Bank of Bahrain | BHD 100,000,000 | CBB gives a formal decision within 60 calendar days of a complete application (Article 44(e) CBB Law, LR-3.1.14); outstanding requirements must be submitted within 6 months | Standard |
| Bahrain Middle East | Islamic bank licence (retail or wholesale) Central Bank of Bahrain | BHD 100,000,000 | 60 calendar days from a complete application, as for conventional banks | Standard |
| Qatar (QFC) Middle East | QFC authorisation for banking business (deposit-taker) QFC Regulatory Authority | QAR 35,000,000 | Not published | Standard |
| Qatar (QFC) Middle East | Qatar Central Bank banking licence Qatar Central Bank | Not published | Not published | Standard |
| United Arab Emirates (onshore) Middle East | Bank licence (UAE-incorporated bank, specialised bank or branch of a foreign bank) Central Bank of the UAE | AED 2,000,000,000 | Not published | Standard |
| United Arab Emirates (onshore) Middle East | Restricted Licence Bank Central Bank of the UAE | AED 1,000,000,000 | Not published | Standard |
| United Arab Emirates: Abu Dhabi Global Market (ADGM) Middle East | Financial Services Permission for Accepting Deposits (Category 1, or Category 5 for an Islamic Financial Institution managing a PSIAu) FSRA | USD 10,000,000 | Not published | Standard |
| United Arab Emirates: Dubai International Financial Centre (DIFC) Middle East | Licence to carry on Accepting Deposits (Category 1, or Category 5 for an Islamic Financial Institution managing an unrestricted PSIA) DFSA | USD 10,000,000 | Not published | Standard |
| Australia Asia-Pacific | Authorised deposit-taking institution (ADI) licence, direct pathway APRA | AUD 15,000,000 | Not published | Standard |
| Australia Asia-Pacific | Restricted ADI licence (restricted pathway) APRA | AUD 3,000,000 | Not published | Standard |
| Hong Kong Asia-Pacific | Banking licence (licensed bank) HKMA | HKD 300,000,000 | Not published | Standard |
| Hong Kong Asia-Pacific | Digital bank (virtual bank) licence HKMA | HKD 300,000,000 | Not published | Standard |
| Hong Kong Asia-Pacific | Restricted banking licence (restricted licence bank) HKMA | HKD 100,000,000 | Not published | Standard |
| Hong Kong Asia-Pacific | Deposit-taking company registration HKMA | HKD 25,000,000 | Not published | Standard |
| Japan Asia-Pacific | Banking licence Prime Minister (delegated to the FSA Commissioner) | JPY 2,000,000,000 | Not published | Standard |
| Labuan (Malaysia) Asia-Pacific | Labuan banking licence Labuan FSA | Not published | Labuan FSA states processing of 30 working days (normal) or 15 days (fast track) once the application is complete | Standard |
| Labuan (Malaysia) Asia-Pacific | Labuan investment banking licence Labuan FSA | MYR 10,000,000 | Not published | Standard |
| Labuan (Malaysia) Asia-Pacific | Labuan digital bank licence Labuan FSA | MYR 200,000,000 | Not published | Standard |
| New Zealand Asia-Pacific | Registered bank (moving to licensed deposit taker) RBNZ | Not published | Not published | Standard |
| Philippines Asia-Pacific | Universal or commercial banking licence Monetary Board of the BSP | Not published | Not published | Standard |
| Philippines Asia-Pacific | Digital bank licence Monetary Board of the BSP | PHP 1,000,000,000 | Not published | Standard |
| Singapore Asia-Pacific | Full bank licence MAS | Not published | MAS states processing typically takes about three to four months once the application is complete | Standard |
| Singapore Asia-Pacific | Wholesale bank licence MAS | SGD 100,000,000 | About three to four months once the application is complete | Standard |
| Singapore Asia-Pacific | Digital full bank licence MAS | SGD 15,000,000 | Not published | Standard |
| Singapore Asia-Pacific | Digital wholesale bank licence MAS | SGD 100,000,000 | Not published | Standard |
| South Korea Asia-Pacific | Banking business authorisation (commercial bank) FSC | KRW 100,000,000,000 | Not published | Standard |
| South Korea Asia-Pacific | Internet-only bank authorisation FSC | KRW 25,000,000,000 | Not published | Standard |
| Antigua and Barbuda Americas & Caribbean | International Banking Licence (Class I, Class II and Class III) Financial Services Regulatory Commission (Supervisor of International Banks and Trust Corporations) | USD 3,000,000 | FSRC must issue or refuse within 3 months of receiving the application, or within 14 days of receiving any additional information requested | Standard |
| Antigua and Barbuda Americas & Caribbean | Licence to carry on banking business (domestic, ECCU) Eastern Caribbean Central Bank | XCD 20,000,000 | Central Bank must grant or refuse within 6 months of a completed application | Standard |
| Argentina Americas & Caribbean | Autorización para funcionar como banco comercial (commercial bank authorisation) Banco Central de la República Argentina | ARS 5,000,000,000 | Not published | Standard |
| Argentina Americas & Caribbean | Sucursal de entidad financiera del exterior (branch of a foreign financial entity) Banco Central de la República Argentina | ARS 5,000,000,000 | Not published | Standard |
| Bahamas Americas & Caribbean | Public bank and/or trust licence Central Bank of The Bahamas | BSD 5,000,000 | Central Bank states a typical processing timeframe of 2 months once all documents are received | Standard |
| Bahamas Americas & Caribbean | Restricted bank and/or trust licence (including nominee trust licence) Central Bank of The Bahamas | BSD 100,000 | Central Bank states a typical processing timeframe of 2 months once all documents are received | Standard |
| Barbados Americas & Caribbean | Foreign currency earning bank licence (Part IIIB) Central Bank of Barbados (applications to the Minister under s. 41J) | BBD 4,000,000 | Not published | Standard |
| Barbados Americas & Caribbean | Commercial bank licence (Part II) Central Bank of Barbados | BBD 4,000,000 | Not published | Standard |
| Bermuda Americas & Caribbean | Banking licence, deposit company licence or restricted banking licence Bermuda Monetary Authority, with the Minister of Finance advising that the grant accords with government economic and financial policy | BMD 10,000,000 | Not published | Standard |
| Bolivia Americas & Caribbean | Licencia de funcionamiento de Banco Múltiple (multiple bank licence) Autoridad de Supervisión del Sistema Financiero | Paid-in capital in bolivianos equal to UFV 30,000,000 (art. 217). The UFV is an inflation-indexed unit, so the boliviano amount changes daily. The executive may raise the minimum by supreme decree but may not lower it (art. 155). | Not published | High risk |
| Bolivia Americas & Caribbean | Licencia de funcionamiento de Banco PYME (small and medium enterprise bank licence) Autoridad de Supervisión del Sistema Financiero | Paid-in capital in bolivianos equal to UFV 18,000,000 (art. 217). | Not published | High risk |
| Bolivia Americas & Caribbean | Licencia de funcionamiento para sucursal de banco extranjero (foreign bank branch licence) Autoridad de Supervisión del Sistema Financiero | Not published | Not published | High risk |
| Brazil Americas & Caribbean | Autorização para funcionamento de banco comercial ou banco múltiplo (authorisation of a commercial or multiple bank) Banco Central do Brasil | BRL 56,000,000 | Not published | Standard |
| British Virgin Islands Americas & Caribbean | General banking licence Financial Services Commission | USD 2,000,000 | Not published | High risk |
| British Virgin Islands Americas & Caribbean | Restricted Class I and restricted Class II banking licence Financial Services Commission | USD 1,000,000 | Not published | High risk |
| Canada Americas & Caribbean | Letters patent of incorporation and order to commence and carry on business (Schedule I or Schedule II bank) Minister of Finance (letters patent) and Superintendent of Financial Institutions (order) | CAD 5,000,000 | Not published | Standard |
| Canada Americas & Caribbean | Authorized foreign bank branch (Schedule III) Minister of Finance and Superintendent of Financial Institutions | Not published | Not published | Standard |
| Cayman Islands Americas & Caribbean | Category "A" banking licence Cayman Islands Monetary Authority | KYD 400,000 | CIMA policy gives a typical processing time of 5 weeks for Category A once all documents are received; the licensing requirements page says about 6 to 8 weeks for a complete application. | Standard |
| Cayman Islands Americas & Caribbean | Category "B" banking licence (including restricted "B") Cayman Islands Monetary Authority | KYD 400,000 | CIMA policy gives a typical processing time of 4 weeks for Category B once all documents are received. | Standard |
| Chile Americas & Caribbean | Autorización de existencia y funcionamiento de empresa bancaria (banking licence) Comisión para el Mercado Financiero | CLF 800,000 | Staged process. The CMF may reject the prospectus within 180 days (art. 30), extendable once by 180 days in exceptional cases. After the authorisation of existence, the CMF checks readiness within 90 days and grants the operating authorisation within 30 days (art. 31). | Standard |
| Chile Americas & Caribbean | Sucursal de banco extranjero (foreign bank branch) Comisión para el Mercado Financiero | CLF 800,000 | Not published | Standard |
| Curaçao Americas & Caribbean | Credit institution licence (local or international credit institution) Centrale Bank van Curaçao en Sint Maarten (CBCS) | Not published | CBCS decides within 60 days of receiving a complete application (art. 7); the Bank may ask for missing information to be supplied within 30 days | Standard |
| Dominica Americas & Caribbean | Offshore banking licence (offshore only, joint offshore/onshore, onshore only) Financial Services Unit | USD 1,000,000 | Not published | Standard |
| Dominica Americas & Caribbean | Banking licence (domestic commercial bank) Eastern Caribbean Central Bank | XCD 20,000,000 | ECCB must grant or refuse within six months of a completed application | Standard |
| Mexico Americas & Caribbean | Autorización para organizarse y operar como institución de banca múltiple (commercial bank authorisation) Comisión Nacional Bancaria y de Valores, with the favourable opinion of the Banco de México | MXV 90,000,000 | Not published | Standard |
| Mexico Americas & Caribbean | Filial de institución financiera del exterior (subsidiary bank of a foreign financial institution) Comisión Nacional Bancaria y de Valores, after hearing the Banco de México | MXV 90,000,000 | Not published | Standard |
| Mexico Americas & Caribbean | Oficina de representación de entidad financiera del exterior (representative office of a foreign financial institution) Comisión Nacional Bancaria y de Valores | Not published | Not published | Standard |
| Panama Americas & Caribbean | Licencia General (general banking licence) Superintendencia de Bancos de Panamá | PAB 10,000,000 | Superintendent decides within up to 90 days of a complete application (art. 48) | Standard |
| Panama Americas & Caribbean | Licencia Internacional (international banking licence) Superintendencia de Bancos de Panamá | PAB 3,000,000 | Superintendent decides within up to 90 days of a complete application (art. 48) | Standard |
| Panama Americas & Caribbean | Licencia de Representación (representative office licence) Superintendencia de Bancos de Panamá | Not published | Superintendent decides within up to 90 days of a complete application (art. 48) | Standard |
| Mauritius Africa | Banking licence Bank of Mauritius | MUR 400,000,000 | Not published | Standard |
| Mauritius Africa | Banking licence to carry on exclusively private banking business Bank of Mauritius | MUR 200,000,000 | Not published | Standard |
| Mauritius Africa | Banking licence to carry on exclusively digital banking business Bank of Mauritius | MUR 200,000,000 | Not published | Standard |
| Seychelles Africa | Banking licence Central Bank of Seychelles | SCR 20,000,000 | CBS confirms completeness within 30 days and must grant or refuse within 90 days of a complete application (FIA s.6) | Standard |
| Seychelles Africa | Offshore banking licence Central Bank of Seychelles | USD 2,000,000 | Same FIA s.6 standard: decision within 90 days of a complete application | Standard |
| South Africa Africa | Bank registration (authorisation to establish under s.12, registration under s.16) Prudential Authority, with the concurrence of the FSCA | ZAR 250,000,000 | PA guidance: overall process generally 6 to 9 months; registration must be applied for within 12 months of authorisation to establish | Standard |
| South Africa Africa | Mutual bank registration Prudential Authority | ZAR 10,000,000 | PA guidance for bank and mutual bank licensing: generally 6 to 9 months | Standard |
Sources are listed on each jurisdiction page. Information only, not legal advice.