Licence types
Banks
Deposit-taking credit institutions, from full commercial banks to international and private banks. Compared across 77 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 |
| 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 |
| 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 |
| 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 |
| 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) | Caution |
| 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) | Caution |
| 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) | Caution |
| 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.