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All applications for AFS Licensing must be lodged with ASIC (Australian Securities & Investments Commission), and you may only commence your business of providing financial services when you have your AFS licence.
An AFS Licensing toolkit may help you with the application process, as it contains draft documents and other proofs that your company will need in order to lodge your AFS Licensing application with Australian Securities & Investments Commission (ASIC).
Specialized legal advice will help you understand how your company's current processes and proposed activities fit into the concepts of the Financial Services Act. Your legal representative will help point out the various aspects and advise on your best options. This will help you understand whether you are exempt or whether you need to consider working under another AFS licence holder.
While more financial advisers are applying for AFS Licensing, it may not be the right solution for every adviser. Those with less experience might prefer being part of a larger supervisory organisation until they have had an opportunity to build something significant. Yet, when an individual has taken the stand to show his seriousness regarding legal obligations, it adds a mark of distinction to the business.
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