Licensing
What is the Licensing Process in GMC?
- 1
Initial contact
First contact the GFSO at gfso@gmc.bt to arrange an initial meeting.
- 2
Initial meeting
At the initial meeting, you will need to present your proposed business model and explain why you wish to set up in GMC. Subject to the outcome of this initial meeting, the GFSO may invite you to submit an application for a Financial Services Licence and send you the application form(s).
- 3
Application fee
When you submit your application form(s), the GFSO will issue the invoice for the non-refundable application fee you are required to pay.
- 4
Review
The GFSO will review your application and request meetings with you where required. This may include interviewing key personnel from your business.
- 5
In-Principle Approval
If your application is successful, you will receive an In-Principle Approval (“IPA”) containing a number of pre-conditions you must satisfy before you are issued the actual Financial Services Licence. Note that the IPA does not permit you to conduct your business in GMC yet.
- 6
Fulfil IPA conditions
You must fulfill the IPA conditions, which will include incorporating a company in GMC via the Gelephu Corporate Registration Office (“GCRO”) department within the GMCA, opening a bank account in GMC, injecting the required regulatory capital, obtaining office space in GMC, hiring key personnel, etc.
- 7
Licence issued
Once you have fulfilled all IPA conditions, the GFSO will issue the Financial Services Licence to you, which allows you to commence your business in GMC.
Before you apply
Application Checklist
- 1
Application Form(s)
For a Financial Services Licence. Includes a general application form applicable to all applicants, and supplementary forms for certain regulated activities pertaining to banking, broker-dealer, asset management and insurance activities.
- 2
Business Plan
A business plan in GMC that illustrates its compliance with the relevant regulations.
- 3
Compliance Manual
Describes the GFSO regulatory requirements the firm is subject to and its internal controls.
- 4
Anti-Money Laundering Manual
Compliance support
Ready to Begin Your Application?
Contact the GFSO to arrange an initial meeting and start your licensing journey in GMC.
