Licensing proceedings

The provision of services pursuant to the German Banking Act (KWG), the German Investment Institution Act (WpIG) and the Payment Services Supervision Act (ZAG) is subject to authorisation if the services are provided in Germany on a commercial basis or to an extent that requires a commercially organised business operation.

Certain documents must be submitted to BaFin in order to apply for a licence pursuant to Section 32 para. 1 KWG, Section 15 para. 1 WpIG, Section 8 para. 1 ZAG or Section 8a para. 1 ZAG. These are in particular:

• a description of the business model;

• a business plan with a budget plan for the next three business years;

• proof of sufficient initial capital;

• a description of the applicant’s organisational structure (risk management);

• documents on owners of a significant stake in the company;

• documents proving the reliability and professional suitability of the managing directors.

We first check for our clients whether the planned business model requires a licence. The licence application is then prepared in close cooperation between us and our clients.

Our range of services includes:

• Preparation of a guide through the application requirements;

• Guidance, support, wording suggestions in the preparation of the contents of the licence application;

• Submission of the application to BaFin.

Further information on applying for a ZAG licence (payment services/e-money) can be found on our special website www.zag-recht.de.