Commercial bank license requirements

1. Organization
   • Joint stock company
2. Capitals
   • EUR 5,000,000
3. Founders
   • legal or natural persons in number no less than 3
   • competence requirements and financial standing
4. Board of Directors
   • at least 3 natural persons
   • competence and warranty requirements (suitability assessment)
5. Supervisory Board
   • at least 5 natural persons
   • competence and warranty requirements (suitability assessment)

Stages of obtaining a commercial bank license

1. Verification stage
   • reviewing the business concept and resources of the founders for the possibility of applying for a license to establish a bank and start operations
   • implementation of adjustments
2. Preparation
   • establishing the scope of services, scale, nature and area of operations
   • determining the resources required in the first 3 years of operation
3. Permission to establish a bank – application

• • providing internal documentation, including a model charter and an activity program and financial plan
  • jointly determining the final content of the internal documentation and the activity program and financial plan
  • gathering a set of source documentation required of the founders and persons scheduled to become board members

4. Permission to establish a bank – proceedings
   • periodic communication with the authority and preparation of responses to the authority’s summonses
5. Obtaining an entry in the National Court Register
6. Permission to start operations – preparation
   • analysis of the conditions set forth in the decision on the establishment of the bank and implementation of adjustments
7. Permission to start operations – application
   • provision of model non-statutory internal documentation, including on the risk management system and internal control system
   • preparation of the application taking into account the conditions set forth in the decision on the establishment of the bank
8. Permission to start operations – proceedings
   • preparation for the inspection of the fulfillment of the conditions for the issuance of the permit carried out by the UKNF and assistance during the course of the inspection
   • periodic communication with the authority and preparation of responses to the authority’s requests
9. Commencement of operations