The application's actual process depends on a number of factors, such as the type of license or authorization being applied for. However, most application processes take the form set out below.

The application process starts with the submission of the relevant forms and other essential documents. When these have been received in good order, the relevant supervisor will evaluate the firm’s compliance with the applicable requirements, as set out in question 5 above. In general, DNB and the AFM have 13 weeks to decide on an application for a license. Different consideration periods may apply for specific licenses (for example, the AFM has 26 weeks to decide on the application for a license as an alternative investment fund manager). However, the actual consideration period depends on many factors, and this consideration period may be extended. This is often due to an inadequate or incomplete application or due to the submitted documents giving rise to further information requests.

In addition to the relevant license application forms, the following forms and documents have to be submitted by most undertakings:

• Forms, including supporting documents, regarding the suitability and integrity of managing directors and supervisory board members
• A business plan that contains at least the names and titles of the employees, the way in which customers are solicited, potential cooperation agreements with other companies, remuneration policies, turnover for each financial product and/or service for the coming three years, and an overview of costs for the coming three years
• A description of business processes, including governance manuals, compliance manuals, internal controls, anti-money laundering policies, remuneration policies, etc.
• An organizational chart that includes the majority shareholders and the names of all managing directors
• A recent extract from the trade register
• A form disclosing that all day-to-day policymakers and/or supervisors who are not subject to the aforementioned suitability and integrity requirements have taken a “banker’s oath” or will do so within three months