The requirements to obtain a license depend on the particular type of activity. FINMA publishes detailed guidelines regarding the information and documents required for all types of licenses (partially available in English). In general, the following criteria are examined by FINMA:

• Capital adequacy – In particular, banks, securities dealers, and insurers are subject to minimum capital requirements. The business plan is examined as a part of the licensing process in order to ensure that capital adequacy can be maintained.
• Proper business conduct – The management and the qualified participants/shareholders (being persons who directly or indirectly hold at least 10% of the capital or the voting rights) of the licensed entity must exhibit proper business conduct. This requirement gives FINMA rather broad discretion with respect to granting and revoking a license – as well as to impose other sanctions.
• Organization – Depending on the type of license sought, FINMA examines the organization of the management, the separation of internal functions, the effectiveness of the risk management, and the internal control system.
• Location of offices and legal form – Some licenses require a registered office (subsidiary or branch) and central management in Switzerland or a certain legal form (e.g., stock corporation).
• Consolidated supervision – If the entity is part of a financial group, it may be subject to the requirement of adequate consolidated supervision by a recognized supervisory authority.
• Reciprocity – Applicants under foreign control are in general only eligible for a license if the country where the qualified participants are domiciled guarantees reciprocal rights.
• Appointment of supervisory auditor – A regulatory audit firm (recognized by FINMA) that conducts the ongoing supervision of the entity is required for some types of licenses.