In order to obtain a license from FINMA, the applicant is required to undergo and complete a formal process. This includes the submission of a detailed application showing that the license requirements are met and that they can be maintained. The documentation to be filed strongly depends on the type of license sought. Broadly, details on the following items must be provided:

• General data – Business model, financials, history of the parent entity, etc.
• Capitalization and shareholdings – Information on the company capital and shareholders, particularly in respect to qualified participations/shareholders
• Management – Organization and composition of management bodies and detailed information on the members of the governing bodies
• Activity and organization – Details on the planned activities and internal processes
• Business plan – Detailed business plan including budget for the next fiscal years
• Audit firm – Information regarding the supervisory auditor
• Proof of adequate consolidated supervision – If the applicant is part of a financial group, it must be demonstrated to FINMA that the group is subject to adequate consolidated supervision.

The application must be filed in a Swiss official language (i.e., German, French or Italian). It is advantageous to establish informal contact with FINMA before the formal application is filed. The length of the application process greatly depends on the type of license sought and the quality and complexity of the application at hand. As a point of reference, FINMA indicates a period of approximately six months to obtain a bank or securities dealer license. For applications with cross-border elements, such as the establishment of branches of foreign firms, the response time of the respective foreign supervisory authorities must be taken into account.