An applicant for authorization must complete a formal process, which involves completing required application forms and submitting supporting information. As described in Section 5 above, such process comprises two stages: (i) the organization licensing; and (ii) the operating licensing.
The procedure established by the Peruvian Banking Law to obtain an organization license takes approximately 220 calendar days to complete, pursuant to the following stages:
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Organization License Procedure |
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Stage |
Requirement |
Term |
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1st.Request |
The organizers must file an organization license request. |
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2nd.Publication |
Publications (2) to inform the public regarding certain information about the future financial entity must be issued. Any interested person will have the right to object to the incorporation of the future financial entity. |
Immediately after presenting the request for the organizations license |
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3rd.SBS evaluation |
If no one objects or an objection is declared unjustified, the SBS will evaluate the organization's license request. For this, the SBS will meet with the organizers and officers of the future financial entity. |
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4th.Central Bank evaluation |
After the SBS finishes its evaluation, it will inform the Central Bank about the organizations license request. |
Within 30 calendar days after being notified by the SBS |
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5th.Resolution |
After receiving the Central Bank's opinion, the SBS will notify the organizers of the approval or denial of the organization's license request. Along with the resolution of approval, the SBS will issue the organizations license certificate. |
Within 90 calendar days after being notified of the Central Bank’s opinion |
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6th.Publication |
The organization license certificate will be published. |
Within 30 calendar days of the certificate’s issuance |
The procedure established by the Peruvian Banking Law to obtain a business license takes approximately 180 calendar days to complete, pursuant to the following stages:
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Business License Procedure |
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Stage |
Requirement |
Term |
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1st.Request |
The organizers file a business license request with the SBS containing all the documentation required. |
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2nd.Evaluation |
The SBS will evaluate the business license request. |
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3rd.Resolution |
The SBS will notify the organizers of the approval or denial of the organizations license request. Along with the resolution of approval, the SBS will issue the business license certificate. |
30 calendar days after the evaluation’s conclusion |
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4th.Publication |
Publication of the business license certificate |
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5th.Listing of securities |
The financial entity must list its equity shares on the Lima Stock Exchange (LSE) prior to commencing operations. This applies only to banks, financial companies (financieras) and regulated financial leasing companies. |
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6th.Commencement of operations |
The company must initiate its operations, making this event public knowledge through a medium of mass communication. |
Within three months after the issuance of the business license certificate |