HOW TO APPLY FOR LICENSE

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As legally required, no person shall engage in the business of a bank, a currency exchange bureau, an insurance company and intermediary without an effective license issued by BCTL. The process of license for banks and currency exchange bureau is guided by UNTAET Regulation No.8/2000, No. 5/2000 respectively, and UNTAET Notification on Fees/Charges and for Insurance Companies and Intermediaries is guided by RDTL Law No. 6/2005.The details on the laws can be located on legislation page. Written application must be submitted to BCTL accompanied by a non-refundable application processing fee through a designated spokesperson. Information required for a license application of each section of business such as structure of capital subscription, scope of operation, Charter and By Laws, background information of the shareholders/administrators and the business plan including financial projections and risk management is available for downloaded below.

The BCTL only issues licenses to reputable applicants who can establish a strong business case for providing financial services in Timor-Leste