Obtaining a financial license in Croatia is a straightforward process that can be supervised by one of our specialists. If you want to be active in the financial sector and set up a company in Croatia, the recommendation is to consider the specific requirements for obtaining this license. We invite you to read this article and get an idea of what the procedures for obtaining a financial license in Croatia entail and what are the rules that must be followed.
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Formalities for obtaining a financial license in Croatia
Obtaining a financial license in Croatia is a relatively simple process, but specialized help is recommended to avoid possible difficulties from the start. The process itself begins with the following aspects:
- Preparation and presentation of the documents of the company in question, respectively Article of Association, Certificate of Incorporation, etc.
- Information about the business address, company activities, representative, etc. is required.
- The Croatian National Bank accepts approval requests of applicants, along with all requested documents.
- Information on the supervisory board, implementation of anti-money laundering regulations, and initial capital are also required as part of the process of obtaining a financial license in Croatia.
Once the Croatian Central Bank considers that the documents are in order and that all conditions have been met, the licensing process moves on. It is important to specify that a financial license in Croatia is issued in approximately 12 months from the date of approval by the relevant institutions. Dedicated assistance in this endeavor can be offered by our specialists in company incorporation in Croatia.
Who issues a financial license in Croatia?
The Croatian Financial Services Supervisory Agency (HANFA) is the institution that supervises and regulates all non-bank financial activities and ensures stability and minimal risks in this sector. HANFA is the institution you must interact with when you want to apply for a financial license, but the Croatian National Bank is directly involved in the process of issuing a financial license if all the criteria are met. Those who want to learn more about company formation in Croatia and the financial sector for which a license is required can opt for the specialized services and consultancy offered by our firm.
Who must apply for a financial license in Croatia?
Those who want to open a financial company in Croatia and carry out activities related to investments, insurance, pension funds, brokerage, etc. must first obtain a financial license in Croatia. This is also valid for those who want to introduce digital currency on the market or those who want to open a company in Croatia and provide loans or simply said, act as a credit institution. On the other hand, the Croatian National Bank is entitled to issue varied approvals and authorizations alongside HANFA.
Some statistical data about the banking market in Croatia
Below we present some information about the banking market in Croatia, which can be useful when you want to start a company in the financial sector:
- The net interest income in the banking market in Croatia is anticipated to reach around USD 2.23 billion by the end of 2024.
- Traditional banks in Croatia lead the market with a predictable market volume of around USD 1.85 billion by the end of 2024.
- The banking market in Croatia saw a rise in digital banking services, with more clients choosing mobile banking solutions in the past years.
We invite you to solicit us information about financial licenses and also about the services offered by our accountants in Croatia. Our specialists can offer payroll services in Croatia at affordable costs. Feel free to contact us and ask for an evaluation.