End to end6–12months
Activity mapping, regulator selection, group and holding structure.
Not yet verified
Trade name, initial approval, lease, corporate documents.
Not yet verified
Permission to incorporate and build. Not permission to operate.
Not yet verified
Rulebook-mapped policies, custody and key management, technology audits.
Not yet verified
Entity and officer registration, sanctions screening, reporting workflow.
Not yet verified
Frequently the longest single dependency, and outside the regulator control.
Not yet verified
Operational permission granted.
Not yet verified
Reporting, audits, filings, variation of permission.
Not yet verified
Two stages: Initial Approval lets the entity incorporate; the VASP Licence lets it operate. Quotes of 30 to 90 days describe entity setup, not the licence.