In order to obtain a licence as a Credit Union, a group of people shall apply in writing to the Registrar of Credit Unions of the Financial Services Regulatory Commission, complete the prescribed application form as outlined in Schedule 2 of the Co-operative Societies Act of 2011, pay the prescribed application fee, submit three copies of the proposed bye-laws and such other information as may be required.

Where the Registrar is satisfied that an application has been made in accordance with the Act, the Registrar shall, within three months of the receipt of the application, register the Credit Union and its bye-laws and issue the Credit Union with a Certificate of Registration.