Submitting an application starts with research; you should review the potential jurisdictions, costs, applicable regulation and limitations on such places.

Again a good place to start is reaching out a Financial Licensing Advisor that could help you identify where you can apply for a license depending on your needs.

It’s advisable also to look into the regulators website on the potential finalists to see any helpful information such as number of licenses issued, regulatory compliance, etc.

When applying for any bitlicense you need to carefully evaluate your size and your liquidity, a very common mistake is not being careful with potential expenses for a new license. Having a license will impact your budget and you should carefully consider hidden costs such as incidentals that will increase that budget further.

For instance some jurisdictions have a low annual fee but they obligate the licensee to donate at least a specific amount on an annual basis to a Government development fund, into an NGO or to do some kind of charity work, some jurisdictions will require you to deposit a paid up capital with their Central Bank as collateral while you are licensed, some will simply collect your License Fee.

Things like the total Annual renewal costs and Reporting Obligations should be considered since day one as they will impact your Annual budget and they could get very expensive if research is not done properly at the beginning stages.

A good Financial Licensing Advisor should provide you with an idea on where over all costs are in line with your objectives, they should also be able to evaluate your needs based not only on the type of license you need but on the operational requirements on each license depending on where you decide to be based.