As every company is unique in terms of the permission settings, there is no default user group that has the Application as a default setting.
You will have the option to set, based on user role, if that user role can create an application, approve/decline an application or simply confirm an application for someone else to do final approval.
To add these settings GOTO: ADMINISTRAION --> SECURITY --> USER ROLES.
Choose the user role you want to add the permission settings to and add the permission as per your business requirements. The below image is just an example of such