Licensing Procedures Required for Practicing the Private Joint-Stock Companies' Registrar
Firstly : The General Conditions
The corporation intending to practice the registrar of the private joint-stock companies should meet the following requirements :
- The corporation should be incorporated as a public entity or as a public joint-stock company operating in the field of the securities or to be one of the banks operating in UAE.
- The company should have the appropriate and suitable premises as well as the required cadres to practice electronically the activity. It should be able further to establish electronic-linkage with any other body as per the request of the SCA, where a link between the registrar and anybody to be established upon the approval of SCA .
Secondly : Licensing Issuance Procedures
- The corporation that has met the conditions mentioned in the article (Firstly) is eligible to apply to SCA on the prescribed format prepared by SCA for licensing(Licensing Format). The format should be duly signed by the Chairman of the corporation or from an authorized person , the format should be attached with the following documents :
- A brief account on the corporation interested to be licensed, a statement of its headquarters office and the respective branches to be entitled to practice the activity (if applicable).
- A copy of the work circulation of the registrar including details of all executive steps of all the relevant services to be submitted by the registrar (to be supported by a sketch of all transactions flow chart, if possible).
- A statement of the fees proposed to be collected on every service to be rendered by the registrar (where the ownership transfer of shares would be free within the first year from the date of receiving the register, these fees would not be valid unless being approved by SCA; no fees or commissions shall be collected against services that are not included in the designed work circulation or in the fees statement).
- A copy of the internal auditing system of the registrar.
- An explanatory schedule encompassing a list of the assigned team-work and their respective qualifications, expertise as well as the tasks vested to each of them and specimen of their signatures.
- An undertaking specifying the commitments and obligations attributed to the registrar of the private joint-stock companies, approved by the Chairman of the corporation applying for licensing or from the person to be authorized by him, (Obligations Undertaking).
2. SCA shall review the application and the respective attachments within a period not exceeding (15) days from the date of submitting the application, unless otherwise, the applicant would be notified to complete the data or any of documents required by SCA.
3. The decision of SCA approving or refusing granting the license of the private joint-stock registrar to the corporation would be issued in the light of the recommendations being raised upon the completion of all required documents.
Thirdly : Renewing License of the private joint-stock companies registrar:
- The license validity is for one year from ends by December of each year, The first license validity would be calculated from the date of issue up to the end of December of the same year .
Fourthly : licensing Renewal Requirements of the private joint-stock companies' registrar :
- Filling in the Registrar Licensing Renewal Format (The format) .
- Providing SCA with a cheque valued at 20% of the fees already included in the licensing renewal format which is duly approved by the auditor.