TERMS AND CONDITIONS:

The licensing service is divided into two phases:

Phase 1: Initial approval (To submit it to the Department of Economic Development or the Ministry of Economy)

Requirements for Initial approval:

1. Financial eligibility

2. Experience and competence, Honesty, Integrity and Compliance

3. There is no refusal or penalty for cancelling the license

4. Availability of Feasibility study, action plan and Adequate resources

5. The suitability of partners, board members and senior management - excluding banks and branches of foreign banks.

Phase 2: Licensing phase

The requirements:

1. Investment Capital and Financial Guarantee

2. To meet the requirements of capital market institutions (if any)

The availability of:

• The required legal form

• A sufficient number of accredited posts

• governance, management, worker, behaviour and Rewards Regulations

• Internal systems and controls

• Technical systems

• Risk management regulation

• Compliance regulation and Internal audit regulation

• Business continuity regulation and disaster recovery

• Information confidentiality regulation

• Regulation to deal with fraud, forgery and deception

• Whistleblowing regulation and violation of legislation

• Complaints, Outsourcing and Record regulations

*For more details on the above requirements, see chapter 4 of the licensing and accreditation booklet at: Section (2): Licensing of the financial activities

REQUIRED DOCUMENTS:

Documents required for Initial approval:

1.  A copy of:

• The company's credit report issued by The Union Credit Information Company https://www.aecb.gov.ae

• The company's previous experience manual and its relevance to the activity to be licensed, Ability to engage in financial activity and Risk management.

• The feasibility study and an action plan explain the foundations, hypotheses and plans that have been relied upon compared to the same sector.

• UAE identity card (for citizens and residents of the state) for each partner and manager.

• The Biography and Passport copy of each partner and manager.

• The credit report issued by The Union Credit Information Company for each partner and manager

2.  A letter from the competent courts stating that the company does not have a judgment or decision issued by the courts or prosecutors linked to breach of trust, fraud or fraud.
3. Providing proof that:

• The financial allocation following the feasibility study and action plan on potential or future commitments is sufficient, and that the means are available to manage the risks associated with engaging in financial activity.

• There is no rejection or cancellation of accreditation from other regulators or local or foreign government agencies.

4. A valid criminal record certificate for each partner and manager.

5. University qualification or specialized professional certifications for each manager

6. A letter from the competent courts stating that the company has no judgment or decision issued by the courts or prosecutors linked to dishonesty, fraud or fraud.

Documents required for licensing:

1. A copy of: 

• The establishment contract, Statute (if the company is established within the state) and License of the Ministry of Economy (for branches of foreign companies).

• Ownership contract or Lease of the headquarters where the activity will take place.

• The financial guarantee (only in cases required by the guarantee)

2. A certificate of registration of the company with the Authority (for public joint-stock companies) or a registration certificate from the Ministry of Economy (for private joint-stock companies).
3. The Commercial License.

4. A certificate proving the deposit of capital in the bank (applicable to newly established companies) or a copy of the financial statements (if the company already exists) for the last three years or from the date of incorporation, whichever is lower.

5.  The accreditation of employees (the employee accreditation service card).

6. Providing proof that:

• membership requirements are met with capital market institutions if the financial activity requires membership of any of them.

• A license issued to the parent company by the regulator in the country of origin to engage in the required activity if the license applicant is a branch of a foreign company. 

7. Governance Guide

8. Organizational structure and management regulation manual

9. The necessary regulations and controls to ensure that employees meet efficiency and suitability standards, Professional Code of Conduct, Rewards Regulation and Work procedure guides.

10. The electronic programs and technical systems used to engage inactivity, Operational Risk Management and Compliance guides.

11. Internal Audit, Business continuity and disaster recovery guides. 

12. A guide to keeping customer information confidential and protecting it, and dealing with fraud, forgery and deception. 

13. Evidence of whistleblowing and violation of the legislation. 

14. Procedures and policies for dealing with and investigating complaints to outsourcing guides. 

15. Record-keeping manual. 

16. A list of other countries where the licensee (or its parent company/sister or subsidiary company) is engaged in the activity.

17. A list of companies that form close links with the licensee or partners. 

18. A statement issued by:

• The legal counsel of the licensed applicant explains any legal responsibilities or judicial decisions relating to the applicant.

• The Chairman of the Board of Directors explains: - 

- The record of the historical facts of the license applicant, in particular, if the license applicant or any of his (subsidiaries/sister/allied companies) is subject to the denial of the license by a stock market, securities authorities or government agencies.

- If the licensed applicants or any of their (subsidiaries/sister/allied companies) are subject to any judicial decisions, disciplinary or criminal proceedings by any of the competent regulatory bodies or markets.