Do your business activities fall under the regulation of the Central Bank of the UAE?
The Central Bank of the UAE (CBUAE) is responsible for the regulatory oversight of the UAE’s banking industry which includes the supervision of banks, investment banks, banking intermediaries, money exchanges and wealth management firms.
However, one of the most common requests that we get is for support with setting up a CBUAE Representative Office; if you intend to market and introduce UAE business back to your foreign head office, then this could be your option.
Based on the provision of lighter financial services activity, a CBUAE Representative Office will, in turn, have less regulatory oversight than, for example, an Authorised Firm operating in the Dubai International Financial Centre (DIFC) with a Dubai Financial Services Authority (DFSA) DFSA licence.
A CBUAE Representative Office provides you with an "onshore" solution when introducing UAE clients to your head office overseas
If you are unsure, CCL can help you by understanding your intentions and determining whether or not your activity falls under the regulatory scope of the CBUAE, you meet the CBUAE requirements, or if another regulator is more suited to your business model. The Central Bank of the UAE (CBUAE) is responsible for the regulatory oversight of the UAE’s banking industry which includes the supervision of banks, investment banks, banking intermediaries, money exchanges and wealth management firms.
Getting started with your Central Bank of the UAE Representative Office Licence
If a Representative Office licence is the right fit for your firm CCL can project manage your entire application for you, ensuring a smooth transition into the UAE while meeting the expectations of the Regulator.
The complete CBUAE licensing process is not well publicised
The complete CBUAE licensing process is not well publicised, but we have extensive experience in fulfilling the requirements set by the CBUAE Licensing and Supervision Departments. Furthermore, our Regulatory Authorisation Specialists have a direct line to the relevant contacts at the CBUAE which will greatly assist with the smooth and timely process of your Representative Office application, throughout the stages of the licensing process.
On behalf of your Firm, our application to the CBUAE will include:
- Application letters of intent in line with the CBUAE’s pre-requisites
- A well-documented outline of your strategy within the UAE
- Specifically worded resolutions from your Firm and its controllers in relation to your application
- Letters of undertaking to adhere to certain laws and regulations
- Corporate and statutory documentation