Frequently Asked Questions (FAQ)

Any legal entity intending to provide Ancillary Services within the AIFC must obtain a licence from the AFSA. This requirement is stipulated under Section 24 of the AIFC Financial Services Framework Regulations.

As per Schedule 2 of the AIFC General Rules, Ancillary Services include: • Providing Legal Services • Providing Audit Services • Providing Accountancy Services • Providing Consulting Services

Applications must be submitted through the AIFC Digital Portal. The process involves completing the application form, providing necessary supporting documents (such as a business plan and corporate governance structure), and paying the applicable fee.

Yes. You can apply for more than one Ancillary Service within a single application. However, each service will be reviewed separately, and your firm must meet all regulatory requirements for each service applied for. Please note that a separate application fee is charged for each Ancillary Service, in accordance with the AIFC Fees Rules. For example, if you are applying for both Legal Services and Consulting Services, you will need to pay the application fee for each of them.

No. You can submit your application prior to registering your company. If your application is approved, you will receive an In-Principle Approval (IPA), after which you must complete the company registration to obtain the final licence.

Yes. A foreign entity may apply by registering either a branch or a separate legal entity in the AIFC. The applicant must meet the same licensing conditions and regulatory obligations as locally incorporated firms.

Application fees for Ancillary Services are specified in Schedule 3 of the AIFC Fees Rules. The amount varies depending on the type of Ancillary Service applied for. The applicable fee must be paid at the time of submission and is non-refundable.

On average, materially complete applications for Ancillary Services are processed within one month. However, the actual processing time may vary depending on the complexity of the application and the timeliness of responses to any additional information requests.

Individuals performing Controlled Functions within an ASP, such as the Money Laundering Reporting Officer (MLRO), must be approved by the AFSA as Approved Individuals. These individuals must meet the 'fit and proper' criteria set out in the AIFC regulations.

Licensed ASPs are required to: • Maintain a registered office within the AIFC • Submit an Annual Activity Return • Submit an Annual AML Return (if applicable) • Notify the AFSA of any material changes, such as changes in ownership or key personnel • Pay annual supervision fees as specified in the AIFC Fees Rules • Complying with reporting obligations under the AIFC Companies Rules and Regulations, including the timely submission of financial statements, annual returns, and updates to corporate records

Yes. An ASP may apply to modify the scope of its licence or to withdraw the licence entirely. Applications for modification or withdrawal must be submitted to the AFSA, along with required supporting documentation.

No. You may only begin providing Ancillary Services once your licence has been formally granted by the AFSA. Operating before authorisation is a breach of Section 24 of the AIFC Financial Services Framework Regulations.

Yes. A licensed Ancillary Service Provider may apply to the AFSA to vary the terms of its licence. This includes: • Adding or removing Ancillary Services (e.g. expanding from Consulting Services to also include Legal Services); • Appointing or removing an Approved Individual performing a Controlled Function (e.g. a new MLRO); All variations are subject to regulatory review. The applicant must: • Submit a formal request through the AIFC Digital Portal; • Provide supporting documents; • Pay the relevant application or modification fee as set out in the AIFC Fees Rules. No variation takes effect until it is reviewed and approved by the AFSA.

A licensed ASP may apply to voluntarily withdraw its licence by submitting a formal request to the AFSA via the AIFC Digital Portal. The request must include: • Application for Licence Withdrawal • A board or shareholder resolution approving the withdrawal; • Financial statement report (Income statement, Balance sheet, Cash flow statement); • Confirmation that all regulatory obligations have been fulfilled, including the settlement of any outstanding fees and submission of required reports; • A declaration that the firm has ceased to carry on Ancillary Services in or from the AIFC. The licence remains in effect until the withdrawal is reviewed and formally approved by the AFSA.

The firm remains liable for all ongoing obligations, including supervision fees and filings. Failure to notify the AFSA may result in enforcement action and reputational consequences.