Operating a Representative Office

Operating a Representative Office

Dealing in Investments as Principal Dealing in Investments as Agent  Managing Investments Managing a Collective Investment Scheme Providing Custody Arranging Custody Providing Trust Services Providing Fund Administration Advising on Investments Arranging Deals in Investments Managing a Restricted Profit Sharing Investment Account Islamic Banking Business Providing Islamic Financing Insurance Intermediation Operating a Representative Office Accepting Deposits Providing Credit Advising on a Credit Facility Arranging a Credit Facility Providing Money Services Effecting Contracts of Insurance Carrying on Contracts of Insurance Insurance Management Takaful Business Opening and Operating Bank Accounts Operating a Multilateral Trading Facility Operating an Organised Trading Facility

Operating a Representative Office

Operating a Representative Office means the marketing, from an establishment in the AIFC, of one or more financial services or investments which are offered in a jurisdiction other than the AIFC.

 

General requirements

 

Requirements

Minimum threshold

Authorisation Fee (paid once)

3 000 USD

*According to AIFC Fees Rules 5.1.1., the application may not be regarded by the AFSA as submitted, and therefore ready to be reviewed, until the fee has been paid in full.

Therefore, when the application is ready for submission, please send us a completed request for invoice (please follow the link to download the form) and after that we will issue the invoice for payment. If the payment to be made by a natural person, then please provide a copy of his/her ID as well.

Registration Fee (paid once)

Registration fee is 300 USD (paid once) if you apply via the self-service portal and 500 USD (paid once) if you apply on paper via [email protected].

*AIFC Fees Rules

Supervision Fee (annually)

1 000 USD

*AIFC Fees Rules

Minimum Capital Requirement

n/a

*AIFC Prudential Rules for Investment Firms 1.3.6.

Liquid Assets Requirement

n/a

*AIFC Prudential Rules for Investment Firms 1.3.6.

Appointment of Internal and External Auditor

Required

*AIFC General Rules 5.5.1.

*AIFC Financial Services Framework Regulations 109.

Organisational structure 

Appointment of Principal Representative;

Policies and Procedures

The applicant firm may provide substantial internal documents of the head company as Risk Management Policy, Compliance Manual, AML Policy and others, confirming fitness and propriety of the applicant in its home state jurisdiction and compliance with the AFSA requirements.

Marketing Material Requirement

*AIFC Representative Officer Rules 3.7

 

 

 

Application package

Application Representative Office
Application Principal Representative Status
Request for Invoice
Fit and Proper Questionnaire for Controllers

 

Supporting documents

 

  • Supporting documents

    • Copy of passport of applicant’s each Controller (if natural persons)
    • Copy of passport for the members of the Board of Directors (for corporate Controllers)
    • Latest audited financial statements of the head office
    • A chart showing the shareholder structure of the entity – up to the individual who ultimately owns the company
    • Certificate of Incorporation of the applicant’s Head/Parent Company
    • Certificate of Incorporation/Recognition of the applicant
    • A copy of the regulatory licence of the head office. It must include any restrictions or conditions
    • Application form for Principal Representative
    • Résumés/CVs of proposed staff members
    • Copy of passport of applicant’s proposed staff members

*Under AIFC Financial Services Framework Regulations 31 (5), the AFSA may require the applicant to provide additional information reasonably required for the AFSA to be able to decide the application.