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4.24 Opening of Subsidiaries and Offices

N 35/2018 STA
  1. 4.24.1The Licensed Person must obtain a Letter of No Objection from the Banking Supervision Department to invest in or to open subsidiaries or offices of any kind, whether outside or inside the UAE; and
  2. 4.24.2The paid-up capital of the Licensed Person after netting off investments in such subsidiaries or offices must not fall below the minimum required paid-up capital as stipulated in Paragraph 2.3 of Chapter 2.