Book traversal links for Appendix 1: Detailed Licensing Requirements
Appendix 1: Detailed Licensing Requirements
C 7/2020 Effective from 14/11/2020- When applying for a crowdfunding company license, the application must include the following information/documents. The Central Bank may request further information as part of the process.
- Completed application form
- Strategy overview
- Business plan, including;
- Background to the business and history
- Corporate governance system and organization structure, including:
- Committee structures and responsibilities;
- Conflict of interest policy; and
- Reporting lines
- Group structure, if applicable;
- Financial position (if applicable) and projected income and expenditure operation for the next three (3) years, including;
- Opening balance sheet
- Monthly forecasts of profit and loss
- Cash flow forecast
- Targeted clients, products and services, including:
- Opportunities identified in the UAE and expected volume of clients
- International opportunities and expected volume of customers
- Client segments to be served
- Fees structure payable by clients and borrower
- Marketing approach and delivery channels;
- Information and cyber security arrangements;
- Technology infrastructure, outsourcing arrangements, data warehousing arrangements, webhosting;
- Constitutional documents (such as board resolution) or draft (if available);
- Ownership details;
- Shareholder or partners’ details;
- Proof of identity for shareholders who are natural persons (a minimum of two separate documents); and
- Details and proof of identity (as above) for the ultimate beneficial owner
- The background and experience of senior management, including CVs of senior management1;
- An assessment of key risks and mitigants, including risks relating to;
- Client asset handling arrangements;
- Inadequate systems and controls;
- Economic factors; and
- Competitors
- Audited financial statements (for the past three years, if available);
- Exit strategy and plan which includes, at a minimum;
- Identification of key risks and business disruptors
- Effects of key risks on CFP including reverse stress test and contingency planning arrangements
- Identification of key risks and business disruptors
- Application fee (if applicable)
1 Senior management is understood to mean Chief Executive Officer (CEO), Chief Financial Officer (CFO), Chief Risk Officer (CRO), Head of Compliance and Head of Internal Audit (or their equivalents) at a minimum