No licence shall be granted unless the following conditions are met by the applicant:
a)
The applicant should be a bank or another financial establishment incorporated outside the country, and authorized by the relevant authority and is directly subject to the supervision and examination of that authority in the country of origin and/or the head office as per the laws of that country; the licence should as well be a valid one.
b)
The applicant should have completed a period of no less than ten (10) continuous years of conducting the business in the country of origin or the head office. This period cannot be reduced without a decision by the Board of Directors.
c)
The bank applicant’s paid-up capital and reserves should not be less than AED 183.7 Mn. The Board of Directors shall decide on the capital of any other financial establishment in view of the size of its business and the kind of its activity.
d)
The relevant authority, to whose supervision the applicant is subject to, should exercise the required control on the banking and/or financial system in the country of incorporation of the applicant. Furthermore, this authority should issue an approval or no-objection letter to opening a representative office in the country. However, in cases where the relevant authority does not issue such letter, it should state this clearly in its official documents, or confirm it in writing.
e)
The applicant should undertake to fully comply with the relevant provisions of laws, regulations and instructions issued in the country, particularly those issued by the Central Bank. The applicant should also undertake to submit the records and documents of the representative to the Central Bank for examination. The applicant should conduct his business as per the licence granted to him and in a proper manner.
f)
The person assigned to manage the representative office should be characterized by good conduct and behaviour. He should as well be properly qualified, theoretically and practically, in the areas of banking and financial business, as determined by the Central Bank.
3.2
In deciding on granting or denying the licence, the Central Bank shall take into consideration any matters related to the financial position of any other company within the group of the applicant.