An SCA licence requiring an onshore UAE market presence is needed for the promotion of investment vehicles to individuals in the UAE.
To acquire financial services, including trading platforms, any person introducing UAE investors to a service provider must also obtain approval from the SCA.
However, when an exemption is available, neither the SCA licence nor SCA approval criteria apply.
As per your requirement
AED 1 Million
Foreign Securities Promotion
It involves companies conducting a series of organised promotions aimed at promoting international securities, providing investors in various media areas with current information on the risks and benefits of investments in those securities.
The following are the documentation required for setting up a Dubai Promotions and Introductions Business -
- Company Plan
- Copy of MoA and AoA if the applicant is incorporated in the country.
- If the applicant governed by the Insurance Authority, it has to submit the following:
- A licensed copy issued by the Authority
- Copy from the Authority’s approval for the applicant to practice the Promotional operation.
- Trade permit copy
- Receipt copy for SCA fees.
- Copy of tenancy agreement.
- Evidence of depositing the paid-up capital in a bank account.
- Copy of the financial report for the last three years
- For partners/shareholders (natural persons) holding 5% or more of the shares, copies of the documents required: (Autobiography, Fit and proper supporting documents).
- Regarding the government regulations for financial operations as well as utilities, the segregation guide is prepared.
- Guideline of internal job protocols for the operation
- A copy of the individual's internal management manual
- Copy of the risk management operating manual.
- Copy of the Manual Code of Practice.
- A declaration that demonstrates the software and technological systems used to operate
- Copies of agreements made with data and technology services providers for the operation, as well as service level agreements
- A document issued by the applicant's legal adviser demonstrating certain legal or judicial obligations or decisions relating to the applicant
- A document signed by the applicant's Chairman
- Passport Copy of Shareholder visa copies as well (s)
- A portrait of the shareholder, as well as (with a white background)
- And passport copies of shareholder visas, too (s)
- The company must be a legal person registered in the State or a branch of a foreign corporation, given that the mother company is permitted to carry out the promotional operation and controlled by a similar authority.
- Have the authorisation of the Central Bank or Insurance Regulator as considered suitable.
- The Memorandum of Association of the organisation must be approved before the relevant authority and must also be written in Arabic or translated Arabic.
- It may not be less than AED 1 million in paid-up capital.
- Payment of application fee for licencing
- Appointment of the required technical and administrative personnel to carry out the operation in compliance with the rules laid down by the Authority concerning the requirements of the activity and the requirements relating to the acceptance of positions
- The establishment, in compliance with the requirements of the Authority, of the necessary office, software and technical systems needed to conduct a business.
- Availability of internal control procedures to ensure the security of the implementation of the legislation, decisions and circulars provided under those regulations, including the internal rules in place in the markets
- The existence of a risk management operating manual describes and defines the possible risks. It includes the regulatory risks that the company can face, how to handle them if they arise, as well as the tracking and reporting of those risks in a way that allows the company to continue to function and also comply with Regulations provisions.
- The Authority shall determine, as deemed appropriate, any conditions or additional specifications.
Who regulates the financial market of Dubai?
It is regulated by UAE Security and Commodity Authority (SCA).
Financial goods promotion company in Dubai requires which license?
SCA license is required.
What are the other approvals required for SCA activity?
The Central Bank’s or Insurance Authority’s approval is necessary.
Who needs SCA approval?
Anyone who presents investors to a financial service provider, including trading services requires SCA approval
How much will it cost to set up a financial service advertising company in Dubai?
It depends on the activities you choose, the location, the scale of your business etc.