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Are you a financial consultant or a financial advisor? Trying to setup a financial consultancy in Dubai? Read this to understand the complete process of how to obtain a financial consultancy license.

The business setup for a financial consultancy requires certified financial consultants and special approval from Security Commodity Authority (SCA) Abu Dhabi in order to complete the license registration process.

Other departments involved in the license issuance besides SCA are,
• Department of economic development,
• Ministry of economy
• Dubai court and etcetera

Regulations:
• Securities & Commodities Authority (SCA) is the authorized entity regulating financial consultancies and business analysis in UAE
• The Company must approach SCA for the issuance of a financial consultancy & analysis license as per regulations
• The company shall begin its business and commercial activities after obtaining the suitable license from SCA and the trade/commercial license from respective DED of the Emirates

Department of Economic Development describe the following:
– Activity Financial Analysis & Consultancy
– Activity Code 671901
– Activity Group Exchange and Financial services
– License Type Professional
– The activity description, it involves the financial analysis which depends on a systematic assessment of the financial statements to evaluate the past, the current and to forecast the future performance of the companies also measuring securities and commodities and their contracts, price trends, transaction volumes, in order to assist decision making.

What are the activities allowed under this license?
• Investment Consultation
• Financial Statements and Performance Analysis
• Feasibility Studies
• Market Research, Analysis, Price Trends and Forecasts
• Investment Portfolio Modelling
• Consulting on Securities, Commodities and Related Contracts
• Financial Advisory Services
• Financial Planning

A company applying for a license shall provide the following,
– Share capital:
The company has to maintain a share capital of AED 1 million
– Shareholding:
Minimum of 51% share should be with the UAE national
– Qualified technical and administrative support:
The qualified technical and administrative personnel is required for the company to practice the business of financial consultation and financial analysis
– Business plan:
It has to be prepared in both English and Arabic, which is the most important part of the process