How to Setup Promotions and Introductions Company in Dubai

Setup a Promotions and Introductions Company in Dubai

Setup a Promotions and Introductions Company in Dubai – The promotion of financial products to persons in the UAE requires an SCA license for which an onshore UAE business presence is required.

Any person introducing UAE investors to a service provider in order to receive financial services, including trading services,  also needs to get the SCA’s approval.

However, neither the SCA license nor the SCA approval requirements apply when exclusion is available.

Following are the required documents to set up a Promotions and Introductions Company in Dubai.

1. Business Plan
2. Copy of memorandum of Association and also Articles of Association if the applicant is incorporated in the state. (written in Arabic, duly authenticated and also its object is promoting).
3. If the applicant is regulated by the Insurance Authority, it has to submit the following:

• A copy of the license issued by the Authority.
• Copy from the Authority’s approval for the applicant to practice the Promoting activity.

4. Trade license copy
5. Receipt copy for SCA fees.
6. Copy of tenancy contract.
7. Proof of depositing the paid-up capital in a bank account.
8. Copy of the financial statements for the last three years

Note: Approved staff form for the GM, Compliance Officer and also other staff assigned to carry out the activity, supported with the required information.

9. A copy of the following documents for the partners/shareholders (Natural Persons) who hold 5% or more of the capital: (Autobiography, Fit and proper supporting documents).
10. The segregation manual is prepared according to Chapter 4) of SCA Administrative Decision No. (34 /R. T) of 2016 Concerning the Regulatory Controls for Financial Activities as well as Services.
11. Internal work procedures manual for the activity.
12. A copy of the internal control manual of the applicant.
13. Copy of the operational manual for risk management.

14. Copy of the code of conduct manual.
15. Also, a statement showing the software and technical systems used to conduct the activity.
16. Copies of contracts as well as service level agreements signed with software and also technology services vendors for the activity.
17. A statement issued by the legal adviser of the applicant showing any legal responsibilities or judicial judgments regarding the applicant.
18. A statement signed by the applicant Chairman
19. Passport Copy also visa copies of the Shareholder (s)

20. As well as a photo of the Shareholder (with a white background)
21. And also visa copies of shareholder (s)

Following are the licensing conditions of SCA for the activity:

1. The applicant must be a legal entity incorporated in the State, or a branch of a foreign company, where the mother Company is licensed to practice the Promoting activity as well as regulated by similar Authority.
2. Have the Central Bank’s or Insurance Authority’s approval as deemed necessary.
3. The company’s Memorandum of Association must be authenticated before the official authorities and must also be in Arabic or translated into Arabic.
4. The paid-up capital may not be less than AED 1 million.
5. Payment of the prescribed licensing fees
6. Appointment of necessary technical and also an administrative staff to carry out the activity in accordance with the rules issued by the Authority regarding the requirements of the activity, and the requirements for approval of certain jobs.
7. To set up an appropriate office, software and also technical systems required to practice the business in accordance with the requirements of the Authority.
8. The availability of internal controls procedures to ensure the safety of the application of law regulations, decisions as well as circulars issued pursuant thereto, also internal regulations in force in the markets.
9. The availability of an operational manual for risk management that identifies and defines the potential risks, including the regulatory risks, which may face the company, how to handle them if they occur, also monitoring and reporting of such risks in a manner that enables the company to continue in business and also comply with the provisions of these Regulations
10. Any conditions or additional requirements decided by the Authority as deemed necessary.

We MSZ Consultancy will assist you regarding the setup of Promotions and Introductions Company in Dubai. For further details, contact us: +971 52 544 1248 or email at info@mszconsultancy.com