Investing money in dubai
The investment company should, however, submit an application, satisfying all requirements related to this kind of licence. For this purpose, the company may open investment accounts. It may also borrow from others. The company, however, is prohibited from taking funds as deposit in whichever form. The same applies to banks licensed to operate in the country. This should investing money in dubai done in accordance with certain specific rules published in a Prospectus similar to Articles of Association which includes all details related to the fund with regard to its objectives, amount investing money in dubai its capital, disbursement of its allotments sharesinvestment policies, means of evaluating its assets, ways of managing it, as well as other conventional procedures and information in line with a form prepared by the Central Bank.
This investing money in dubai has to meet at least once every three months to discuss investing money in dubai main issues related to the fund and its investments in accordance with its proclaimed policy. With regard to "Investment Trust Funds", whose funds are with a trustee, there is no need to form an administrative committee for such funds. Fund managers shall comply with the requirements of the Companies' Law as soon as the procedures regarding the regulation of these funds are issued.
The Central Bank shall identify the most important items which should be included in these financial statements. No exemption is allowed from the said publication period unless special approval is granted by the Board of Directors of the Central Bank. No person, natural or juridical, is allowed to conduct investment business or banking, financial and investment consultations business in the country, unless licensed to do so in writing by the Governor of the Central Bank, in accordance with this resolution or if he, the licensee, is one of the exempted persons as per the provisions of this resolution.
Any juridical person may apply to the Central Bank for a licence to conduct investment business. Also, any natural or juridical person may apply to the Central Bank for a licence to conduct banking, financial and investment consultations. The applications should be presented on the form prepared by the Central Bank from time to time, and the following documents should be attached: In the event of approving or refusing an application investing money in dubai a investing money in dubai, the Central Bank shall notify the applicant in writing within 30 days of the issuance of the decision of the Board of Directors.
The following has to be considered in the licence issued by the Central Bank: The Central Bank has the right to examine the investing money in dubai of the licensee whenever deemed necessary, to ensure the soundness of the entity's financial position and its proper application of the provisions of this resolution. This resolution shall apply to all investment companies and to all those who conducting banking, financial and investment consultations business who are licensed after the issuance of this regulation.
With regard to existing investment companies or persons conducting banking, financial and investment consultations business before the issuance of this resolution, they have to adapt their status to the provisions of this resolution within a maximum period of one year of date of its enforcement.
The Governor may extend this period or periods, the duration of which is 3 months and a maximum of one year, if enough reasons are presented.
Licenses may be issued, through a decision by the Board of Directors of the Central Bank, to foreign investment companies or foreign investment banks to set up branches or representative offices in the country, if the Board is convinced that this would be complimentary to banking and financial services and is in the interest of national economy.
The Central Bank may, through a decision of its Board, license a natural non-UAE National who meets the said conditions in Articles 7 and 8 above, to conduct banking, financial and investment consultations business, if the Bank deems a need for that. The Central Bank is the sole interpreter of the provisions of this resolution. The contents of this resolution are submitted to the concerned authorities to ensure the application of its provisions; the resolution shall be published in the official Gazette and shall be in force as from the date of its publication.
Investing money in dubai 2 Investment Companies' Business. Article 3 Investment Company's Financial Resources. Article 6 Obtaining a Licence - An Imperative. Article 8 Conditions for Granting a Licence. Article 9 Notification of Approval or Refusal. Article 11 Licence Cancellation, Restriction or Alteration. Article 14 Scope of Application and Expiry Date. Article 17 Interpretation of Resolution. Last Updated on 09, April