Renewal Application for Trust Services License

Service Description

This service aims to renew licenses to trust service providers and qualified trust service providers in the United Arab Emirates

Service Steps
Expected Time

Within 30 days from the date of completion of the application

Fees

To be announced

Target Audience

Entities wishing to provide trust services and qualified trust services in the UAE

Service Channels

Portal

Smart App

Service Conditions
  • The application fee is non-refundable, regardless of the final outcome of application outcome, whether approved or rejected.
  • The Authority may reject applications if the requirements are not completed within 60 days from the date of submitting the application.
  • Upon If the license application is approved, the license will be issued against payment of the license issuance fee in advance according to the number and type of services in accordance with fees regulations.
  • License duration is two years.
  • The renewal applicants is obligated to  submit the application, send all licensing requirements, and pay the fees before the expiration of the license.
  • If the specified period of one month (30 days) is exceeded before the expiration date of the license, the license will be considered in violation, and the administrative penalties in force in this regard will be applied to him.
Complication Level

Complex Service

Service Package

Trust Service Provider License

Service outcome

Trust Service Provider License, Qualified Trust Service Provider License, and Amendment to the UAE Trust List

Service Remark

None

Service Limitation

Institutions wishing to provide trust services and accredited trust services in the United Arab Emirates

Linkage to Other Services

None

Required Documents

Providing the following documents:

  • A copy of the license issued by the Competent authority or other authority authorizing him to practice activities in the country.
  • A statement of the commercial activities not related to trust services and the approved trust  services that the license applicant is authorized to practice.
  • Data on the place of business of the license applicant in the country.
  • A copy of the license applicant's business plan, showing the nature and strategy of its business, objectives, marketing plans, and service provision plan.
  • The type of commercial license, and the partners' shares in it, if any, and the organizational structure of the license applicant.
  • Statement of the institutional and operational capacities of the license applicant.
  • Compliance assessment report not exceeding one month.
  • A copy of the documents submitted during the compliance assessment process.
  • Termination of services plan.
  • A financial data report for the last fiscal year issued by an auditor accredited in the country, proving the availability of financial resources equivalent to (5,000,000) five million AED.
  • Providing a bank guarantee or insurance determined by the Authority, which is automatically renewed when the license is renewed.
  • Complete the application fee payment process on the authority portal.

For assistance, get in touch through

Call: 800 12

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