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

1 Step 1

Submit the application through available service provision channels.
2 Step 2

Complete the application form and provide the necessary data and documents.
3 Step 3

Pay the fees via available payment channels.
4 Step 4

TDRA will receive and review the application.
5 Step 5

Obtain the license.

Expected Time

Within 30 days from the date of application completion.

Fees

To be announced

Target Audience

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

Service Channels

Mobile Application

TDRA Website

Service Conditions

• The application fee is non-refundable, regardless of the application outcome, whether approved or rejected.

• TDRA reserves the right to reject applications not meeting requirements within 60 days from the submission date.

• Upon approval of the license application, issuance is contingent upon advance payment of applicable fees, depending on the number and type of services, as per the fees list.

• The license is valid for a period of two years.

• Renewal applicants must submit the application, fulfill all licensing requirements, and pay the fees within three months before the license expiration date, with a maximum deadline of one month before expiry.

• Failure to complete these renewal steps within the one-month period (30 days) before the license expiration date will result in the licensee being considered in violation, and administrative penalties will be applied accordingly.

Complication Level

Complex

Service Package

Trust Service Provider License

Service outcome

•Trust service provider License •Qualified Trust Service Provider License •Amendment to the UAE Trust List

Service Limitation

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

Linkage to Other Services

None

Required Documents

Providing the following documents:

1. A copy of the license issued by the Competent Authority or the relevant governing body that grants the Applicant authorization to conduct said activities within in the State.

2. A statement indicating the business activities not relating to the Trust Services and Qualified Trust Services that the License Applicant is authorized to carry out.

3. Details of the premises where the License Applicant conducts business in the State.

4. A copy of the License Applicant's business plan, outlining the nature and strategy of its business, objectives, marketing plans, and service delivery plan.

5. The type of trade License, the shares of partners therein, if any, and the organizational structure of the License Applicant.

6. A statement indicating the institutional and operational capacities of the License Applicant.

7. A Conformity Assessment Report of a term not exceeding a month.

8. A copy of the documents submitted during the Conformity Assessment Process.

9. Services termination plan.

10. A financial data report for the last fiscal year issued by a certified auditor in the State, proving the availability of financial resources equivalent to five million (5,000,000) Dirhams.

11. Submitting a bank guarantee or insurance determined by the Authority, which shall be automatically renewed upon the license renewal.

12. Evidence of payment of the license application fees through TDRA's portal.