Feature/Category | DIFC ASSET MANAGER, FUND MANAGER, ISSUER OF STORED VALUE (MONEY SERVICES, PROVIDING CUSTODY (Category 3C) |
Type of company required to be eligible | DIFC company |
Minimum paid-up statutory capital | Exempt Fund, Qualified Investment Fund Managers | US$ 70,000 | VC Fund Managers | US$ 0 | Asset Managers | US$ 230,000 (Can apply for a modification of Rules) |
|
Main requirements | Physical office
Board of Directors
1 Senior Executive Officer (SEO) – local
Compliance Officer (CO) and MLRO Officer – local
Finance Officer (FO) – local
Internal and External Audit, Accounting, – local
Risk Officer |
Government Fees | DFSA FEES | DIFC FEES | Depending on the type US$5,000 – US$25,000
(Application Fee) + Supplementary Fee in case of additional complexity in the application* | – US$ 8,000 (Application Fee)
– Depending on the type US$ 2,000 – US$ 12,000 (Commercial License for 1 year)
– USS 1,250 (Data Protection Notification fees) |
|
Approximate Timeframe | As regards the timeframe for obtaining the license, a completed application is normally decided upon DFSA approval within 6 – 10 months from the date of the final filing. |
