Central Bank of the UAEchapter by chapter

Article 2.1-2.2Article 2: Obtaining a Licence - An Imperative

No person may conduct representative office business in the UAE without a written licence from the Central Bank Governor, issued pursuant to a Board of Directors decision.

Article 3.1-3.2Article 3: Conditions for Obtaining a Licence

To obtain a licence, a foreign bank or financial establishment must meet capital, operational, supervisory, and conduct requirements as outlined by UAE regulations.

Article 4.1-4.3Article 4: Submitting a Licence Application

Representative office licence applicants must submit the Central Bank's prescribed form with constitutional documents, shareholder details, business purpose, home supervisor details, three years of audited accounts, and related companies, plus further information requested.

Article 7: Prohibitions

Representative Offices are prohibited from accepting deposits, opening client accounts, extending loans, conducting normal banking operations such as letters of guarantee or credit, or dealing in foreign currencies, securities or metals beyond Article 6 permissions.

Article 8: Dealing with Resident Banks

A Representative Office's bank account opened in its own name with a UAE-resident bank must be used solely to pay the office's administrative expenses.

Article 9(a): Continuous Commitments - Naming

A licensed financial establishment must display the expression 'representative office' alongside its commercial name in its address, advertisements and official papers used by the office.

Article 9(b): Continuous Commitments - Management

A representative office's business must be managed by persons to whom the Central Bank has raised no objection.

Article 9(c): Continuous Commitments - Premises

Representative Offices must operate from Central Bank-approved premises and cannot relocate or close without prior approval.

Article 9(e): Continuous Commitments - Merger/Consolidation

A licensed financial establishment may not merge, unify or consolidate its Representative Office with any other UAE financial establishment or entity without prior Central Bank approval.

Article 9(f): Continuous Commitments - Notification of Principal Changes

Licensed financial establishments must immediately notify the Central Bank of any principal changes affecting their licensed status.

Article 9(g): Continuous Commitments - Information to Central Bank

A licensed financial establishment must provide the Central Bank with any statements, information or statistics it requests, at any time and for any period.

Article 9(h): Continuous Commitments - Local Licensing Deadline

A Representative Office must obtain all relevant local licences from concerned authorities before commencing business, within six months of the Central Bank's Representative Office Licence issuance.

Article 9(i): Continuous Commitments - Scope of Local Licence

A representative office's local licence must be restricted to representative-office business only, and copies of that licence must be given to the Central Bank promptly on receipt.

Article 11: Suspension of Licence

Financial establishments must notify the Central Bank at least two months before suspending operation of a Representative Office, unless a shorter period is approved.

Article 12.1-12.2Article 12: Scope of Licence

The Central Bank Representative Office Licence is valid for two years from issuance, subject to terms the Central Bank sets, and operating after expiry requires a current valid licence.

Article 16.1-16.2Article 16: Scope of Application and Expiry Date

Representative Offices must comply with the new resolution within 6 months, exempting those licensed prior to its issuance from certain capital conditions.

Article 4.2-retRecord Retention — Licence application file: Articles/Memorandum of Association, shareholder/owners

Representative offices must retain licence application records, including articles, shareholder schedule, home-supervisor details and three years' audited accounts, for at least the licence life.

Article 9(g)-retRecord Retention — Statements, information and statistics provided to the Central Bank on request

Records of statements, information and statistics provided to the Central Bank on request are subject to record retention, with the retention period not specified in the source.