AIFC’s client portfolio shows the growing interest from international firms interested in conducting financial business in the Centre. Regulated activities that are deemed to carry the characteristics of financial business include: deal, manage, or advise in investments; provide custody, trust services, fund administration, Islamic financing, credit and money services; handle insurance intermediation, management, and contracts; conduct Islamic banking business, as well as takaful business; or operate a representative office.
Financial institutions in AIFC are required to submit an application to the regulatory body, AFSA, which will review the qualities of the applicant and decide on license category for which the application is made.
AFSA will then issue a license once an applicant is registered with the Registrar of Companies and met all requirements for capital adequacy and other criteria.
To become AIFC Participant applicant may
• Incorporate a new entity in the AIFC,
• Register a Foreign Company/Partnership incorporated in any jurisdiction other than in the AIFC as a Recognised Company or Recognised Partnership
• Redomicile legal entity incorporated in another jurisdiction