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  • Starting Operations

    • AU-4.1.24

      Within 6 months of the license being issued, the new licensee must provide to the CBB (if not previously submitted):

      (a) The registered office address and details of premises to be used to carry out the business of the proposed licensee;
      (b) The address in the Kingdom of Bahrain where full business records will be kept;
      (c) The licensee's contact details including telephone and fax number, e-mail address and website;
      (d) A copy of its business continuity plan;
      (e) A description of the IT system that will be used, including details of how IT systems and other records will be backed up;
      (f) A copy of the auditor's acceptance to act as auditor for the applicant;
      (g) A copy of an auditor's opinion certifying that the licensee's capital — as specified in the business plan submitted under Rule AU-4.1.4 — has been paid in;
      (h) A copy of the licensee's professional indemnity insurance policy (see Section GR-7.1);
      (i) A copy of the applicant's notarized memorandum and articles of association, addressing the matters described in Paragraph AU-4.1.8;
      (j) A copy of the Ministry of Industry and Commerce commercial registration certificate in Arabic and in English;
      (k) A copy of the licensee's business card and any written communication (including stationery, website, e-mail, business documentation, etc.) including a statement that the money changer is licensed by the CBB; and
      (l) Any other information as may be specified by the CBB.

    • AU-4.1.25

      New licensees must start their operations within 6 months of being granted a license by the CBB, failing which the CBB may cancel the license, as per the powers and procedures set out in Article 48 of the CBB Law.

    • AU-4.1.26

      The procedures for cancelling licenses are contained in Section AU-4.4.