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  • Starting Operations

    • AU-4.1.25

      Within 6 months of the license being issued, the new licensee must provide to the CBB:

      (a) A detailed action plan for establishing the operations and supporting infrastructure of the licensee, such as the completion of written policies and procedures, and recruitment of remaining employees (having regard to the time limit set by Article 48 (c) of the CBB Law);
      (b) The registered office address and details of premises to be used to carry out the business of the proposed licensee;
      (c) The address in the Kingdom of Bahrain where full business records will be kept;
      (d) The licensee's contact details including telephone and fax number, e-mail address and website;
      (e) A description of the business continuity plan;
      (f) A description of the IT system that will be used, including details of how IT systems and other records will be backed up;
      (g) A copy of the external auditor's acceptance to act as an external auditor for the applicant;
      (h) A copy of the applicant's notarised memorandum and articles of association, addressing the matters described in Paragraph AU-4.1.6;
      (i) A copy of the Ministry of Industry & Commerce commercial registration certificate in Arabic and English languages;
      (j) An updated organisation chart showing the reporting lines, committees (if any) and including the names of the persons undertaking the controlled functions;
      (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 financing company is licensed by the CBB; and
      (l) Any other information as may be specified by the CBB.
      January 2013

    • AU-4.1.26

      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.

      January 2013

    • AU-4.1.27

      The procedures for cancelling licenses are contained in Section AU-4.3.

      January 2013