SIO-2.1.6
The business plan submitted in support of an application must include:
(a) An outline of the history of the applicant and its shareholders including the Ultimate Beneficiary Owners (UBO);
(b) A description of the proposed, current, and historical business of the applicant, including detail on the products and services provided and to be provided, all associated websites addresses, the jurisdictions in which the applicant is engaged in business, the principal place of business, the primary market of operation and the projected client base;
(c) Particulars of supervisory authority together with contact information for the businesses in jurisdictions that are subject to regulation;
(d) The reasons for applying for a license, including the applicant’s analysis of the feasibility and market viability, market size and strategy and market objectives;
(e) Description of geographic segments in which the applicant will operate from Bahrain;
(f) Details of the KYC and customer on-boarding process;
(g) The proposed Board and senior management of the applicant and the proposed organisational structure of the applicant along with the proposed organization chart and the reporting lines;
(h) Detailed business process flows from end to end for each significant service/product offering;
(i) An assessment of the risks that may be faced by the applicant, together with the proposed systems and controls framework to be put in place for addressing those risks and to be used for the main business functions;
(j) An opening balance sheet for the applicant, together with a three-year financial projection (i.e. balance sheet, income statement, cash flows statement and statement of change in equity), with all assumptions clearly outlined, demonstrating that the applicant will be able to meet applicable capital adequacy requirements;
(k) Details of banking arrangements, reserve asset management arrangement and approved stablecoin custody arrangement;
(l) A copy of business continuity plan; and
(m) A description of the IT system that will be used, including details of how the IT system and other records will be backed up.
Added: July 2025