In completing the application form, the applicant is required to insert a number of details relating to: the applicant, the shareholding (partnership) structure, the applicant’s shareholders (or partners) and entities in which the applicant has a qualifying shareholding, the location of the applicant’s business and the applicant’s personnel.

The applicant will also be required to indicate: which licence category the applicant is applying for – depending on what the applicant indicates as the nature of the investment service to be offered, the nature of the clients to be serviced by the applicant and the identity of the authorized personnel, which services they will offer clients and their competences in such fields. The applicant will also be required to provide a general description of the investment services activities, which the applicant anticipates offering – including information on how the business will be generated, from where and by whom.

The application form, accompanied by a covering letter wherein the applicant warrants inter alia the accuracy of the information supplied to the best of his knowledge and belief, shall be submitted with the following documents, as specified in the same application form:

  • Detailed Business Plan (which should include background details about the promoters, the applicants’ target clients,  the operational set up as well as the applicant’s plans for the future)’
  • The Memorandum and Articles of Association or Partnership Agreement of applicant and of applicant’s corporate shareholders;
  • A board resolution approving and authorising the application for an investment services licence;
  • Personal Questionnaire forms for each shareholder, director, and senior officer of the Applicant;
  • A chart illustrating the internal operational structure of the applicant’s business;
  • Where the applicant company/partnership forms part of a group, a diagram showing the relationships between the applicant and other members of the Group.  The “family tree” submitted should give details up to the ultimate beneficial owner(s), showing percentage sizes of holdings in each entity; unless (a) the entity has one ultimate beneficial owner with a holding of over 50% of the voting rights or (b) no less than fifty ultimate beneficial owners who between them account for over 50% of the voting rights.  If (a) or (b) apply, it will only be necessary to give details of the ultimate beneficial owners with holdings of 10% or more.
  • The Auditor’s Confirmation that appointment as auditor of the applicant has been accepted;
  • A Financial Resources Statement confirming that the applicant maintains own funds which are equal or in excess of the applicant’s capital resources requirements as set out in the Rules;
  • The projected Profit and Loss Account and Balance Sheet for the three years after the licence is issued;
  • Where appropriate, copies of the last three years audited accounts of the applicant and other relevant related companies;
  • Specimen copies of the insurance policies and draft schedule/cover note (where applicable).

The application form contains specimens of a number of documents required above, including the covering letter and the auditor’s declaration.