License cancellation for a financial activity

This service enables the licensed financial services companies to cancel the license issued by the Authority to engage in an activity or group of financial activities licensed by the Authority.

Service Process

Conditions & Requirements

The Board of Directors/Partners’ approval to cancel the license

Settle customer accounts and pay all the Company's obligations to customers and the CMA.

Announce the decision of the Company's Board of Directors to cancel the license in Two daily newspapers issued in the country, one in Arabic and the other in English, so that customers can reconcile their situation accordingly

Deposit a cash guarantee amount of AED 5,000 to complete the process for announcing the cancellation of the license.

FAQ’s

What is the necessary procedure if the Company is unable to communicate with creditor customers?

Is it enough to get confirmation from the principality courts regarding the cases brought by customers against the Company?

Service completion duration

Application (Processing) Time
30 Mins

Service Duration
20 Days

Service channels

SCA WEBSITE

Target audience

Financial services company

Service Code

370-005-046-046

Service Fees

Required Documents

A copy of the Board of Directors/Partners' decision to cancel the Company's license
Submit copies of the cancellation announcement in two national daily newspapers—one Arabic, one English—within three working days of application to inform customers for reconciliation
A report signed by the external auditor stating that it settled the customers' accounts, whether cash or securities and that there are no outstanding obligations toward them.
A report signed by the Legal Advisor with judicial testimony detailing the status of cases between the licensee’s main center, branches, and customers.
A disclaimer from CMA, capital market institutions, or financial free zones confirming no outstanding accounts or obligations for licensees affiliated with them
An undertaking from the licensee stating its continued obligation to pay any subsequent obligations after cancelling the category license or financial activity as per the form prepared by the CMA.

For assistance, get in touch through

Call: 800 SCAUAE (722823)

Working Hours

Monday-Thursday: 7:30 AM - 3:30 PM
Friday: 7:30 AM - 12:00 PM

Start Service