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Moneychangers

Money exchange is a thriving business in the UAE owing to a demographic structure which contains large numbers of expatriates regularly transferring remittances to their families and relatives in their home countries. The number of moneychangers operating in the country and volume of their transaction have increased rapidly in recent years, hence prompting the Central Bank to issue Resolution No. 123/7/1992, dated 29.11.1992 promulgating the new regulation for moneychangers. One of the most important provisions of the resolution confines licencing for carrying on moneychanging business to institutions and companies established per provisions of the commercial companies' law. The resolution also requires that the natural person be a UAE national of not less than 21years of age. In case of companies, the national shareholding should not be less that 60% of the total paid-up capital. The regulation set the minimum capital at One Million Dirhams or Two Million Dirhams, depending on the scope of activities the applicant wishes to undertake.

        

Last Updated on 16, January 2017