SCHEDULE 1: APPLICATION FEES PAYABLE TO THE AFSA FOR REGULATED ACTIVITIES
1.1 Application fees for applying for Licence to carry on Regulated Activities
Application fees are determined by the activities the Authorised Firm conducts or intends to conduct, as set out below:
|
Application fee by activities |
Fee (USD) |
|
Operating a Representative Office |
3000 |
|
Managing a Collective Investment Scheme |
5000 |
|
Arranging Custody |
5000 |
|
Providing Fund Administration |
5000 |
|
Advising on Investments |
5000 |
|
Arranging Deals in Investments |
5000 |
|
Insurance Intermediation |
5000 |
|
Managing Investments |
5000 |
|
Providing Custody |
5000 |
|
Providing Trust Services |
5000 |
|
Acting as the Trustee of a Fund |
5000 |
|
Dealing in Investments as Agent |
10 000 |
|
Dealing in Investments as Principal |
10 000 |
|
Managing a Restricted Profit Sharing Investment Account |
10 000 |
|
Islamic Banking Business |
15 000 |
|
Providing Islamic Financing |
10 000 |
|
Accepting Deposits |
15 000 |
|
Providing Credit |
10 000 |
|
Advising on a Credit Facility |
5000 |
|
Arranging a Credit Facility |
5000 |
|
Providing Money Services |
5000 |
|
Conducting Insurance Business |
10 000 |
|
Conducting Takaful Business |
10 000 |
|
Conducting Captive Insurance Business through a Protected Cell Company |
5000 plus 1000 for each cell |
|
Conducting Captive Insurance Business other than through a Protected Cell Company |
5000 |
|
Conducting Captive Takaful Business through a Protected Cell Company |
5000 plus 1000 for each cell |
|
Conducting Captive Takaful Business other than through a Protected Cell Company |
5000 |
|
Providing Insurance Management |
5000 |
|
Opening and Operating Bank Accounts |
5000 |
|
Operation of a Payment System |
5000 |
|
Operating a Multilateral Trading Facility |
5000 |
|
Operating an Organised Trading Facility |
5000 |
|
Operating a Digital Asset Trading Facility |
70 000 |
_
1.1-1 Application fee in relation to Digital Assets
An applicant seeking to conduct Regulated Activities in relation to Digital Assets must pay to the AFSA an additional application fee in the amount of 2 000 USD.
1.2 Application fees for modification and withdrawal of a Licence or Approved Individual's registration
Notes
Fees for initial application—firm to conduct one or more Regulated Activities, or Regulated and Market Activities
An applicant seeking authorisation to conduct one or more Regulated Activities, or Regulated and Market Activities specified in the fees table must pay:
- (a) the fee specified for the Regulated Activity in the table above (or, if the applicant intends to carry on more than one Regulated Activity, or Regulated and Market Activities, the highest fee specified in the table for any of those activities); and
- (b) the fee of 200 USD, for each individual for whom Approved Individual status is sought, specified below; and
- (c) if the applicant intends to carry on Regulated Activities in relation to Digital Assets, the fee specified in 1.1-1 above.
Application fee for Approval of Individuals
An Authorised Firm submitting applications on behalf of additional individuals seeking Approved Individual status must pay an application fee in the amount of 300 USD in respect of each additional Approved Individual application.
Application fee for change of control
An Authorised Firm applying for change of control must pay to the AFSA an application fee in the amount of 1 000 USD.
Fees for application to modify and withdraw
An Authorised Firm or Approved Individual applying to the AFSA to change the scope of its Licence or Approved Individual status, to have a condition or restriction varied or withdrawn, or to have its Licence or Approved Individual status withdrawn, must pay the prescribed fee set out in the table above.
|
Application to Modify |
Fee (USD) |
|
Modification of an Authorised Firm's Licence |
(a) An Authorised Firm applying to the AFSA to change the scope of its Licence must pay to the AFSA an application fee equal to 50% of the application fee for a new Regulated or Market Activity payable under table 1.1 of Schedule 1 or table 1.1 of Schedule 2 of FEES. (b) An Authorised Firm applying to the AFSA to change the scope of its Licence, which intends to carry on more than one new Regulated and/or Market Activity, must pay to the AFSA an application fee equal to 50% of the highest of the application fees for new activities payable under table 1.1 of Schedule 1 or table 1.1 of Schedule 2 of FEES. (c) An Authorised Firm applying to the AFSA to change the scope of its Licence and seeking to carry on the Regulated Activities in respect of Digital Assets must pay to the AFSA an additional application fee specified in 1.1-1 of Schedule 1 of FEES above in full. |
|
Modification of an Approved Individual's registration |
300 |
_
* Application fees for modification of a Licence or Approved Individual's registration prescribed herein are applied from 1 May 2022. Before 1 May 2022, these fees are not applied.
|
Application to Withdraw |
Fee (USD) |
|
Withdrawal of an Authorised Firm's Licence
|
At present, the AFSA does not intend to charge an application fee for these activities. Any such application fee shall be determined by the AFSA at a later date. |
|
Withdrawal of an Approved Individual's registration |