Short procedures for companies in real estate financing technology. Find out the details

The law regulating consumer finance activity stipulates that companies wishing to practice the activity must submit their incorporation to the Financial Regulatory Authority, accompanied by the papers specified by the Authority, which are represented by a bank deposit certificate indicating that the issued capital has been paid in full, three copies of the initial contract and the articles of association. For the company, a request from the founders’ agent including in particular the name of the company, a statement of the names of the founders, the issued and paid-up capital, and an acknowledgment from the company’s auditor accepting the appointment.

The Authority shall prepare a register in which applications for the establishment of the aforementioned companies shall be recorded. These applications shall be recorded in successive numbers according to the date on which each one was received. Each application shall have a special file in which the incorporation papers and all related procedures shall be deposited. A committee shall be formed, by decision of the Chairman of the Authority, which shall include technical and legal elements for consideration. In establishing these companies, consumer financing activity may only be practiced by companies licensed to do so by the Authority in accordance with the conditions and controls stipulated in this law and the decisions issued in implementation thereof and after registration with the Authority in a special register for this purpose in accordance with the controls and procedures issued by a decision of the Authority’s Board of Directors. The Board of Directors of the Authority determines the license fee for the company to practice the activity, not to exceed one hundred thousand pounds, and it is paid in accordance with the legally prescribed payment methods.

The Authority may license a consumer finance company to practice other non-banking financial activities, in accordance with the controls established by the Authority’s Board of Directors in this regard, including, in particular, the requirement to maintain separate accounts and financial statements for each activity, and to meet the minimum requirements for a fully paid issued capital for all financial activities. Non-banking companies licensed to practice.