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Location: Central Bank of Bahrain Volume 5—Specialised Licensees > Specific Modules (By Type of Licensee) > Type 3: Financing Companies > Part A > High Level Standards > AU Financing Companies Authorisation Module > AU-5 License Fees > AU-5.2 Annual License Fees > AU-5.2.2
  • AU-5.2 Annual License Fees

    • AU-5.2.1

      LicenseesG must pay the relevant annual license fee to the CBB on 1st of December of the preceding year for which the fee is due.

      Amended: July 2013
      January 2013

    • AU-5.2.2

      Financing company licenseesG must pay a variable annual licensing fee based on 0.25% of their relevant operating expensesG , subject to a floor of BD6,000 and a cap of BD24,000.

      Amended: July 2013
      January 2013

    • AU-5.2.3

      Relevant operating expensesG are defined as the total operating expenses of the licensee concerned, as recorded in the most recent audited financial statements available, subject to the adjustments specified in Rule AU-5.2.4.

      January 2013

    • AU-5.2.4

      The adjustments to be made to relevant operating expensesG are the exclusion of the following items from total operating expenses:

      (a) Training costs;
      (b) Charitable donations; and
      (c) Previous year's CBB fees paid.
      January 2013

    • AU-5.2.5

      The CBB would normally rely on the audited accounts of a licenseeG as representing a true and fair picture of its operating expenses. However, the CBB reserves the right to enquire about the accounting treatment of expenses, and/or policies on intra-group charging, if it believes that these are being used artificially to reduce a license fee.

      January 2013

    • AU-5.2.6

      LicenseesG must complete and submit Form ALF (Annual License Fee) to the CBB, no later than 15th October of the preceding year for which the fees are due.

      Amended: July 2013
      January 2013

    • AU-5.2.6A

      All licensees are subject to direct debit for the payment of the annual license fee and must complete and submit to the CBB a Direct Debit Authorisation Form by 15th September available under Part B of Volume 5 (Specialised Licensees) CBB Rulebook on the CBB Website.

      Added: July 2013

    • AU-5.2.7

      For new licenseesG , their first annual license fee is payable when their license is issued by the CBB. The amount payable is the floor amount of BD6,000.

      Amended: July 2013
      January 2013

    • AU-5.2.7A

      For the first full year of operation for licenseesG , the licenseeG would submit a Form ALF by the 15th October of the previous year for which the fees are due, and calculate its fee as the floor amount. For future years, the licenseeG would submit a Form ALF by 15th October of the preceding year for which the fees are due and calculate its fee using its last audited financial statements (or alternative arrangements as agreed with CBB, should its first set of accounts cover an 18-month period).

      Added: July 2013

    • AU-5.2.7B

      LicenseesG must pay a fixed annual fee of BD 1,000 for each locally incorporated SPV in Bahrain which is under the control of and/or providing an actual business function, service or activity (whether actively or passively) for the licenseeG and/or others at the licensee'sG direction or having been established under the licensee'sG direction for that purpose. The CBB approval for any new SPV will only be granted, once the annual fee has been paid. The full amount of the BD 1,000 annual fee is due in the year the SPV is set up and it is not prorated for the number of months remaining in the year.

      Added: January 2014

    • AU-5.2.7C

      Paragraph AU-5.2.7C does not apply to SPVs of Bahrain domiciled CIUsG . In the case of Bahrain domiciled CIUsG , licenseesG should refer to the relevant Chapter in Module ARR of Volume 7, depending on the classification of the Bahrain domiciled CIUG .

      Added: January 2014

    • AU-5.2.8

      Where a license is cancelled (whether at the initiative of the firm or the CBB), no refund is paid for any months remaining in the calendar year in question, should a fee have been paid for that year.

      January 2013

    • AU-5.2.9

      LicenseesG failing to comply with this Section may be subject to financial penalties for date sensitive requirements as outlined in Section EN-5.3A or may have their licenses withdrawn by the CBB.

      Added: July 2013

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