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B. Paid-Up Capital

1. VASPs shall, at all times, hold and maintain paid-up capital in the following amounts [Paid-Up Capital]—
 
VA Activity Paid-Up Capital Requirement
Advisory Services AED 100,000.
Broker-Dealer Services Broker-Dealer Services using a VASP Licensed by VARA to provide Custody Services or otherwise approved during the licensing process: the higher of [i] AED 400,000; or [ii] 15% of fixed annual overheads.
In all other instances, the higher of [i] AED 600,000; or [ii] 25% of fixed annual overheads.
Custody Services The higher of [i] AED 600,000; or [ii] 25% of fixed annual overheads.
Exchange Services Exchange Services using a VASP Licensed by VARA to provide Custody Services or otherwise approved during the licensing process: the higher of [i] AED 800,000; or [ii] 15% of fixed annual overheads.
In all other instances, the higher of [i] AED 1,500,000; or [ii] 25% of fixed annual overheads.
Lending and Borrowing Services The higher of [i] AED 500,000; or [ii] 25% of fixed annual overheads.
VA Management and Investment Services VA Management and Investment Services using a VASP Licensed by VARA to provide Custody Services or otherwise approved during the licensing process: the higher of [i] AED 280,000; or [ii] 15% of fixed annual overheads.
In all other instances, the higher of [i] AED 500,000; or [ii] 25% of fixed annual overheads.
VA Transfer and Settlement Services The higher of [i] AED 500,000; or [ii] 25% of fixed annual overheads.

 

2. Where a VASP is Licensed by VARA to carry out more than one VA Activity, the VASP must hold the amount of Paid-Up Capital specified in Rule VI.B.1 of this Company Rulebook for each VA Activity for which the VASP is Licensed. In such instances, the VASP shall calculate the Paid-Up Capital required for each VA Activity using the fixed annual overheads for that VA Activity only, provided that in combination all Paid-Up Capital is mutually exclusive and collectively exhaustive such that the total fixed annual overheads of the VASP are accounted for in aggregate. VASPs must reconcile Paid-Up Capital on a monthly basis.
3. Paid-Up Capital shall, at all times, be held and maintained in—
 
  a. a trust account with a licensed bank in the UAE with VARA stated as the beneficiary;
  b. a surety bond furnished by a surety company authorised to conduct business in the UAE, which shall have no end date and state VARA as a beneficiary; or
  c. any other manner as may be specified by VARA upon granting a Licence.