If you are a consultant, corporate service provider or third party representing the applicant that is applying for VARA approval (VASP Licence or No Objection Confirmation ("NOC")), please provide a signed letter from your client, authorising you or your company (as applicable) to represent your client to VARA.

Please note that VARA will not liaise with any third parties that do not provide such authorisation.

Please provide a copy of your current trade licence (if applicable).

Please provide a comprehensive and clear organisational structure diagram for the company. This must detail all C-Suite, Senior Management, Board of Directors (if any) and reporting lines.

If the company is already incorporated in the Emirate of Dubai, please provide an official and up-to-date Register of Members/shareholders (or equivalent document such as Memorandum of Association, Articles of Association) issued and/or validated by the commercial licencing authority that details all current shareholders and owners of the company, and their ownership details (including % ownership details)

Please provide a clear company ownership strucutre diagram for the company that details all owners, shareholders and UBOs of the company. If there are any parent entities, please provide a clear structure diagram setting out all holding companies that are involved in the ownership structure of the company.

Please provide a single, consolidated PDF document with a copy of the valid primary passport and, if applicable, the valid Emirates ID for all individuals that own 10% or more of the company.

If the company owners possess dual or multiple citizenships, Please provide a single, consolidated PDF document with a copy of the additional passports for each applicable individual (as applicable)

Please provide a single, consolidated PDF document with clear, accurate and detailed CV/Resumes for ALL company owners (that own 10% or more of the company).

Please ensure the CVs contains all relevant work and professional experience detail for each individual for the last 10 years at minimum.

Please provide a single, consolidated PDF document with a copy of the valid primary passport and, if applicable, the valid Emirates ID for the CEO/Managing Director.

If the CEO/Managing Director possess dual or multiple citizenships, Please provide a single, consolidated PDF document with a copy of the additional passports (as applicable)

Please provide a single, consolidated PDF document with clear, accurate and detailed CV/Resumes for the CEO / Managing Director of the company

Please ensure the CVs contains all relevant work and professional experience detail for each individual for the last 10 years at minimum.

Please provide a clear, accurate and up-to-date regulatory business plan (in English and in PDF format) for the company. The regulatory business plan document must detail at minimum:

i. the company details, including the history of the company and its parent company and group (if applicable);

ii. the ownership structure (including UBOs);

iii. an overview of its nature of operations and its presence regionally and/or globally;

iv. the rationale for entering the UAE market and doing business in Dubai;

v. a comprehensive and detailed description of all activities, products and services planned to be undertaken by the company, in the Emirate of Dubai;

vi. how each Virtual Assets related activity, product and service will be carried out, and provide a clear and comprehensive flow of funds diagrams that describes the end-to-end flow of funds (both fiat and Virtual Assets) including any related parties and counterparties;

vii. detailed timelines for each Virtual Assets related activity, product, and service to be launched (e.g. product roadmap);

viii. details on how the company intends to acquire new customers, including the channels it will use for its marketing activities;

ix. details on the target client population and demographic it has identified, with a prospective total number of projected customers broken down per investor classification (institutional investors, qualified investors, and retail investors) for the first two years of operations; and

x. details on how the company will generate revenue from each Virtual Assets related activity, product and service.

Please note that your IDQ submission may be rejected in its entirety if the submitted business plan does not meet or satisfy the above requirements.

Please attach a copy of your forecast financial projections for the company over the next 3 years (in AED or USD, including current year and the first year of operations):

i. please note the financial projections you submit must be aligned and consistent with the business plan and business model overview of the company;

ii. for each year, please kindly provide the total forecast revenue and total forecast expenses; and

iii. please ensure the total forecast revenues and expenses include breakdowns of all line items as well.