c) 1. An undertaking to provide, in case the application is approved, a bank guarantee drawn in favor of the Central Bank issued by a bank licensed in the UAE, provided that the guarantee value at any point of time shall not be less than the higher of the following:

1. 100% of the minimum paid-up capital required as specified in Paragraph (a) of Article (4.2) of these Regulations, or
    
2. 5% of the monthly remittance average value of the previous financial year, with a maximum of AED 75,000,000 (Seventy Five Million).

2. In the case of carrying on payment of wages activity, the value of payments using WPS shall be restricted to the bank guarantee drawn in favor of the Central Bank according to the Standards issued as indicated in Article (11) bis of these Regulations.

1. Paid-up capital of the Licensed Person is not less than AED 2,000,000 (Dirhams two million) for carrying on purchase, sale and exchange of foreign currencies in the form of bank notes, coins and travelers cheques, and not less than AED 5,000,000 (Dirhams Five Million) for carrying on remittance business within and outside the UAE in addition to sale and purchase of foreign currencies and travelers cheques, and not less than AED 10,000,000 (Dirhams Ten Million) for carrying on payment of wages through connecting to the Central Bank's system in addition to remittance business and sale/purchase of foreign currencies and travelers cheques, and not less than AED 50,000,000 (Dirhams fifty million) if the legal status of the Licensed Person is a Limited Liability Company (L.L.C), regardless of the activity.