A corporate person applying for license to practice the profession of an Actuary must:

1. Take one of the following forms:
    
   1. A company established within the State in accordance with the provisions of the Commercial Companies Law, with its main objective being to practice the actuarial profession.
       
   2. A branch of a company established in a free financial zone in the State or a branch of a foreign company, provided that such company is licensed to practice the actuarial profession in the free zone or the country of origin, and is subject to the supervision of a similar regulatory authority; and having no less than two years of practicing the actuarial business.
       
2. The paid capital of the Company may not be less than AED 100,000 ( One Hundred Thousand Dirhams) for companies established in the State, or the equivalent of AED 250,000 (Two Hundred Fifty Thousand Dirhams) for companies established in a financial free zone in the State and foreign companies.
    
3. Submit a proof confirming the satisfaction of the conditions stipulated in Article (3) of these Regulations with respect to all the persons conducting actuarial functions in the company; or an undertaking to meet all the conditions before the license is granted.
    
4. Have been declared bankrupt and not rehabilitated.
    
5. Provide a professional liability insurance policy, in accordance with the provisions of these Regulations, issued by a company licensed by and registered with the IA.