These Regulations will be cited to as the Licensing Regulations.

The following words and phrases will have the meaning shown against each of them, unless the text indicates otherwise:

• Applicant: a natural or legal person who submits an Application.

• Application: the application in the prescribed form submitted to the Authority in accordance with Article 7.

• Authority: will have the meaning given to it in the Free Zones Law.

• Beneficial Owner: a natural person who has, alone or with one or more other persons, complete ownership or Control over the entity, including a natural person who exercises full control/absolute effective powers over the entity regardless of legal ownership.

• Board: will have the meaning given to it in the Free Zones Law.

• Branch: a branch that is registered by the Originating Company pursuant to the Free Zones Legislation.

• Business Plan: the business plan that an Applicant submits in the form prescribed by the Authority.

• CEO: the Chief Executive Officer of the Authority.