Grow Your Business in the Tech Capital of the UAE!
We live in a world that becomes more technologically advanced every day. It only makes sense that, as the digital world and the real world combine, our finances will get wrapped up in technology, too. After all, if there is an easier way to do something, why keep doing it the hard way? It’s this frame of mind that has made FinTech, or financial technology, one of the fastest-growing sectors in the world. Finances are the backbone of every economy, so maximizing efficiency in this sector drives the entire economy to function more efficiently.
Understanding why FinTech is such a success can be challenging to discern. What does FinTech even look like? It looks like paying your credit card statement from your phone, chatting with a stockbroker from the comfort of your couch, and having 24/7 access to your bank account. Many conveniences we take for granted every day come from advancements in financial technology.
FinTech is flourishing across the world, and nowhere is this more apparent than in the UAE, the Middle East, and North African regions. With Dubai being the epicenter for financial technology, it’s no surprise that the region has become a goldmine for FinTech companies seeking opportunities. Let’s take a deeper look at why you should consider a business setup in the UAE.
Taking a Look at the Dubai International Financial Centre
The Dubai International Centre (DIFC) is the financial backbone of the UAE and the financial center for the entirety of the Middle East, Northern Africa, and South Asia. It is also one of Dubai’s quickest growing free zones and a dedicated business sector that offers a host of tax and regulatory benefits for many different industries.
Before getting into the business formation process in Dubai, it is essential to look at what kind of businesses and companies are allowed in the DIFC. Here is a list of all the business types the DIFC allows:
• Limited Liability Companies
• Recognized Companies
• Companies limited by shares
• Protected Cell Companies
• Investment Trusts
• Open-ended Investment Companies
• Limited Liability Partnerships
• General Partnership Companies
• Limited Partnerships
The DIFC doesn’t simply house financial companies, however. They also have many other business types, including the retail and service industries. Here are just a few of the service-related business opportunities in the DIFC.
Here are the services you can expect to find in the Dubai International Financial Centre:
• Ultra-modern office spaces
• Retail outlets and chains
• Art Galleries
• Entertainment venues
• Cafes & Restaurants
• Residential Apartments
FinTech in the DIFC
Dubai is the financial hub of the Middle East and North Africa and part of a bustling technology industry that is continuously growing. Forming your FinTech company in this sector opens numerous avenues of opportunity on the region’s reputation alone. And with rapidly evolving technological advancements, there will always be plenty of room for innovation and business potential.
Easy Steps for Starting a Company in the DIFC
Forming your business in the DIFC is designed to be a straightforward, streamlined process, but it’s critical to thoroughly research your business activity and the market surrounding it. Additionally, you will want to carefully collect the required documentation to submit along with your application. Failure to provide these documents can cause processing issues or denial of your application. Below, we’ve laid out the steps you’ll need to take to form your business in the DIFC:
1. Fill out your application form and pay the initial fee.
2. Send your application in for initial approval.
3. Gather all required documents.
4. Contact a banking institution in your sector to open a business bank account.
As mentioned previously, you will want to take special care to collect all required documentation. Below, we’ve listed the documents you’ll be required to have handy:
• Anti-money laundering procedures and controls for your company
• Documents showing the history of your financial position
• Audited accounts of the shareholders for the past three years
• Documents proving your shareholders’ identity and address
• An internal audit functions and compliance system for your company
• A well-structured business plan
• Documents containing information on the operating system and controls of your company
• A propriety certificate validating the institution’s fitness to conduct business
• The proposed institution’s organizational structure (LLCs are preferred)
The DIFC is Tax-Free
There are many benefits to starting your business in the DIFC. Aside from low sales tax in Dubai, the DIFC features incredible financial incentives such as:
• No Tax Responsibilities
One of the most popular reasons investors choose this region is the lack of corporate and income taxes. This incentive is a major driver that continues to supercharge the overall UAE economy.
• Repatriation of Profits
Many companies also enjoy the benefit of full repatriation of profits. This incentive gives investors the ability to return 100% of their startup capital and earnings to their nation of origin.
• Numerous Location Options
There are ample office spaces and a well-built infrastructure to help you efficiently conduct business, no matter where you choose to set up shop.
• Easy Incorporation and Licensing Process
The application for business formation in the UAE and the regulations surrounding its procedures are designed for ease of use.
Get Your FinTech Business Up & Running in the UAE with MSZ Consultancy
Dubai is a fantastic location to form a financial technology-based business! In addition to being the finance and tech epicenter of the Middle East, it’s full of business potential for investors seeking an innovative, forward-thinking market and brimming with lucrative advantages that give you the power to operate your business with maximum efficiency. The DIFC sets tech businesses apart from the competition and offers significant benefits that allow you to manage your business to its full potential.
If you’re ready to start your new FinTech business in Dubai, MSZ Consultancy is here to help! Our team of professionals are here to help you navigate the terrain of company formation, no matter what sector you choose. We have over 20 years of experience helping investors just like you bring their business dreams to life. Our financial and legal experts will help you handle the logistics of business setup in Dubai, visa applications, PRO services, and much more! MSZ Consultancy is skilled in assisting businesses of all sizes, whether it’s a smaller startup or a larger conglomerate. Give us a call at +971 52 544 1248 and let us help you start your business journey today!