The Dubai International Financial Centre (DIFC) is Dubai’s most developed free zone when it comes to the financial industry. More than that, DIFC is a trendsetter in terms of financial services offered in the Middle Eastern region and among the Gulf Cooperation Council (GCC) countries. Dubai also offers one of the most developed financial infrastructures in the UAE, therefore the emerging financial technology – fintech – industry attracted the interest of many foreign investors seeking to expand their businesses in the region.
Moreover, the Dubai central authorities are now planning to compete with reputable fintech centers such as London, New York and Singapore.
If you want to start a fintech business in the emirate or the DIFC, our Dubai company formation agents can explain the requirements to set up this type of venture.
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Registration of fintech companies in Dubai
Dubai is currently one of the best places in the Middle East to establish a fintech company for foreign investors. Why? Because the Dubai Financial Services Authority (DFSA) has enabled a special license that is dedicated to the financial technology industry – the innovation testing license (ITL).
Opening a fintech company in Dubai or in DIFC implies registering a company with the Department of Economic Development followed by complying with the DFSA’s licensing requirements.
Our company incorporation consultants in Dubai can assist with the company registration process of a fintech business.
Obtaining the ITL for a Dubai fintech company
One of the reasons investors open fintech companies in Dubai is that they are not required to comply with specific share capital requirements for starting their business. In order to obtain the innovation testing permit, a Dubai fintech company must only:
- use innovation in the creation of a supply of their products, respectively services;
- involve the use of financial products;
- be ready to test the products or services with the customers as soon as the license is obtained.
Financial companies seeking to test an innovative product must only amend their existing license and not apply for the ITL.
Assistance programs for fintech companies in Dubai
Fintech companies in Dubai may also enter one of the support programs enabled by the government:
- the UAE Innovation Strategy;
- the Dubai Future Accelerators;
- the FinTech HIVE which is available in DIFC;
- the Dubai Blockchain Strategy.
For assistance in establishing a fintech business in Dubai, please feel free to contact us.