During the last several years, Dubai has emerged as a financial center among all the 7 emirates of the UAE. This is partially due to the Dubai International Financial Centre which is Dubai’s free zone dedicated to foreign investors seeking to open financial companies which they can fully own. However, Dubai also has a flourishing financial industry itself which provides for numerous investment opportunities.
Our company incorporation agents in Dubai can offer more information about the financial sector in the emirate.
How to start a financial company in Dubai
Foreign investors can establish companies in the financial sector of Dubai by registering onshore companies. However, they must take into account the Commercial Code and the legislation related to the financial industry. Also, all financial companies operating in Dubai must comply with licensing requirements imposed by the Central Bank and by the Emirates Securities and Commodities Authority (ESCA).
The company registration process of a financial company in Dubai must be completed by a local agent or company in the case of foreign enterprisers. Also, any individual seeking to offer this financial assistance must obtain a financial consultancy or financial analyst license in order to provide their services in the UAE.
The following types of companies can be established in the financial sector in Dubai:
- investment companies;
- investment funds;
- insurance companies;
- investment trusts.
Our company formation consultants in Dubai can offer information about the financial services these types of companies may offer.
Requirements for companies in the financial sector in Dubai
It is important to know that the Company Law imposes several conditions for creating a company in the financial industry in Dubai. Among these are:
- at least 51% of the company must be owned by a UAE or by a GCC national;
- the minimum capital required to set up this type of company is 1 million AED (approximately 300,000 USD);
- the company must hire a financial analyst or consultant;
- it must have an internal audit system in place.
Foreign companies are also allowed to offer financial services in Dubai provided that they are operational for at least 5 years in their home countries.
If you want to open a company in the financial sector, please feel free to contact our Dubai company formation representatives.