Dubai has appeared as one of the very assertive financial centers across the globe. FinTech corporations throughout the world have recognized the huge potential in Dubai and shifted to the city to take benefit of its quick-paced, favorable atmosphere, and smooth reach to funding. Those who are looking to start a FinTech business are needed to get a FinTech commercial license in Dubai.
Dubai increases a wealth of success stories that have produced excitement over the nation’s probability for international startup dominance. As a pioneer in executing rules and guidelines that support invention and acquisition, Dubai passed the virtual asset regulation. Business people who are curious to start this business have to know certain things.
The FinTech Business Industry in UAE
Digital development has brought a huge transformation to corporate culture. Digital disruption has got probable to change any of the business sectors. One such productive sector is the financial industry which gives an economy its backbone.
With the information of technology in the financial base, the sector has boosted itself to a great period providing inception to FinTech – a combination of finance and technology. The execution has been formed with an individual thought of making a practical way for the financial markets and officials to work seamlessly.
The UAE has started a move ahead to get cutting-edge in the finance and technology sector. To rev the various business industries, the government has taken the industry of building-particular zones for every sector. Now, with regard to the finance sector, the country has brought the DIFC.
Steps to Start a Fintech Company in Dubai
Starting a financial technology company in this emirate could be simpler than you think, but for those who don’t understand the local rules and laws, this can be actual stress. Getting your fintech license in Dubai is necessary. You need to follow these below-mentioned three steps to begin a fintech business in Dubai –
- Naming Your Business
The first move includes selecting and presenting the right corporation name to the authorities. Dubai has stringent naming traditions, so you have to ensure to select a business name that aligns with these rules. For example, you would require to make sure your business name can’t be interpreted as objective language. You have to even ensure your business name isn’t already registered.
- Submitting Your Documents
Once you have presented your name, you would have to supply the needed documents to the officials. Start Any Business can handle this part of the procedure to make sure all of your legal papers are in order, which comprises – a passport copy, an Emirates ID copy, and an application form.
- Applying for Your Visa
Once the financial technology licensing process is done, you would have to make an application for a visa. Also, you will have to present your application and supporting papers to the authorities. Although, in case you plan to start your fintech company in the free zone, Start Any Business will manage your process of a company setup in Dubai.
Requirements to Start a Fintech Company in Dubai
A businessman should first get the creating ITL from the Dubai Financial Service Authority. There’s no minimum share capital needed to start a fintech business. A fintech company must provide different products for financial units curious about evolving tech sectors to give clients quick, trusted, and quality services.
These services can comprise online payments, electronic bill payments, internet banking, and other applications that can smoothen exchanges and transactions in the nation and overseas.
Advantages of Starting a FinTech Company in Dubai
- Tax Savings
Fintech business owners can increase their profits further due to the tax regime of Dubai. Businessmen who are residing in this emirate don’t have to make the payment for personal tax or capital gains.
- Full Foreign Ownership
Overseas businessmen can experience full company ownership in some economically free zones in Dubai. Businessmen even face no limitations on overseas exchange or profit and capital repatriation.
- Digital-first Infrastructure
The United Arab Emirates is dedicated to quickly adjusting to rising technologies. Dubai targets to become the first blockchain-powered city, with 50% of financial transactions happening through blockchain.
- Top Tech Talent
Dubai is home to certain top tech talent of the world, thanks to the power of the fintech industry, supportive laws, and top-class lifestyle. In fact, Dubai ranks among the top international centers for skill and creation.
- Government Support
The government has embarked on many industries created to bolster this particular sub-sector, from the fintech approach in 2021 to forming Dubai smart city to the 10-year visa.
How To Scale Your FinTech Company
In case you are only considering starting your fintech company, the opportunities are that you’re not still thinking about how to scale it. But you have to be. Selecting a spot that is furnished to assist you with scale must be a vital aspect of your determination procedure.
- Increase Your Resources
Scaling does not only need financial support but man-hours as well. Make sure you create new probable partners and services, along with new skills, into your budget plan and business plan.
- Concentrate on Existing Customers and Getting New Ones
Investment is vital, but not at the price of your existing clients. New customers can cost around 20 times as much as sustaining current customers. Maintain current users glad about personalized services and products, portfolio extension chances, and loyalty-based schedules.
- Embrace Automation
Automation has come a long way in the previous years, specifically in Dubai. Creating automation, whether that is better CRM software or data management, will assist you to optimize functions.