Dubai is the business center where foreign and local investors can set up all kinds of activities and can benefit from the great taxation system in the UAE. One of those businesses can be a financial company in the Dubai International Financial Centre, an important free trade zone in the UAE. Once you have decided to set up a financial business in Dubai and you need comprehensive supervision in this matter, it is recommended to solicit complete information and legal support from our lawyers in Dubai.
Financial businesses you can open in Dubai
The legislation regarding the financial sector in Dubai and the Commercial Code need to be fully understood once you have decided to open a financial company in the city. Investors from overseas can set up insurance firms, investment companies, banks or investment trusts where a financial analyst license is needed.
Conditions to open a financial company in Dubai
Once the type of financial business has been established, one should consider the main requirements for company incorporation, for instance, the minimum share capital of AED 1,000,000 delivered in a bank account in Dubai. Furthermore, a financial company in Dubai needs to have at least one owner from the Emirates, with 51% shares in that enterprise, in order to legally set up this kind of business. Please consider that the audit procedures are mandatory, besides a financial analyst who can oversee the transactions and the financial activities.
It is good to consider an important rule which is imposed on persons who decide to open a financial company in Dubai, and this means that the entrepreneur needs to have been dealing with a financial business in the past, for at least five years, in order to start his/her activities in the Emirates. For a better understanding of the legislation related to the financial companies in the UAE, our Dubai attorneys can help with legal advice and guidance.
Advantages of a financial company set up in the DIFC
Financial companies have numerous advantages once registered with the Dubai International Financial Centre. For instance, there are 0% taxes on income, no exchange controls, and full access to numerous investment opportunities. Besides that, you can rely on the skilled workforce which activates in the financial sector.
For additional information about how to open a financial company in Dubai, you are invited to contact our law firm in Dubai.