Dubai is known as an important investment center where businessmen can analyze and test the market in varied fields, especially where there is interest for innovation and technology. The financial sector in the Emirates is well developed and lets the doors open for all entrepreneurs willing to set up varied types of companies, including fintech businesses, where the accent is focused on successful services such firm can offer in the banking sector for example, with the help of innovative and useful products. Opening a fintech company in Dubai must meet several requirements, a matter where our lawyers in Dubai can offer legal support.
Conditions to open a fintech company in Dubai
Fintech companies can be set up in Dubai International Financial Centre (DIFC), one of the city’s most important and developed free zones. Once the “innovation testing license” (ITL) has beenissued by Dubai Financial Services Authority, a businessman can establish a fintech company in Dubai, considering that there is no need of a minimum share capital in this matter. A fintech company can offer varied products for financial entities interested in developing their tech area to provide quality, fast and reliable services for their clients.
Electronic bill payments, online payments, internet banking and all sorts of applications which can help the ease of transactions or exchanges, whether in the country or abroad are among important facilities a financial company must provide for its customers. In this matter, a fintech company can implement innovative and interesting services, considering the fast development in technology. Taking into account the requirements and the main steps in opening a fintech company in Dubai, one should ask for legal help and advice in this matter from our attorneys in Dubai.
How to obtain the ITL for your fintech company in Dubai
In order to start the activity as a fintech company in Dubai, an entrepreneur must obtain the innovation testing license, if several conditions are fulfilled, as established by the Financial Services Authority in Dubai. For example, a fintech company in Dubai needs to use the innovation when designing its products and services for a financial entity and must be ready to test and implement them with the clients. The financial market in Dubai aligns with the tech requirements of the moment and is always one step ahead, which is why fintech companies have met a huge development in the past years, in a continuous search of providing top quality services.
We also offer immigration services in Dubai. Although applying for a freelance visa in Dubai is simple, it can be time-consuming. Before you can apply for the visa, there are a few requirements that you must complete. For this purpose, you can rely on our local law firm. With us, it can take a few days to have visa issued, depending on your country of origin.
Important programs sustain the development of fintech companies in Dubai
The government in Dubai sustains the financial development in any way and offers support for all entrepreneurs who direct their attention to this significant field. This is how several programs have been introduced, with the purpose of helping fintech companies to develop in a fast and consistent manner. The FinTech Hive, the UAE Innovation Strategy, the Dubai Blockchain Strategy and the Dubai Future Accelerators are among important programs which help fintech companies in Dubai progress in the financial sector.
For additional information about how to open a fintech company in Dubai, please do not hesitate to contact or law firm in Dubai.