How to Open a Financial Services Company in Dubai?
Dubai, a prominent trade, finance, and economic hub in the Middle East, offers tremendous potential for establishing a financial services company. With its robust financial infrastructure driving regional economic growth, Dubai emerges as a highly advantageous destination for investors seeking to capitalize on the finance sector and foster business growth. The city’s technological advancements in finance, coupled with increasing demand from domestic companies and its global connectivity, position Dubai as the ideal hub for launching a financial services company.
The Vast Potential of Financial Services Companies in Dubai
Dubai offers a vast array of opportunities for financial service companies. From expense management and performance analysis to investment brokerage, the possibilities are endless.
Businesses in Dubai are increasingly seeking professional financial companies to outsource their finance operations. This allows them to minimize operational costs and avoid the need to hire dedicated in-house finance staff.
Financial companies in Dubai play a crucial role in supporting businesses with a wide range of financial services. The finance sector has also seen a significant impact from technology, with automated technologies being employed to efficiently handle various tasks.
In summary, Dubai presents a thriving landscape for financial service companies, with a growing demand for their expertise and an increasing reliance on technology to streamline operations.
What is the Ideal Location for Establishing a Financial Services Company in Dubai?
Dubai presents a promising opportunity for foreign investors to establish a financial services company. There are two primary business jurisdictions available for this purpose.
Firstly, the Mainland of Dubai operates under the governance of the Department of Economic Development. Here, the company can be registered as a Limited Liability Company, with financial services falling under the professional license category.
Alternatively, the investor can opt for the Free Zones in Dubai to set up their financial services company. Among these, the DIFC Free Zone stands as the premier choice for finance-related enterprises in Dubai.
There are few Free zones such as the Dubai Airport Free Zone (DAFZA), Dubai Multi Commodities Center (DMCC), etc., that offer cost effective financial services licenses in Dubai.
How to start a financial services company in Dubai?
Obtaining approval from the Central Bank and Emirates Securities and Commodities Authority is mandatory for launching a financial services company in Dubai, UAE. Whether in the Mainland or Free Zone, specific government entities require approvals for establishing such a company. Below are the steps to get started:
1. Choose the business jurisdiction – Free Zones or Mainland.
2. Obtain Name Approval for the company and select the desired business activities within the chosen jurisdiction.
3. Secure the necessary approvals from the relevant Government authorities.
4. Prepare the tenancy contract, application form, share capital certificate, and business plan for submission to the Government Licensing Authorities.
5. Fulfill the required fee payment and obtain the financial services license from the respective licensing authority.
A financial services company in Dubai offers a wide range of services including banking, investment, fund management, insurance, and more. It is crucial for investors to carefully select their desired business activities when setting up the company.
At AURION, our team of expert Business Consultants will provide guidance and assistance in selecting the appropriate business activities, ensuring a hassle-free setup for your business.
Top Choices of Free Zones for Opening a Financial Services Company in Dubai
Establishing a financial services company in one of Dubai’s Free Trade Zones presents an excellent opportunity for overseas investors. By opting for a Free Zone, investors can effectively manage costs while enjoying access to top-notch business infrastructure and amenities. This combination ensures a compelling proposition for those looking to venture into the thriving Dubai market.
1. Dubai International Financial Center (DIFC)
The Dubai International Financial Center is the top choice for starting a financial services company in Dubai. The Free Zone provides comprehensive company formation packages and exceptional business amenities tailored for financial services firms. Investors will benefit from a 3-year UAE residence visa and the ability to conduct a wide range of financial services under the selected trade license. Entrepreneurs have the flexibility to choose from a variety of workspace options, including Flexi-Desk, executive office, and shared office space, based on the specific requirements of their business operations.
2. Dubai Airport Free Zone (DAFZA)
The strategic proximity of Dubai Airport Free Zone (DAFZA) to the airport makes it an ideal location for foreign investors looking to establish their financial services company. DAFZA not only provides convenient access but also offers a wide range of business facilities and competitive company formation packages that include office space.
Renowned as one of Dubai’s most prestigious free zones, Dubai Airport Free Zone presents numerous business benefits for investors. With DAFZA, entrepreneurs can obtain a reputable Dubai address, along with office space and a business license, in just under two working days.
3. Dubai Multi-Commodities Center (DMCC)
The DMCC Free Zone is one of the largest Free Trade Zones in UAE. The Free Zone offers a host of business support services, business activities, and infrastructure.
The Free Zone boasts office towers in the Jumeirah Lakes Towers area, catering to a wide range of client specifications. Additionally, there is a diverse array of business activities available under each business license, offering investors a multitude of choices.
In a nutshell, Dubai offers an abundance of opportunities to establish a Financial Services Company. Depending on the shareholder requirements and budget, the ideal business jurisdiction in Dubai can be selected to launch the financial services company.
To learn more about the competitive company formation packages available for starting a financial services company in Dubai, we invite you to connect with our team of expert Business Consultants.