Answered on October 22,2023
Before embarking on the UAE company process, the best place to start is by consulting with a local business expert.
When you start your business with Meydan Free Zone, you get the benefit of our expertise so you can go into the company formation process with total confidence. Your dedicated account contact will guide you through the following company formation process.
Step 1: Choosing a company name
First, we’ll help you choose and register your company name. The UAE has a set of naming parameters that you’ll need to stick to. But don’t worry, all are straightforward and largely common sense.
Essentially, you should avoid blasphemous and offensive language and names of well-known organisations. There are also a few more rules which we will cover in your initial consultation.
Step 2: License application
Next, we’ll help you apply for your fintech license. At this stage, you’ll need to provide some details about your business and its shareholders, as well as proof of address and identification.
When you set up with Meydan Free Zone, we’ll make sure you are appropriately licensed to operate in the financial industry. As any financial trading is heavily regulated in the UAE, this means gaining approval from the Financial Services Regulatory Authority (FSRA).
Depending on the exact nature of your business, you may also require additional approvals from government and industry bodies.
Step 3: Getting your visa
Finally, we can help you with your visa application and assist with the opening of your corporate bank account.
As part of the visa application process, you will need to undergo a fitness test, blood test, and chest x-ray. You can also sponsor the visas of others such as dependent children and parents, your spouse, and any domestic staff.
Cost of a fintech license in Dubai, UAE
Costs for starting a fintech business in the UAE start in the region AED 12,500-35,000 inclusive of formation and application costs
However, total final costs will depend on many factors, including the size, nature and location of your business.
More often than not, starting your business in a free zone is more cost-effective than setting up in the mainland.
Operating in a free zone also allows you to take advantage of virtual and flexi-desk packages as well as coworking facilities and other business support services.
For a detailed and personalised breakdown of the costs involved in starting your fintech business, get in touch with the team at Meydan Free Zone.
Why work with Meydan Free Zone
Meydan Free Zone is a thriving, centrally located economic district with one of the most prestigious business addresses in the region.
We offer our businesses a host of innovative investment and lifestyle benefits in a secure regulated environment that empowers productivity. And we can help you join them too. When you set up here, you’ll benefit from:
A business presence in the heart of Dubai
You’re never far from the hustle and bustle of the city centre at Meydan Free Zone. Just 15 minutes from the Dubai International Airport and mere minutes from Downtown Dubai.
An empowering environment
Setting up your business in Meydan Free Zone gives you exclusive access to a networking community that inspires growth through innovation and collaboration. Dubai is home to countless startups, SMEs, and multinational corporations, making it the perfect city for you to start and grow your business.
A paperless experience
Don’t let red tape hold you back. Our intelligent and intuitive license application kit means you will work with easy-to-use forms that significantly reduce time and effort during the application process. The platform brings together all aspects of compliance and regulation for your businesses (such as UBO, ESR, AML) in a single interface.
Our expert team can assist across all processes involved in business setup in Dubai, from registering your company name to managing your license and visa applications.
If you prefer, you can visit us at Meydan Free Zone Business Centre, Mezzanine Floor, Meydan Hotel, Meydan Rd, Nad Al Sheba 1, Dubai, UAE.
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