DUBAI’S Financial Sector As An Industry
How To Get Your Finance Company In Dubai Up And Running Quickly And Effortlessly With These Simple Steps
It Is Common Knowledge That Dubai’s Economy Is Booming; In Fact, The City Has Earned A Reputation As A Central Location For Commercial Activity On A Global Scale. The Financial Sector Has Also Experienced Significant Growth As A Direct Result Of The City’s Status As A Destination Of Choice For Businesspeople And Investors From All Over The World. The Tremendous Rise In The Number Of Businesses That Have Set Up Shop In Dubai Has Resulted In An Increased Demand For Financial Service Providers. There Is No Better Time Than The Present To Put A Financial Business Plan Into Action, So If You Have One In The Works, Now Is The Best Time To Do It.
We At Recorporate Are Aware Of The Significant Need That Exists In Dubai For Financial Services Providers. We Are Prepared To Assist You In Getting Your Financial Business Up And Operating With As Little Difficulty As Possible.
The Following Eight Areas Of The Financial Industry Are Covered By The DFM:
Real Estate
Banking Insurance
Financial Services
Transportation
Consumables Of Constant Use
Services
Telecommunications
How Do I Get Started In The Finance Industry In Dubai?
In Order To Launch Financial Businesses In The United Arab Emirates (UAE), You Are Required To Obtain A Licence To Practise Either Financial Consultancy Or Financial Analysis. In Order To Obtain A Licence From The Central Bank Of The United Arab Emirates (UAE), One Must First Fulfil A Number Of Predetermined Requirements.
You Will Require A Local Sponsor Who Will Own 51% Of The Company’s Shares In Order To Proceed. The Local Sponsor Will Be Responsible For Completing The Process Of Registering The Company.
There Must Be At Least One Million Emirati Dirhams (AED) In The Capital.
The Business Needs To Engage The Services Of A Financial Expert Located In Dubai.
It Is Necessary To Have An Internal Auditing System In Place.
When It Comes To Financial Investment Businesses, The Minimum Amount Of Capital Required Is 25 Million Dirhams.
If A Foreign Company Has Been In Business For At Least Five Years In Its Home Country, Then It Is Eligible To Offer Financial Services In Dubai. This Requirement Applies To Companies That Are Based Outside Of Dubai.
What Kinds Of Financial Institutions Can Be Found In Dubai?
Banks
Because Doing Business Is So Common In The UAE, Proprietors Require A System To Help Them Keep Track Of Their Possessions. Therefore, It Should Not Come As A Surprise That The Banking Industry Is A Very Competitive And Lucrative Field.
Because Of The High Level Of International Interest In Conducting Business In The UAE, Banks Need To Be Able To Manage Both Domestic And Foreign Customer Accounts. The Following Is A Glance At The Current Structure Of The Financial System:
22 – Countries’ Central Banks
38 – Foreign Banks
11 – Wholesale Licenced Financial Institutions
27- Foreign Retail Banks
Financial Investment Companies
Companies That Deal In Financial Investments Present A Significant Opportunity For Commercial Activity. The Following Are Some Examples Of Activities That Are Permitted:
Establishing New Accounts For Investment
Reporting On The Results Of Economic Feasibility Studies
Investment Funds
Management Of Portfolios Belonging To Third Parties
Invest In The Stock Market.
Invest In Corporate Capital And Participate In Syndicated Credit Programmes.
Insurance Firms
What Kinds Of Financial Institutions Can Be Found In Dubai?
Opportunities Galore For Smaller Financial Companies.
Even While Huge Firms Have Had A Great Deal Of Success In The UAE, The Government Has Also Taken A Number Of Measures To Provide Business Possibilities That Will Aid In The Growth Of Small And Medium-Sized Businesses.
Small And Medium-Sized Financial Companies That Own Start-Ups In The Fintech Space Offer A Great Deal Of Promise. If You Have A Business Plan For This Sector, There Is No Better Moment Than The Present To Start Putting That Plan Into Action Than You Have Right Now. Listen To This: By 2022, It Is Anticipated That Small And Medium Enterprises (Smes) Who Have Started Up A Financial Technology Business Would See An Annual Growth Of $125 Million. Therefore, Now Is The Time To Call Recorporate At The Number +971 585865477 And Get The Ball Rolling On Putting Your Business Strategy Into Action!
The Dubai International Financial Centre (DIFC) Is The Preferred Location For Commercial Activities.
The Dubai International Finance Centre, Also Known As The DIFC, Is A Popular Location For Companies That Deal With Investments. Because Of Its Location On Sheikh Zayed Road, It Is The Ideal Place For Business Owners Who Wish To Be Successful In The Financial Sector Of Dubai’s Economy To Set Up Shop.
Advantages To Conducting Business In The DIFC
Owners Of Businesses Are Permitted To Operate In Certain Zones That Were Initially Developed For Financial Institutions. This Atmosphere Is Quite Conducive To Business, And It Comes With A Number Of Perks, Including The Following:
There Are No Limits Imposed On The Foreign Exchange.
100% Ownership Held By Non-Natives
Strict Regulations Against The Laundering Of Money
The Epicentre Of The World’s Financial System
Different Categories Of Business Organizations
To Be Able To Conduct Business In The DIFC, You Will First Need To Determine The Kind Of Legal Entity That You Will Use To Conduct Your Business There. These Are The Only Ones That Are Permitted InsideCompany That Is Limited By Shares Company That Is Limited By Liability Company That Is A Branch Of An Already Existing Foreign Company Company That Has Been Transferred From Another Jurisdiction
The Dubai International Financial Centre (DIFC) Is The Preferred Location For Any Business. Spot
Advantages Of Establishing A Company In The United Arab Emirates
You Haven’t Attracted Attention From Around The World For No Reason! There Is A Rationale Behind Why So Many Business Owners And Investors Have Their Sights Set On Establishing A Financial Institution In Dubai. The Reason For This Is Because The Advantages Are Far Too Beneficial To Ignore. When You Establish A Business In Dubai, You Will Have The Opportunity To Take Advantage Of The Following Benefits:
Tax Exemptions
Repatriation In Its Entirety Of All Cash Invested And Income Obtained
You Can Establish A Company On The Mainland, In A Freezone, Or Offshore, Depending On Your Preferences.
Oman, Saudi Arabia, Qatar, And Iran Are Its Neighbouring Countries To The West. It Is In A Fantastic Location For Both Domestic And International Growth And Exposure.
You Will Have The Opportunity To Participate In One Of The World’s 10 Most Important Financial Centres.
The Outlook For Financial Technology
Are You Still Confused About What The Term “Fintech” Means? It’s Acceptable, Because The Industry In Question Is Still In Its Infancy In The United Arab Emirates. The Year 2019 Saw The Beginning Of The Nation’s Serious Integration Of Technology And The Financial Sector. Since Then, The DIFC Has Identified Three Primary Facets Of This Industry, Which Are As Follows:
Development From The Ground Up
Connectivity On A Global Scale
Ecosystem Development
Fintech Is The Industry Of The Future That Will Assist Firms In Expanding Their Operations And Penetrating More Markets. There Are A Few Hypotheses Floating Around As To How The Business World Might Benefit From Fitntech:
The Proliferation Of Online Banking
High Levels Of Engagement Between Financial Technology Companies And Banking Institutions
More Financial Backing From The Business Community Plus Much More!
As Can Be Seen, The Goal Of This Industry Is To Have A Significant Influence On Dubai’s Economic Development In The Years To Come. Recorporate Is Able To Assist You In Becoming A Part Of This Dynamic Business Right Away.
We serve the best work
By initiating your project with ReCorporate, you get a dedicated and skilled team backing you up round-the-clock. All our processes are the customer oriented, designed to reduce the cost of business set-up.