Many investors and businessmen are looking to establish a digital currency company in Dubai, as establishing a digital currency company in Dubai reflects the city’s vision aimed at providing an encouraging environment for innovation and entrepreneurship in the financial technology sector. This decision is considered strategic, as Dubai has an advanced infrastructure and a flexible and advanced business environment that attracts investors and innovators from around the world.
Dubai Islamic Trade and Investment Bank (DIFC), which is a financial free zone, provides a favorable legal and regulatory environment for cryptocurrency companies. The Dubai Department of Economic Development (DED) also provides fast and efficient services for registering companies and obtaining the necessary licenses.
It is important to note that establishing a cryptocurrency company is not only a procedural matter, but is also an expression of confidence in the cutting-edge business and technological environment that Dubai offers. With the availability of skilled employees and multinational and multicultural human resources, startups in this field can benefit from a growing network of expertise and resources.
Establishing a digital currency company in Dubai
Establishing a digital currency company in Dubai represents a strategic investment step that reflects confidence in the leading business environment provided by the emirate. Thanks to the advanced infrastructure and appropriate legal regulation, Dubai provides excellent opportunities for emerging companies in the digital currency sector to develop and grow. By attracting professional talent and global investors, companies in this field can benefit from the distinguished environment that Dubai offers to achieve success and prosperity in the global digital currency market.
Conditions for establishing a digital currency company in Dubai
Establishing a company in Dubai requires compliance with a set of conditions and procedures. Among these conditions:
- Legal licenses and permits: The company must comply with the necessary licenses and permits from official authorities in Dubai, such as the Dubai Economic Development Department (DED), which sets laws and regulations to regulate and license companies.
- Compliance with financial and regulatory legislation: The company must comply with the financial and regulatory laws and regulations applicable in Dubai, including those related to combating money laundering and terrorist financing.
- Partnership with local banks: Some activities related to digital currencies may require cooperation with local banks to facilitate withdrawals, deposits, and exchanges of digital currencies.
- Compliance with cyber security standards: The company must follow data and information security standards to protect customer and user information from cyber breaches.
- Providing financial reporting and transparency: The company must provide financial reports regularly and adhere to financial transparency standards.
- Employing qualified employees: The company must have a qualified and specialized work team in the field of financial technology and digital currencies.
- Determine the company’s structure and legal type: The company must determine its organizational structure and legal type, whether it is a public or private joint-stock company, or a limited liability company.
These are some of the basic conditions that cryptocurrency startups must adhere to when establishing in Dubai. Companies should consult with Itqan experts to ensure full compliance with the legal and regulatory requirements in force in the emirate.
Documents required to establish a company in Dubai
Establishing a company in Dubai requires submitting a set of papers and documents to the authorities concerned with regulating business in the emirate. Here is a list of basic documents required:
- Company incorporation form (Memorandum of Association): This is an official document that defines the company’s structure and the type of business activity it will undertake.
- Articles of Association Registration Form: A document that specifies the internal rules and regulations that the members of the company will follow in its management.
- Company registration application: includes information about the company such as its name and type (limited company, one-person company, etc.).
- A copy of the personal ID card of the founders and shareholders: A certified copy of the ID card is provided to each founder or shareholder of the company.
- Office Lease Contract: If the company is renting an office, the office lease contract must be submitted for the company’s legal residence.
- Power of Attorney Form: If there is someone representing the founders to submit documents, a signed and approved power of attorney form must be submitted.
- Tax registration support certificate: A tax registration support certificate must be obtained from the tax authorities.
- Necessary permits and licenses: The company may need additional permits or licenses depending on its business activity.
- Financial auditor’s report (if required): In some cases, a financial report audited by a certified accountant is required.
You should check the specific company requirements and current laws and regulations in Dubai, as the required paperwork may vary based on the type of company and its activity. Contacting Itqan’s business experts in Dubai can be helpful to ensure that all the necessary documents are submitted correctly.
Types of companies in Dubai
There are several types of companies that can be established, and these types differ based on the structure of the company and the nature of the business activity you are conducting. Among the common types of companies in Dubai are:
- Limited Company (LLC): A limited company is one of the most common types of companies in Dubai. This structure provides protection to shareholders such that they are not personally liable for the debts and legal obligations of the company to some extent.
- Sole Proprietorship: Individuals can establish a sole proprietorship in Dubai, where the owner is one person who bears all financial responsibilities and risks.
- PJSC: Establishing a joint stock company requires the issuance of tradable shares in the public market. The capital in this type of company is divided into shares that can be bought and sold by the public.
- Private company: Similar to a public company in structure, but shares are not tradable in the public market. It is intended for relevant people within the company.
- Free Zone Company: Established in designated free zones in Dubai, this structure provides financial, administrative and customs facilities to companies residing there.
- Partnership: It consists of a group of individuals or partners who participate in managing the company and share profits and losses.
There are many other types of company formation available in Dubai depending on the business needs, local legal legislation and personal aspirations of the founders. Investors should consult with the best experts of Itqan Company for Company Establishment in Dubai to determine the most appropriate company structure and compliance with local laws and regulations.
Commercial license to establish a company in Dubai
In Dubai, obtaining a business license is an essential step in establishing a company. The exact type of business license you need depends on the type of business you wish to engage in. Here are some common types of business licenses in Dubai:
- General Commercial License: This license allows the practice of general commercial activity within Dubai. This license is suitable for companies that carry out retail, wholesale or public services.
- Industrial Commercial License: This license allows companies to produce and manufacture goods within Dubai.
- Professional License: Allows individuals to practice a specific profession or provide professional or consulting services in Dubai, such as medicine, accounting, or engineering.
- Tourism License: This license allows companies to provide tourism and entertainment services in Dubai, such as hotels, tourism agencies, and restaurants.
- Free Zone License: This license provides companies residing in the Freedom Zones in Dubai with benefits such as freedom from customs duties and local laws, in addition to administrative and financial facilities.
Requirements for obtaining each type of business license vary, and may include proof such as a business plan, office space, and financial capital. Investors should review the requirements for each type of license and contact our company in Dubai to obtain the accurate information and guidance necessary to submit the application.
At the conclusion of this article, we find that establishing a digital currency company in cooperation with Itqan Company in Dubai represents an exciting opportunity to benefit from the thriving business environment and advanced technologies available in the emirate. The cryptocurrency market is characterized by its dynamism and rapid growth, and Dubai is an ideal environment to explore this innovative sector.
By partnering with Itqan, investors can benefit from expertise and specialized services in the field of technology and software development, giving them the confidence and guidance necessary for the success of their project in the digital currency market.
The most frequently asked questions about establishing a company in Dubai
What type of company is best suited to establish in Dubai?
This depends on the type of business and the company’s needs, and options can include a limited company, a sole proprietorship, or a free zone company.
What are the expected costs of establishing a company in Dubai?
Costs vary based on the type, size, and location of the company, and include registration fees, legal consulting fees, office rental costs, and other administrative expenses.
What services can be provided by consulting companies to establish companies in Dubai?
Consulting services include preparing legal documents, providing assistance with registration processes, providing tax and financial advice, and providing support in finding an office location and securing the necessary licenses.
