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With the development of the world’s cryptocurrency market, a large number of participants are searching for an opportunity to bring their companies to Dubai, UAE. The largest benefits include requirement friendliness, low taxation, and market access opportunities offered by the emirate of Dubai. However, establishing a cryptocurrency establishment in Dubai involves a lot of legal compliance and henceforth the need to acquire specific documents for the application.
Here’s a complete list of the documents required for getting a cryptocurrency license in Dubai:
The first of these requirements is to provide clear copies of passport details of all founders, directors, and other significant shareholders of the company. They must also have current passports and copies of their photo identification page and their respective visa page (if any). This is to ensure the identity of the actual people involved in business activities. This document is a key requirement in implementing AML/KYC in Dubai.
Apart from copies of passports, the applicants need to present proof of the address of each founder and director. This could be in the form of a utility bill, bank statement, rental agreement or letter, or recognized document bearing the name and address of the applicant. The document often has to be recent, ideally produced within the last three months, to be a part of the application. This assists the authorities in revealing the legal status and the type of housing of the participants of the business.
This is especially true when the business plan must be well-documented and a requirement for the crypto license application in Dubai. This should include the kind of business to be conducted, the kinds of cryptocurrencies, and the services to be offered together with the target clientele. Other sections that it should have are competitors’ analysis, expected threats, sales forecasting, and business functioning methods. This kind of business plan shows that the company has a sustainable business model and complies with the UAE, particularly Dubai legislation and goals.
Accompanying the business plan, the applicants are required to compile and present the forecasts of income, expenses, and profits in a given period, three to five years most often. Furthermore, the company and its financing needs and its capital structure various sources of funds, and equity shareholders’ stake must be disclosed. It also informs the regulatory authorities that the business is sustainable financially to manage the costs of operating within the cryptocurrency segment.
If the applicant already owns and runs a business in another jurisdiction they may be required to produce a Certificate of Incorporation or similar document. This document helps prove that the business is registered legally; it is a business that exists beyond the geographical restrictions of the UAE. It may also prove useful in fast-tracking the licensing process since the authorities are in a position to affirm a business’s past operation, thereby proving operational history.
The MOA and AOA contain the legal framework, purpose, and scope of the company along with the role of the members. They outline the legal structure of your business and are critical in preventing shadiness in your business. They assist the regulatory authorities in knowing how the company will be operated, and that it has complied with the requirements of the government of Dubai.
Both AML and KYC are important aspects that cryptocurrency-based businesses cannot ignore. The ideal framework of both AML and KYC policies should state how your company is going to solicit and authenticate the customers, and transactions, and look for potentially fraudulent activity. These policies are essential to getting the license since Dubai has considerable AML/KYC implementation to fight against financial evildoings.
In some specific business structures, there may be a requirement to obtain a No Objection Certificate (NOC) from a local sponsor or partner. If you have a local partner in Dubai’s mainland, this legalized document should demonstrate that they have no objections with respect to the formation of the business. Free zones such as the DMCC allow 100% foreign ownership and therefore NOC is often not required.
Lastly, fill out the official business setup application form from the specific free zone that a trader wants to work in, for instance, DMCC or DAFZA. Satisfy licensing fees, which are based on free zone and the type of crypto license. The fee and the submission of the form act as the signal for the start of the licensing procedure.
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Applying for a cryptocurrency license in Dubai requires a lot of preparation, as well as some basic documents; from identification to anti-money laundering procedures. An application is devised to enhance the possibility of receiving approval and help the business flourish in the favourable conditions of Dubai. In meeting these criteria, the company is in a position to meet legal requirements that will make the regulators, investors, and customers trust in the business and hence have the basis for success.
CDA being one of the leading business setup consultants in Dubai, is known for its expertise in providing the world class services for the clients. The businesses in search of personalized business set up services can approach the professionals at CDA who can meet all your needs. Our team can serve you with Compliance services, PRO services, Licensing services, Business set up services and many more assistance as per the requirements of the clients.
