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How to Start a Fintech Company in DIFC

Start a Fintech Company in DIFC

How to Start a Fintech Company in DIFC

The Dubai International Financial Centre (DIFC) has a history of embracing financial innovation and giving you a conducive environment in the financial industry. The DIFC has an enabling nature for you if you plan to start your financial technology company, which contributes to the development of the financial service and technology sector in the UAE.

Established in 2004, the Dubai International Financial Company (DIFC) has become a key player in the global financial sector. It is popular for its strong regulatory framework, strategic location, and business-friendly policies as a bridge between the East and the West.

All these key factors have made this Free Zone an ideal location for you to Open a Fintech Company in DIFC. If you want to thrive in this free zone, you must obtain a Fintech License in DIFC. Flyingcolour Business Setup can help you acquire the Fintech license and start your Fintech business in this free zone.

The Role of DFSA and DIFC for the Fintech Company

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The DFSA is an autonomous regulator focused on risk management in the DIFC. It grants people like you licenses and regulates all activities of all banking and financial institutions in the DIFC.
Are you wondering what role DIFC plays in the Fintech Industry? If yes, you should learn that the DIFC is a broadly based recognized, and renowned international financial. It serves regional, local, and global financial institutions. It grants entrepreneurs like you permission for different categories of financial licensing.
You must remember that the Fintech companies in the DIFC are not always regulated. Some firms are regulated because of the more sensitive or riskier nature of these businesses. In contrast, a few organizations are not regulated in the DIFC. However, the decision is always at the discretion of authorities.

02

What actions does the DIFC take to promote the Fintech Sector?

Have you ever listened to anything about Fintech Hive in DIFC? If not, you may feel happy to know that Fintech Hive serves as an accelerated program focused on technological companies with a product or service offering that is advantageous to the financial service sector or the digital economy. In short, you can benefit from this program if you start your Fintech company in the DIFC.
The Fintech Hive helps you to meet your competitors or like-minded people, as it brings participants of financial service companies and industry experts together to test, develop, and meet their tech products or services to meet the growing demand of FinTech, RegTech, and InsurTech.

Why do you need an Innovation Testing License?

Whether you are a Fintech Hive participant or simply a Fintech Company owner, you should apply for the Innovation Testing License in the DIFC. The DFSA’s Innovation Testing License (ITL) provides you with a regulatory framework that needs supervision to develop and test your idea under the protection of a restricted license, subject only to regulation reliable during the test phase.
Are you worried about the cost of the Innovation Testing License (ITL)? Don’t worry. You will not incur any ongoing regulatory costs and costs associated with the application for an ITL. The DFSA invests time and effort with you to understand the nature of your new product and formulate a sufficient regulatory framework.

Top Benefits of Starting Your Fintech Company in the DIFC

  • You can get access to a world-class and skilled workforce by starting your FinTech company in the DIFC.
  • You can obtain access to the leading venture capital firm in the region.
  • You do not need to worry about the understanding of the UAE Sharia Civil Law as the English or UK law governs the DIFC.
  • You do not need to worry about the understanding of the UAE Sharia Civil Law as the English or UK law governs the DIFC.
  • You can become a part of the Global Fintech hub by starting your Fintech Company in the DIFC..

Steps to Start Your Fintech Company in the DIFC

1. Initially, you should understand the landscape of FinTech in the DIFC because this landscape is broad. You must focus on a single problem, like online payment, blockchain, and more, to be an expert.
2. To legally start your Fintech company in the DIFC, you should also choose a reliable legal structure or form for your Fintech business. Remember, the DIFC offers you several legal forms, like LLC, Sole Proprietorship, and more. However, each of these legal structures has its own rules and benefits. Therefore, we recommend you consult Flyingcoour Business Setup to seek guidance for selecting an appropriate legal structure for your Fintech business.
3. After selecting a perfect legal structure for your Fintech Company in the DIFC, you should figure out which business activities would be appropriate for your Fintech business. Remember, the DIFC allows several business activities within its area. However, you should only choose those activities you intend to conduct within your organization.
4. Next, you should register your Fintech company name in the DIFC authority. Here, you must choose a company name that complies with the UAE naming guidelines. However, you should avoid the profane or offensive elements within your company’s name. Plus, you must make sure that your chosen name is unique and available for registration.
5. After registering your Fintech company name, you must gather all your documents and submit them with your application to the relevant authority in the DIFC. Here, you may also need to submit the fees. After submission of your application and essential documents, you will get the initial approval for your Fintech company in the DIFC.
6. Next, you should find an appropriate bank in Dubai. After finding a reliable bank, you should open your corporate bank account for your Fintech business in the DIFC to handle all your transactions effectively.
7. Lastly, you will receive a final approval and your certificate of incorporation for your Fintech company. Once getting these certificates and approvals, you can legally Start a Fintech Company in DIFC.

Why choose us?

Dubai International Financial Centre (DIFC) is a hub for global financial companies. It is also a perfect place to Start a Fintech Company in DIFC. You must adhere to several regulations and follow many steps to start your Fintech business in this free zone. Flyingcolour Business Setup can help you begin your Fintech company in this area at each step. Our experts can convert each complex step into an easy step you need to perform to start your Fintech company at DIFC.

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Flyingcolour® assists in all types of company registrations in the United Arab Emirates. We assist in Mainland, Free Zone, or Offshore company registrations in all Emirates of the UAE and also assist in opening bank accounts with all local leading banks. We closely work with all Government Departments and banks.

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