Are you the Crypto-maniac?
Are you a new investor who desires to open a Cryptocurrency business and needs a trade license to operate your business in Dubai?
Have you been searching for the right information to guide you on the right steps to follow?
If this sounds like you, then you don’t have to worry anymore, your search is over now.
In this write-up, you will understand what Cryptocurrency is all about and how you could get a Cryptocurrency license in Dubai to operate a legalized business in the country.
Let’s get started as you read and learn more.
Dubai has proven to instantly grow and sustain its economic position in the world by maintaining its support to new growing businesses in the Emirates, including the Cryptocurrency business.
Right now, Dubai is booming as a prominent end for the Cryptocurrency business and currently, the country almost generated AED 300,000 billion only from the Cryptocurrency market.
Hence, this makes the Cryptocurrency business one of the most developing sectors in the United Arab Emirates and is a great idea for any investor who desires to start up any Crypto-related business in Dubai.
And before you can set up any business in the region, you must have a business license to enable you to run a legal business there.
Read along to understand all.
What is a Cryptocurrency license?
Cryptocurrency is a kind of digital currency that uses encryption to protect your electronic transactions and this currency leans on a decentralized system to track the transactions and build new units.
The Cryptocurrency license is a document issued by one of the Dubai Free Zone Authorities to enable Crypto traders to perform commercial business activities without being disturbed by the Dubai government.
The Cryptocurrencies to trade in the Emirates market
- Dogecoin and lots more
What is the process to get a Cryptocurrency license in Dubai?
Well, the process of getting a Cryptocurrency license in Dubai is easy for business owners compared to other business licenses in the Emirates because the Dubai government is working on the laws to make it convenient for Crypto traders to improve their cryptocurrency trading ways and blockchain technology.
Below are 8 step-by-step guides to getting a Cryptocurrency license in Dubai:
Step2: Choose a trading business name in your mind for your cryptocurrency business.
Advice: Ensure that you follow all the naming rules and guidelines established by the Dubai government to avoid rejection.
Step3: Provide all the needed documents for registration. Such as your ID card, detailed business plan, etc.
Step4: Get scanned copies of your passports and that of your partners, if there are any.
Step5: Choose your business location, either on the Mainland, Free zone, or Offshore, though depending on your business requirements.
Step6: Fill out the application forms. Make sure to give accurate information about your business activities.
Step7: Submit the appropriate documents and the application forms to Masar Al Ameen Business.
Step8: Pay all the necessary fees like the office rent and the rest of them.
After you submitted all the needed files and made full payments, the agency in charge of issuing the license will review your forms and documents, and then they will approve it and you will be issued your Cryptocurrency license within a few weeks.
Then you can now apply for a UAE Visa and also open a corporate bank account for your business transactions.
Thus, if you are an entrepreneur who hopes to run a Cryptocurrency business in the Emirates, you need to follow the steps by steps guides discussed above to obtain a Crypto license to enable you to run a smooth and effortless business.
But to make your journey simple and easy for you, you can seek help from professional business consultants in Dubai like Masar AI Ameen – their team will guide you through the process of getting your Crypto license and follow you up till it’s successful.
How much does it cost to get a Cryptocurrency license in Dubai?
Well, the total estimated cost for obtaining a Cryptocurrency license in Dubai is around AED 150,000 and that includes other expenses like the registration fee, your Visa fee, and Crypto license fee. It is not a cheap business but the revenue it can generate might be leading you to become a Millionaire just in few months!
5 unique benefits of getting a Cryptocurrency License in Dubai
There are tons of privileges that come with obtaining a Cryptocurrency license in Dubai but we are going to list the 5 most significant ones here.
Here they are:
1. The Dubai government support
The Dubai government has taken serious measure in making sure setting up any kind of Crypto-related business or company go smoothly and easy to process your Crypto license in the Emirates.
2. Zero barriers in transferring the funds
Cryptocurrency is a digital currency that banks on a decentralized system to track transactions and all transactions happen digitally, which means you shouldn’t have to worry about barriers in making the trade transfers.
3. 100% foreign ownership
This means that if you are a foreign investor who wishes to invest in Cryptocurrency, you’ve 100% ownership over your business.
4. No competition
If you are new to the Crypto trading business, getting your business license to legally operate your business in Dubai is a great move as you will likely be among the first list of people to set up a Crypto business there, and that also means the market sector is less crowded and less competitive too.
5. 0% income tax
When you get a Crypto license in Dubai, you would no longer be charged income tax. You will operate a 0% corporate income tax.
The disadvantage of not having a cryptocurrency license in Dubai
Since we have mentioned the benefits above, it will be nice if you know one penalty for not getting a business license in the United Arab Emirates.
Here it is.
Cryptocurrency trading in the UAE is vigilantly controlled, just like any other financial trading operation around the globe.
The Dubai government takes legal action against companies or businesses that don’t follow the rules, safety, and requirements of the country.
Therefore, know that it’s mandatory to have a business license in Dubai before you can lawfully perform your Cryptocurrency business in the region to avoid being penalized for breaking their laws.
As earlier stated, Dubai has been booming as a prominent destination for the Cryptocurrency business and currently, the country almost generated AED 300,000 billion only from the Crypto market.
Having read and learned how to get a Cryptocurrency license in Dubai and the steps by steps to follow.
If you are a new entrepreneur or a foreign investor who planned to open a Crypto business in Dubai, have in mind that it is important and compulsory to get your Cryptocurrency license from the authorized agencies before you can legalize your business in any state of the United Arab Emirates (UAE).
Nonetheless, to make getting a business license in Dubai straightforward, you are recommended to meet experts on the business license in Dubai like Masar AI Ameen to assist you to get proper licensing so you can operate a legal business in the country, Dubai.
They will document all your application after fully validating the information you’ve provided to ensure you get your license in a few days.
Good luck as you go get your Crypto license in Dubai.
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