Dubai is a vast economic and cultural center in an endless desert. Today is a natural oasis for crypto enthusiasts because they have more market development opportunities here. The government of this jurisdiction has already managed to appreciate the benefits of using blockchain. It is actively implementing it into its work, which is a very significant example for understanding the main processes of crypto industry development here.
If you want your firm to develop in this market actively, you can only do with obtaining a crypto license in Dubai. Today we want to discuss how long the licensing process takes here, how to get a positive result as quickly as possible, and the main stages you must go through.
How long does it take to get a work permit?
Among all the jurisdictions licensing organizations, Dubai does it in the shortest possible time. The process of consideration of your application takes an average of 2-3 weeks; for comparison, in the UK – 6 months, Estonia and the Czech Republic – 3 months, Lithuania and Poland – 2 months.
Thus, this jurisdiction will be an excellent solution if you want to launch your business as quickly as possible. Many exchanges, e-wallets, and even small startups who want to enter the market as soon as possible prefer this jurisdiction.
What benefits of this jurisdiction, and who is it suitable for?
Practice shows that this jurisdiction licenses almost any crypto projects that perform crypto transactions. It has shallow requirements for applicants, so both global giants and small startups can quickly get a work permit here. This jurisdiction is ideal for those firms that seek to operate in Dubai or even the entire Middle East.
In addition to the high speed of decision-making, this jurisdiction has a considerable number of other advantages, among the most important are:
- A vast number of crypto enthusiasts live here. It is an incredibly wealthy city that has received substantial financial capital thanks to oil. At the same time, many people in business here prefer to keep their money in crypto to protect them from intruders and increase wealth.
- Low taxes. Businesses receive tax incentives that allow them not to pay income tax. Duties on the import of goods and services have also been abolished here.
- Comprehensive blockchain support. The government of this country itself uses the blockchain and offers to use it for business. It leads to the fact that this technology flourishes and develops tremendously.
- No unnecessary bureaucracy and constant checks. Obtaining a license occurs as quickly as possible without corruption and excessive bureaucracy. After getting a work permit, your company will undergo an independent audit once a year.
Many crypto enthusiasts who strive to develop this industry and create new blockchain-based technologies prefer Dubai because there are opportunities for development and massive support from government agencies.
The main stages of obtaining a work permit
Since the country’s government does not set complex requirements for applicants and seeks to speed up the licensing process as much as possible, a straightforward and understandable system has been created here. You only need to follow a few steps:
- Register a firm in this jurisdiction. It can be done remotely, and the process takes several hours.
- Open an electronic or bank account and put the authorized capital here. The minimum official capital in this jurisdiction is approximately 13,600 USD, but it is indicated that your account must have an amount covering the company’s expenses for six months.
- Collect a package of documents. You need to collect a relatively large parcel of papers, which will include all information about the owner, shareholders, and employees in critical positions; the business plan and specification of the software that you plan to use in your work; documents on AML/KYC policy compliance and many others.
- Complete an application on the regulator’s website and upload all documents.
If all the papers are in order, you will receive a positive response within 2 to 3 weeks after applying. If officers have questions, they can send you a formal request for clarifications or changes to your company. It will significantly increase the processing time for your application.
Thus, if you want to get permission as quickly as possible, you should immediately seek the help of lawyers, for example, Gofaizen & Sherle. Here experienced specialists work to help you collect the package of necessary papers, check the correctness of their filling, and help you fill out the questionnaire.
Promising Crypto Ecosystem and Government Support
Dubai’s emergence as a thriving hub for crypto activities is a testament to its forward-thinking approach and commitment to fostering innovation. The local government’s recognition of blockchain’s transformative potential has resulted in robust support for crypto ventures.
This proactive stance has led to the establishment of a dynamic ecosystem where crypto enthusiasts, entrepreneurs, and investors converge to explore novel opportunities. The city’s vast population of crypto enthusiasts, ranging from seasoned professionals to burgeoning startups, creates a unique environment for collaboration, knowledge exchange, and industry advancement.
Dubai’s reputation as a global financial center, combined with its dedication to embracing cutting-edge technologies, provides an ideal backdrop for crypto businesses seeking to flourish in a progressive and well-connected environment.
In summary, Dubai’s appeal as a crypto licensing jurisdiction goes beyond its efficient and streamlined application process. The city’s vibrant crypto community, coupled with its government’s endorsement of blockchain technology, has cultivated an environment conducive to rapid growth and innovation.
Whether you’re an established player in the crypto realm or a nascent startup, Dubai’s crypto-friendly landscape and commitment to supporting novel ventures make it a compelling destination to obtain a crypto license and realize your business aspirations. By tapping into Dubai’s extensive resources and collaborating with legal experts like Gofaizen & Sherle, you can navigate the licensing journey with confidence and capitalize on the exciting opportunities this dynamic city offers.