Several free zones in Dubai offer licenses for cryptocurrency-related activities. Here's a brief overview:
The UAE levies no income taxes for cryptocurrency operations, which attracts investors from all over the world. No tax policy on cryptocurrency earnings if you use it for trade or generate it as a salary.
When it comes to creating a new cryptocurrency firm in the UAE, the process could take upto 1 week.
Undoubtedly, the future of having a cryptocurrency license in Dubai looks bright, with crypto becoming increasingly popular and diverse. The UAE is now one of the top choices in the world for crypto initiatives. As of now, the UAE has a ‘no tax system’ for any cryptocurrency ventures. If you use cryptocurrencies for trade or receive them as a paycheck, you will pay no tax on them in Dubai. Here are some of the major benefits of setting up a cryptocurrency business in Dubai-
There is no need to look out for a local partner as any local company has the permit to a 100% of foreign ownership.
Another benefit is the benevolent taxation criteria in Dubai, where no corporate income tax is levied for the next 50 years of your business operation.
The Next major benefit is that there lies no limit for transferring a company’s income and capital.
There are no constraints on the currencies, along with zero taxes on import and re-export.
Also, there are no restrictions on foreign employees who are a part of the company.
It’s tough to give a precise cost estimate for a cryptocurrency license in Dubai. The entire amount of capital needed will depends on the type of your business, where you choose to set up shop, and the size of your operation. Talking to our experts at Radiantbiz can help you get an exact assessment of the costs involved or you can visit our cost calculator for business setup in Dubai.
The cryptocurrency license falls under the “commercial license” category in Dubai.How is it beneficial?
A cryptocurrency license in Dubai has many benefits –
You will stand out from the crowd if you obtain a cryptocurrency license. Despite its popularity in the UAE, just a few firms use cryptocurrency for transactions.
It is extremely cost-effective when compared to other UAE trade permits. It has a far higher potential for profit than other licenses.
Cryptocurrencies are extremely secure because they work on the concept of blockchain technology.
To obtain a crypto license, you need to submit several documents, including a business plan, service descriptions, team information, and financial statements. Additionally, opening a corporate account with a bank in your chosen jurisdiction is usually required.
Dubai does not impose taxes on crypto gains or personal income, meaning you're liable to pay tax only on profits from crypto transactions.
While cryptocurrency mining is allowed in the UAE, it involves strict regulations due to its energy-intensive nature and the need for sophisticated computer systems.
To acquire a cryptocurrency license in Dubai, approach authorities like the Dubai Multi-Commodities Centre (DMCC), Dubai Airport Free Zone Authority (DAFZA), or Abu Dhabi Global Market (ADGM) for legitimate business operations.
You can apply for a crypto license in Dubai's free zones, including DMCC and DIFC. Approved activities range from database management to cryptocurrency consultancy.
Apply for a cryptocurrency exchange license through entities like DMCC, DAFZA, or ADGM, which grant licenses to crypto businesses.
A crypto license in Dubai opens doors to a vast international market, fostering business expansion, foreign investment, and global partnerships. Dubai's favorable tax policies add to its appeal.
The total cost for obtaining a cryptocurrency license in Dubai, including comprehensive services from RadiantBiz, amounts to AED 23,575. This investment allows businesses to tap into the region's cryptocurrency market potential, with RadiantBiz providing guidance throughout the process.
