What should I pay attention to when obtaining a work permit in the UAE?

The crypto world is developing at a fast pace. Today, several large centers are emerging where this industry can successfully grow. Dubai is such a capital in the Middle East. Local authorities have already managed to appreciate the benefits of using the blockchain. Therefore, it sets very favorable conditions for development. If you want to work here, you must get a UAE crypto license. This will allow you to work entirely legally and develop quickly.

Features of regulation of this industry

Each country sets its own rules for regulating the crypto industry. Some of them, such as China, ban the market entirely, while others set rules for regulation. The Dubai government has already appreciated the benefits of using blockchain in various industries. To profit from the crypto industry, you must get a crypto exchange license in the UAE.

If you refuse to apply for a work permit, you should be prepared to get in trouble with the law. Your organization may be declared a fraudster, the platform will be blocked, and you must pay heavy fines.

Unlike many other countries, the UAE has several state regulators that set the rules for regulating this industry. This greatly complicates the understanding of crypto business regulation. We advise you to contact our specialists for help, and they will tell you what points you need to pay attention to.

Conditions for obtaining a work permit

finance

Before starting your business, you should familiarize yourself with all the critical requirements and aspects and prepare plans, documents, and invoices.

Firstly, you must clearly understand how your work will take place and how it relates to crypto assets to contact the regulatory authority, which will tell how legal your actions and company are. Secondly, you need at least 5 years of lawful presence in any other country in the field of cryptocurrency to establish a crypto-business in the international financial center of Dubai. Lastly, to open any firm, it is recommended to consult with experts and state authorities, who will prompt the necessary information in case of need.

What about obtaining a cryptolicense specifically? The conditions change. Below is a list of requirements that your organization must meet to obtain a crypto license in UAE:

  • You must disclose all operating and capital resources for at least 6 months to verify your operations;
  • All assets must be registered with the departments of the financial-free zone. In turn, the Free Economic Zone provides the opportunity to open companies in which foreign owners hold 100% of the share capital;
  • Possession of a commercial license, which you can obtain either online or offline;
  • Required documents must have genuine copies from all investors and project partners;
  • Clean, accurate, and genuine cryptocurrency wallet records with no fraudulent activity, and if you don’t have one, get it to protect your financial assets;
  • A detailed business plan. 

To elaborate, the issuance of a license depends directly on what you provide and how much your ideas will interest the crypto market. Depending on your business type, the parts can vary and be supplemented, but there are mandatory items, such as business ideas, financial proposals, concepts, and business models.

Cost and services

Depending on your chosen services and the state fee, people in business and investors who want to open their own business must meet the minimum license cost requirement. Suppose you break down the benefits into separate titles. In that case, you can allocate fees for initial approval, registration charges, visa, payment for the firm that issues the permit, and prices for the crypto currency exchange license to the official bodies.

For an accurate calculation of the cost of a license and services, we recommend writing to qualified experts who will advise you on your desires and conditions.

Taxation

Due to the lack of income tax, the business is beautiful in this area. If you trade digital currencies or receive them as earnings, then your tax is 0%. Of course, there will still be some percentage; for example, the value-added tax is 5%. It is best to clarify such information in the official bodies of financial services and banks or to learn from consultants (experts) of the organization in which you will directly apply for a license. Despite some exceptions, this country does not produce VAT in most cases.

The main stages of obtaining a work permit

Considering all the requirements and conditions, you need to proceed to the direct acquisition of a license, so let’s analyze what needs to be done.

Organization name

It would seem the simplest solution, but it is not. Your name should sell and hint at your line of work.

Once a candidate or list of titles has been accurately selected, it must be submitted for review and approval by the appropriate governing body. It will also tell you if your name fits the naming convention guidelines.

Jurisdiction

If starting a digital asset business for the first time, you must choose a mainland or a free zone. Each has different advantages, so you need to select the one that suits your type of activity. If you already have a business, you can open a representative office of your parent company in a free zone or even in the continental region.

Get a license

The direct acquisition of a claim occurs after careful processing, so you must complete all paperwork and approval requirements. It is better to cooperate with a consulting organization so that the process takes little time and goes smoothly.

Compliance with the rules

It is essential to clarify that the government is very conscientious about its laws and regulations, so their violation can lead to fines, penalties, and license revocation, negatively affecting your business.

Checking documents, organization name, and data takes a small amount of time, so you can get a crypto license in the UAE within 1-2 weeks.

Is a license in this country profitable?

By choosing different continents and jurisdictions, you can highlight the advantages of working with them in different work areas. If we consider the crypto market and its possibilities, it is worth paying attention to such benefits of the license for the exchange of digital assets:

  • Fast registration and data processing;
  • No taxes or their smallest amount;
  • More affiliate activities;
  • The free zone makes it possible to have only foreign investors and sponsors;
  • Improved encryption mechanism – blockchain;
  • Absence of cross-border barriers for transfers;
  • A permit will bring you more clients because of its worldwide visibility;
  • A variety of activities with digital currency.
crypto lisence

The crypto industry is developing very fast, so you can find more exciting offers and pluses every year. The government and businesses in Dubai are actively using blockchain not only for financial transactions but also in other industries.

The presence of such a license indicates the excellent reputation of your organization. There is a good investment climate here, which allows such a business to develop actively. In addition, it will attract customers from the entire region, maximizing the audience and bringing additional profit.

Conclusion

The global Abu Dhabi market provides promising opportunities and horizons for opening and promoting your business. You can issue digital currencies, exchange them, and manage your assets with a license. As a result, having familiarized yourself with all the requirements, aspects, and benefits, you can easily and quickly obtain permission for cryptocurrency trading in the United Arab Emirates. Diversifying money into digital assets is the future of the emerging digital economy. Rapid development in this area will bring the rapid realization of your plans.

FAQ

Yes, if organizations want to work entirely legally and have no problems with the law, you need to get a work permit.

To get a work permit, you must register for a company, pass a background check, and get a work permit. It should be said right away that this process is quite complicated, so it makes sense to contact our organization. It employs specialists who know the peculiarities of industry regulation and understand what to look for when obtaining a license.

Yes, the crypto industry is taxed. Given the specifics of your work, you should contact our organization’s specialists to find out how much you will have to pay for contributions. They will answer your questions and help you make calculations.