Starting a fintech company in Dubai is more straightforward than you’d think. The process follows 7 steps: define your business model, select a jurisdiction, reserve your company name, secure initial approval, apply for your trade license, sign an office or flexi-desk lease, and open a corporate bank account.
Dubai has built a reputation as one of the world’s leading fintech destinations. Backed by forward-thinking regulation and deep access to global markets, the city now hosts more than 320 fintech firms. In 2024, the number of fintech companies increased by 128.5% from 144 in 2011 to 329 in 2024 – and of those, 203 are based in Dubai.
With government support, modern infrastructure, and a culture of innovation, Dubai offers fertile ground for entrepreneurs looking to launch a financial-technology company.
This guide breaks down every step – from setup to costs and compliance – and shows how Creative Zone makes your business setup in Dubai simple and stress-free.
Step-by-step process to start a fintech business in Dubai
The steps to starting a fintech company in Dubai are choosing your business model, deciding on a jurisdiction, reserving your trade name, obtaining initial approval, applying for your trade license, leasing an office space or flexi-desk, and opening a corporate bank account.
Step 1 – Define your business model
This is where your fintech story begins. Start by deciding what kind of financial problem you want to solve – are you helping people pay, save, invest, or insure? Maybe your idea lives somewhere between, like regtech or wealthtech.
Once you’ve defined your focus, map out how your product will operate and earn revenue. If you’re handling payments or client funds, you’ll need to comply with oversight from bodies like the Dubai Financial Services Authority (DFSA) or VARA (for digital assets). But if your business develops financial software or analytics tools, your regulatory path will be simpler.
At this stage, clarity is key. A sharp business plan helps regulators see that you understand both your audience and the compliance requirements ahead. That’s something Creative Zone can help refine – matching your vision with Dubai’s regulatory landscape right from day one.
Step 2 – Choose the right jurisdiction
Dubai gives you two main routes for company formation: mainland or free zone. Each one comes with its own advantages.
• Mainland (DET): Offers complete access to UAE clients and the ability to partner with banks, corporates, and government projects.
• Free zone: Designed for startups with regional or global ambitions. The Dubai International Financial Centre (DIFC) is a top choice for regulated financial firms, while Dubai Silicon Oasis (DSO) and Dubai Internet City attract tech-driven startups.
Free zones typically allow 100% foreign ownership, tax incentives, and fast-tracked registration. Mainland setups suit companies that want deeper local market access. Most entrepreneurs weigh both options with Creative Zone’s help before deciding which suits their goals, budget, and regulatory needs.
Step 3 – Register your trade name
Select a company name that reflects your services and meets UAE naming rules – keep it professional, steer clear of political or religious words, and avoid anything misleading. Once your name is approved, you’ll get a trade name reservation certificate, which you’ll need for the next steps.
Step 4 – Apply for initial approval
Here, you’re essentially asking authorities to confirm that your chosen business activity is permitted. It’s their way of saying, “Yes, this type of fintech is allowed in Dubai.”
You’ll need to provide passport copies for all shareholders, a simple business plan, and basic company details. Sometimes a financial outline or projected turnover is requested, depending on the activity. Once approved, you can move ahead with your license application and workspace setup.
Step 5 – Obtain your fintech or innovation license
This is the core milestone: getting officially licensed to operate. The type of license you apply for depends entirely on what you do. We go into more detail on these in the next section, but here’s a snapshot of the main license types:
- DIFC Innovation License
- VARA Digital Asset License
- DED Fintech License
- Free Zone Business License
Every category has its own documentation and capital requirements. For example, regulators often ask to see AML (anti-money-laundering) policies, cybersecurity frameworks, or customer-verification systems.
Creative Zone guides founders through these details – ensuring your submissions meet the standards expected by DFSA, VARA, or DET, and helping you avoid the common pitfalls that slow approvals.
Step 6 – Lease an office or flexi-desk
All companies in Dubai need a registered workspace, but there’s plenty of flexibility depending on your stage of growth.
Free zones offer flexi-desks – shared office spaces that give startups a business address, meeting rooms, and the paperwork compliance needed for visa quotas. Mainland companies, meanwhile, must have a physical space registered under Ejari, Dubai’s tenancy system.
For most fintech startups, a flexi-desk is enough to get started. It’s affordable and fully compliant. Creative Zone can help arrange this, ensuring your office or co-working space satisfies all requirements.
Step 7 – Open a corporate bank account
Once your license is issued, it’s time to set up your banking. This is where regulation and practicality intersect.
Fintech businesses often face extra scrutiny from banks – understandable given the nature of the industry. Expect to provide your license, shareholder documents, and business plan, along with any compliance policies.
Banks such as Emirates NBD, Mashreq, ADCB, and HSBC are among the most fintech-friendly. Still, requirements differ, so having Creative Zone’s guidance helps streamline the process and connect you with the right banking partner.
Fintech licenses available in Dubai
The main types of fintech licenses available in Dubai are the DIFC Innovation License, VARA, Digital Asset License, DET Fintech License, and a free zone business license.
• DIFC Innovation License: For early-stage fintechs testing new ideas in a regulated sandbox.
• VARA Digital Asset license: For blockchain- or crypto-related financial services.
• DET Fintech License: For digital-finance and payment-service companies operating onshore.
• Free zone business license: For software-as-a-service and cross-border fintech providers.
Choosing the right one from the start ensures long-term scalability and smoother regulatory renewals.
Documents required for fintech company setup
To set up a fintech business, you’ll typically need to send in the following paperwork:
• Passports of shareholders and directors
• Passport-size photos
• Proof of address
• Business plan
• Completed application form
• Trade name reservation and initial approval certificates
• Office lease or flexi-desk agreement
Some authorities, especially those handling regulated licenses, may also ask for financial projections or IT-security details.
Cost of starting a fintech company in Dubai
Your fintech’s startup costs depend on the license type, chosen jurisdiction, and scale of operations. Most fintech setups fall between AED 15,000 and AED 60,000. Here’s a rough breakdown:
• License and registration: AED 15,000 to AED 30,000
• Office or flexi-desk: AED 5,000 to AED 15,000 per year
• Visas and medicals: AED 3,000 to AED 6,000 per person
• Banking and compliance: AED 2,000 to AED 5,000
Heavily regulated firms, such as those under DIFC or VARA, may face higher fees due to capital and compliance requirements. Creative Zone helps clients forecast the total cost early so they can budget realistically.
Benefits of starting a fintech company in Dubai
The benefits of setting up a fintech company in Dubai include its strategic location, government-backed innovation, attractive tax policies, 100% foreign ownership rights, and access to capital and accelerators.
Strategic location and global connectivity
Dubai’s location makes it a bridge between three continents, giving fintechs access to fast-growing markets in Asia, Africa, and Europe – all from one strategic hub.
Strong government support
Authorities like DFSA and VARA actively nurture fintech through sandboxes and testing programmes. The UAE’s Digital Economy Vision 2031 provides the framework for sustainable growth in financial technology.
Tax advantages and full ownership
Entrepreneurs enjoy 0% personal income tax and a 9% corporate tax rate on profits above AED 375,000. Most free zones offer long tax holidays and 100% foreign ownership. Recent reforms also extend full ownership rights to many mainland sectors.
Access to venture capital and accelerator programs
Dubai’s fintech accelerators – including DIFC FinTech Hive – connect startups with investors, mentorship, and regional partners. Access to venture capital is easier here than in most regional markets.
Why choose Creative Zone for your fintech company setup
Since 2010, Creative Zone has helped more than 75,000 entrepreneurs establish and grow businesses in the UAE.
We take care of the details – licenses, visas, offices, and banking – so you can focus on building your technology and team. Our consultants know the fintech landscape inside out and work closely with regulators and banks to simplify complex processes.
With us, your business setup in Dubai will be efficient, compliant, and fully customized to your goals. Beyond setup, we continue supporting clients with accounting, compliance, and business-growth services.
Contact Creative Zone today, and we’ll help to turn your idea into a thriving business reality.
Frequently asked questions
Is fintech legal in Dubai?
Yes. Fintech is fully legal and regulated under frameworks such as the DFSA (for financial services) and VARA (for digital assets).
What is the best free zone for fintech startups in Dubai?
The DIFC leads for regulated fintechs, while Meydan, DSO, and Dubai Internet City are excellent for tech-based ventures.
How much does it cost to start a fintech company in Dubai?
Between AED 15,000 and AED 60,000, depending on your structure and license type.
Can foreigners own 100% of a fintech business in Dubai?
Yes. Full foreign ownership is allowed in both free zones and most mainland activities.
How long does it take to get a fintech license in Dubai?
Typically 10–25 working days for standard setups; regulated categories can take longer.
