Suppose you want to get a work permit in the Middle East. In that case, you should find out in advance which jurisdiction is ideal for this DMCC, a promising and free financial and economic territory in the UAE, where engaging in the market and gradually developing your business is possible.
Types of Permits
To start a business related to virtual currency, you must be licensed here. This territory has one of the highest reputations in the world. Therefore it will attract many firms that value reliability and safety to the partnership. With a DMCC crypto exchange license (see https://gofaizen-sherle.com/crypto-license/uae/dmcc ), your firm can legally conduct activities related to virtual currency.
It provides 12 types of crypto permits, depending on the kind of financial activity of the organization.
Crypto activities that VARA does not regulate. There are 5 types of permits for this type of crypto:
- Purchase/sale of crypto-goods;
- Provision of services on the blockchain;
- Services of a digital trading provider on the NFT platform;
- Services of a metaverse provider;
- Crypto mining.
Crypto activities that VARA regulates. VARA established these 7 licensing types and will be regulated based on the Regulation.
- Consulting services;
- Broker/dealer services;
- Custody services;
- Provision of exchange;
- Lending and loans;
- Financial transfers;
- Investment and management.
Agree that there are plenty to choose from.
6 Reasons to Permit Here
Licensing here has several benefits that attract many investors to develop the business.
1. Opportunity to Provide Services Using Blockchain
DMCC enables firms to operate in an enabling environment using distributed ledger technology. It will help optimize the crypto business and increase its efficiency. In addition, the blockchain provides reliable and secure financial transactions. It is a partner and assistant for firms with activities, supporting their business through innovative technologies.
2. It Is Possible to Engage in Virtual Currency Trading
DMCC has a controlled and trusted sector that provides organizations with efficient and secure trading through access to many markets where virtual assets can be traded. In addition, the necessary infrastructure and legal support have been created in this territory.
3. Preferential Taxation
Firms operating here enjoy preferential taxation. There is no income tax or corporate tax. Absolute repatriation of your capital is ensured without restrictions on the size of the amount. Licensed organizations are exempt from import/export duties on goods and services, which provides your business with financial support and a competitive advantage in the global crypto industry.
4. 100% Ownership of Foreign Capital Is Ensured
Licensing here allows organizations to own 100% foreign capital, eliminating the need for a local shareholder or sponsor. This fact gives the company absolute control over its business and removes the restrictions associated with local partners.
5. Low Startup Costs and Fast Licensing
You can open your own business with small financial costs: approximately 20,000 USD and with small requirements for the size of the authorized capital – 50,000 ED. Moreover, confirmation of licensing from the moment of submission of the application takes approximately 1 – 1.5 weeks. Thanks to this, you get a cost-effective and quick start for the organization, allowing the firm to enter the crypto market quickly.
6. Ensuring Reliability and Security
Firms have access to professional knowledge in blockchain, which ensures a high degree of confidentiality and security of financial transactions with virtual currency. It allows your business to be confident in protecting data and minimizing the risks associated with transactions.
Briefly About the Licensing Process
To obtain a permit, people need to go through several stages:
- Approve the name of the firm and prepare a package of papers: draw up a business project, copies of passports, utility bills, and resumes are needed from the management and shareholders (1 – 2 weeks);
- Registering a firm and determining the type of licensing – for this, you will need to collect all corporate papers and submit an application to it(3 – 4 weeks);
- Open a bank account, having studied several banks to identify risks associated with the AML policy (3 – 6 weeks).
That’s all there is to licensing. If everything is done correctly, then there will be no problems obtaining a permit. From all of the above, the DMCC zone in Dubai is one of the most prestigious and promising countries for developing business.
The article highlights the advantages of choosing DMCC (Dubai Multi Commodities Centre) in the UAE for obtaining a work permit, particularly for engaging in the virtual currency and crypto industry. DMCC is portrayed as a promising financial and economic territory, offering a conducive environment for business growth.
The article delves into the types of permits available, differentiating between crypto activities regulated by VARA (Virtual Asset Regulatory Authority) and those that are not, covering a range of financial activities related to virtual currency.
The main focus of the article is on the six compelling reasons to consider obtaining a permit in DMCC. Firstly, the opportunity to provide services using blockchain technology is highlighted, showcasing the efficiency and security benefits of distributed ledger technology.
The controlled and trusted sector for virtual currency trading in DMCC is discussed, emphasizing secure access to multiple markets. The article then draws attention to preferential taxation, detailing the absence of income and corporate taxes, as well as exemptions from import/export duties.
The advantages of 100% ownership of foreign capital are noted, eliminating the need for local shareholders or sponsors and thereby providing full control to the company. Additionally, low startup costs and a quick licensing process are outlined, underlining the accessibility of the DMCC zone for businesses.
Lastly, the focus on reliability and security is reaffirmed, emphasizing the professional knowledge in blockchain available to firms, enhancing transaction confidentiality and minimizing risks.
In conclusion, DMCC in Dubai is presented as a prestigious and promising choice for businesses aiming to enter the crypto market. The straightforward three-stage licensing process is highlighted as a feasible path for obtaining a permit.
This comprehensive overview underscores the appeal of DMCC as a strategic location for those looking to thrive in the rapidly growing virtual currency sector, offering a range of benefits that support business expansion and success.