Obtaining a payment license in the UAE

What opportunities does obtaining a payment license in the UAE open for business ?

In recent years, the United Arab Emirates has rightfully occupied the place of honor of the largest financial center in the world. Many entrepreneurs register companies and obtain licenses in the UAE, as the Arab Emirates is considered to be one of the most protected countries in terms of financial risks. Businessmen are attracted by a favorable economic environment, a zero tax rate, the closeness of the register of companies, the actual lack of exchange of tax information and the reliability of banks.

One of the most relevant for obtaining financial licenses in the UAE at the moment is a payment license. To obtain a payment license in the UAE, you do not need to go through a large number of complex procedures, form a huge authorized capital, hire a staff of local employees and rent a large office, as, for example, European countries popular among Fintech (Estonia, Latvia and the UK) require.

What is a payment license in the UAE?

A payment service provider (or PSP) is actually an organization that provides digital payment services (including using electronic, mobile or magnetic means, but excluding credit and debit card payments). The activities of such licensed companies in the UAE include the activities of companies engaged in the provision of payment services on behalf of financial sector participants, such as banks, telecommunications companies and others, the process includes the creation of networks and technological support, the supply of payment instruments, as well as hardware and software, the creation of a data processing center, the development and issuance of payment cards, providing consulting services and managing the payment process. This payment license in the UAE is an excellent alternative to European payment systems with a PSP license.

The most optimal option for obtaining a payment license in the UAE is obtaining a license in free economic zones (FEZ) with all kinds of "buns" for entrepreneurs in the form of benefits and the opportunity to obtain a resident visa for three years. We offer the following zones for registering a company in the UAE with a payment provider license: DMCC, Dubai International Financial Centre (DIFC) or RAKEZ (Ras Al Khaimah Economic Zone).

Of course, the requirements and features for payment licenses may vary slightly from zone to zone, but the Antwort Law team will help you figure everything out in a matter of minutes!

How to register a payment card (PSP) in the UAE?

Registration of the company together with obtaining a payment license in the UAE will take about 1 (one) month. The process is quite clear and step-by-step. After registering the company, you need to get an immigration file and apply for a visa to the UAE for the owner of the payment card. Then, when the entry permit is ready (in about 2-3 weeks), the client must visit the UAE to enter the country. The Antwort team always accompanies its clients to any government agency to take tests and obtain documents, as well as to banks to open a bank account for your payment system.

Many businessmen are afraid of the costs of a payment company in the UAE. They believe that an office will be required to register such a company, and this is an expensive event. However, by choosing the right area for obtaining a license, office expenses can be avoided. It is also possible to minimize the costs of local employees and officers. It is important to seek help from specialists in advance and then the whole process will go smoothly until the PSP license is obtained.

In fact, the process of obtaining a payment license in the UAE is not as scary as it may seem at first glance. If you prepare a set of documents requested by the local authorities, show the background of your business and provide a business plan for your project, then you have a payment license in your pocket! Antwort Law specialists and professionals in their field will help you to collect documents and structure them.

So, what do you get if you decide to get a payment license in the UAE?

  • attractive tax regime equal to zero percent (0%);
  • you are a full-fledged digital payment service provider;
  • owners receive tax residency in the UAE and, as a result, exempt themselves from the worldwide automatic exchange of information;
  • conduct your business in accordance with an international license;
  • service your project in the best top banks in the world.

The Antwort team has extensive experience in the UAE market. We are in touch with our customers 24/7. Our specialists are highly qualified in solving internal tax, accounting and corporate issues of the company.

Don't be afraid of difficulties, Antwort Law always has the right answer!

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