AML Compliance

Despite of the continuous efforts by the international community to fight against Money laundering and terrorism financing, Financial crime rates are increasing at an alarming rate pausing a threat to the economy, security and to the society as a whole. UAE being the finance capital and the business hub of the middle east, It is committed to fight this threat by introducing new rules and regulation that aligns with the recommendations of FATF (Financial Action Task Force), This has led to implementing stricter regulations even on the non-financial sector. These section which did not previously come under the purview of AML Compliance earlier are termed as Designated Non-Financial Businesses and Professions (‘DNFBPs’). These regulations involve requirements to identify, assess and take preventative actions to mitigate any risks of being involved facilitating the transfer of illicit proceeds for money laundering or terrorist financing purposes.

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Frequently Asked Questions

If you are planning a new business setup in Dubai and wondering where to set up a business in Dubai? Then you must know that Dubai's demographic structure has been utilized to create a thriving hub for dynamic business activities. Dubai is divided into three zones: mainland, free zone, and offshore, and businesses must select the location that best suits their specific needs.

  • Steps to Starting a Business in Dubai 
  • Prepare the documentation. 
  • Get a business license. 
  • Start the visa process. 
  • Open a Business bank account.

    The cost of setting up a company in Dubai is not fixed and varies depending on the type of business license and company license you to intend to obtain. For instance, the cost of setting up a business in the mainland defers opening a Freezone company.

    • Real Estate. Real estate is one of the most established industries in Dubai.
    • Financial Services. The UAE has quite an organized and advanced financial system in place, to support the large-scale businesses there.
    • Retail
    • Tourism
    • Schooling
    • Healthcare

    The most effective business setup consultants in Dubai are those who provide comprehensive support throughout the entire process and offer extensive guidance on documentation and legal formalities. Top-rated company setup consultants in Dubai inform you about the process, associated costs, benefits, and other pertinent information to enable you to make an informed decision about setting up your business in the UAE.

    Free Zones are designated areas in UAE that allow you to start a company with 100% foreign ownership.

    Here are the key steps to set up a business in a free zone.

    • Determine the type of legal entity.
    • Choose a trading name.
    • Apply for a business license.
    • Choose an office space.
    • Get pre-approvals, register your business and get your license.

    Most of the Dubai UAE banks allow non-residents only to open a Savings Account and not a Current Account. Nevertheless, non-residents cannot receive a checkbook; a debit card will be issued to non-residents to withdraw the money. As a non-resident, the equilibrium will be minimal and/or maximum.

    Yes, Dubai encourages business set-up regardless of nationality through its friendly laws and policies.