Business incorporation and setup
The initial phase involves forming a company under Dubai's jurisdiction. This includes:
✓Company incorporation
Registering a legal entity aligned with Dubai's corporate regulations.
✓Office space
Securing a physical office location within the Emirate to fulfil regulatory requirements.
✓Local personnel
Employing two responsible individuals who are either UAE residents or UAE passport holders, along with a company secretary.
Establishing these components ensures the business structure complies with VARA's initial prerequisites.
Compliance and regulatory preparation
Simultaneously, the business must prepare a comprehensive set of compliance and regulatory documents, which include:
✓Identification and background checks for all key participants.
✓Internal policies and procedures for operations and compliance.
✓A detailed business plan outlining the nature of the virtual asset activities.
✓Financial projections and supporting documentation.
Employing two responsible individuals who are either UAE residents or UAE passport holders, along with a company secretary.
This step also involves opening a corporate bank account in Dubai to deposit the required share capital and to process the fees for pre-approval and licensing.
Submission and review
Once the business structure is finalised and all documents are prepared, the application is submitted to VARA. Applicants must adhere to specific rulebooks issued by VARA:
✓Core rulebooks
Applicable to all applicants, outlining general regulatory and compliance standards.
✓Activity-specific rulebooks
Tailored to the particular virtual asset activities the business intends to undertake.
Applicants are responsible for reviewing and aligning with the relevant rulebooks to ensure full compliance with VARA's regulatory framework.
Approval and licensing
After thorough validation and review, VARA issues the VASP license to the company. This license is subject to annual renewal, with the business remaining under VARA's ongoing supervision to ensure continued compliance with regulatory requirements.
