We all know that the UAE is the largest center of the fintech industry. The unlimited growth of the UAE is mainly dependent on business and technology and fintech is the combination of technology and financial services. Fintech is basically the major incorporation of technology into monetary outcomes and presentations. The main goal of fintech is to enhance the customer venture and now this is the major industry in the UAE. In the Middle East, the fintech industry grew a CAGR of 30%. Previous year and next year it is around USD 2bn in space.
The fintech companies have been established all over the world but they choose Dubai for their fast-paced, business-friendly environment and easy access to funding. In the end, Dubai became a popular destination for those entrepreneurs who are looking to expand their business into new territories. Many companies that start with fintech business in Dubai, today count as the most prosperous corporations in the world. In 2022, Dubai will deliver the Virtual Asset Regulation Law because it is a head in rules and guidelines that keep acquisition and invention. After knowing some facts, investors are showing interest in starting a FinTech business in Dubai from India.
What is a Fintech Company?
Fintech companies are those companies that deliver several ranges of financial services basically provided by traditional banks. But there is a difference in that technology is used to modify, amplify, and automate financial services for businesses. Some examples like portable banking, peer-to-peer costs, automatic portfolio leaders, and trading outlets.
Advantages of Starting a Fintech Business in Dubai from India
In Dubai, the biggest benefits of Fintech entrepreneurs are the market needs. Today, at least 70% of people use GCC regular smartphones and in previous years, mobile payment was a prime driver of a minimum30% growth. In UAE, the tech-savvy population has greed for digital services, and in the traditional banking space, the growth potential is the biggest. There is another main benefit in UAE that appealing tax stays at 0% of the individual payment and once you set up in a complimentary area, you also take advantage of zero cash constraints, more earnings, and financial recovery.
There are a few steps to starting a Fintech Company
There are many essential factors to know when you decide how to begin a fintech company. When you match a supple business plan for instigating a fintech startup, then you can focus on the most important aspects and then experiment and at the end add your own unique things to the products. These are the steps that help to know you how to start a fintech Company-
1. Identify your Niche-
This is the main work in any field, when you start a new work then first know your niche and capability. The Fintech industry is the largest these days, So there are many breaches that you need to fill. First, you start with a small rank and grow as you solve other problems, and solving many problems at once will make you a failure. So make yourself strong to face failure know your niche and then work with that.
2. Consider the Company’s Location
It is important to start your fintech company in both physical and online locations, where you can understand the problems and then target customers. This is a prime attribute that specific industries may begin departure as remote or material headquarters.
3. Know the Regulations
Before you initiate a startup that is globally reachable, it’s important that you know several laws and how they can affect your company, good or bad for your startup. There are many types of rules like labor laws, corporate earnings, and data usage laws. The basic information is that fintech and banking industries are highly regulated and follow many rules and regulations. So it’s necessary to know their homes and escapes.
4. Know your Licenses
Licenses are those documents furnished by the government that allow people to work legally in finance and it depends on your niche sectors. If you don’t have a license then you cannot start a new business and the license is important to appraise price, preparation work, and the cost of services you deliver. You can do all these items when you choose a license.
5. Know the competitors
If you are delivering new products in the market, it should dissertate a determined gap. It is also necessary and possible to refine what already goes rather than offering something new.
6. Build a Team
If you want to establish a strong company then you have to add some experts to your company make a team and also add some outsourced services like app development. More than three co-founders are needed when starting a small startup. If you like to raise your enterprise then a founding team is most important.
7. Choose your Funding Options
Fintech startups can grow money in several ways. Include crowdsourcing, bank loans, venture capital, angel investors, and startup competitions.
8. Build and improve
Today’s startup goes to the future. Preferably than starting with an admirably ambitious and dripping demand, it is most suitable to begin miniature and uphold growing to solve problems and improve your products. Repeat this process, you will introduce your startup, start, improve its process and products, add new technology and trends, and grow.
The steps to Starting your Fintech Company in Dubai from India
There are three main steps to start a Fintech Company in Dubai-
1. Choosing a Company Name- In UAE, there are various naming parameters that you must know. But you don’t all the rules are straightforward and common. You make sure that while you choose a name avoid wounding language and any copied name.
2. License Application- After this, you will devote your Fintech license, to apply for a license you need to deliver some facts about your company, and shareholders and give evidence of your residence and marker.
3. Getting your Visa- At the last, getting your visa and spreading a corporate bank version. In the visa application process, you come across a wellness test, blood trial, and chest x-ray trial. When you pass all the tests then get your visa and start your fintech business.
Also Read: How to Move Dubai from India: All You Need to Know in 2023-24
