The rising influx of High-Net-Worth Individuals (HNWIs) into the UAE has driven increased demand for bespoke wealth management services. The Dubai International Financial Centre (DIFC) has emerged as the preferred jurisdiction for Wealth and Asset Management (WAM) firms looking to tap into the MEASA region.
Why DIFC?
DIFC is one of the world's top ten onshore financial centres and offers a secure and efficient platform for businesses and financial institutions to contribute and interact with emerging markets of the region.
Wealth and Asset Management firms benefit from The Financial Centre's advanced international ecosystem of:
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A robust legal and regulatory framework governed by the Dubai Financial Services Authority (DFSA)
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Collaborative approach between clients, regulator, and authorities.
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USD 700bn+ in Assets Under Management (AUM).
The Application Process Summary
In Accordance with DFSA Regulations:
Step 1 - Initial Contact
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The applicant firm should contact the Business Development, Wealth & Asset Management team at DIFC Authority.
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They will familiarise you with the DFSA/DIFC requirements and process and will direct you to the DFSA Rulebook Modules.
VelthRad Consultants can assist right from this initial stage, helping your firm understand licensing categories, prepare relevant documentation, and align your business model with DFSA expectations. Early engagement with VelthRad ensures a streamlined and focused application process.
Step 2 - Provide Letter of Intent (“LOI”) (Enquiry Form)
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Intent of Firm & Intended activities to be conducted.
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Reasons for Setting up in the DIFC.
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Founding Directors/Corporate Structure.
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Resources & functions.
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Permanent Office Space Requirements.
Step 3 - Provide DFSA with a Regulatory Business Plan (“RBP”).
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Must set out the strategy and rationale for establishing an operation in the DIFC and also demonstrate how the business will be managed and controlled.
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Regulatory Business Plan Template found in Part 2 of the AFN (Application Forms & Notices) Module of the DFSA Sourcebook.
VelthRad offers expert guidance on preparing a DFSA-compliant RBP using templates and insight based on previous successful applications.
Step 4 - Submit application document to DFSA.
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Application should be submitted directly to the DFSA, along with your application fee for the type of license you are applying for.
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Notify your RM when you submit the application as they will then set up your DIFC Portal account to begin the incorporation process.
Step 5 - DFSA issues In-principle Approval.
Step 6 - Registration and Incorporation with Registrar of Companies (“ROC”)
Step 7 - DFSA final inspection and authorization.
The Applicant Firm has a 3 to 6 month period to demonstrate the following, upon which the DFSA will issue a License:
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Successfully registered with the Registrar of Companies.
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Have sufficiently capitalised the firm.
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Have met all other outstanding matters as mentioned in the In-principle letter.
VelthRad's Role in DIFC Licensing
At VelthRad Consultants, we specialize in helping firms set up and thrive within the DIFC. From structuring the business plan to aligning operations with DFSA regulations, we offer:
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End-to-end setup support
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Regulatory advisory
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Documentation templates and guidance
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Drafting and customizing policy and procedure manuals tailored to DFSA requirements and your business model
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Operational readiness checks
We understand the nuances of the DIFC environment and partner with you to ensure a smooth licensing journey, enabling you to focus on your core business.
Get in touch through our contact form, to explore how VelthRad can support your DIFC expansion today.
