What documents does a Russian national need to start a fintech business in the UAE?

You will need a valid Russia passport (minimum 6 months validity), passport-sized photos, proof of address in Russia, attested documents via Russian Ministry of Foreign Affairs / Apostille, and a business plan for your fintech venture.

How long does it take for a Russian citizen to set up a fintech company in Meydan?

The complete process — from initial application to trade licence issuance — typically takes 2–5 business days. Adding visa processing and bank account opening, the total timeline is approximately 12–22 business days.

Can I get a residence visa with my Fintech licence from Meydan?

Yes, your fintech licence from Meydan entitles you to apply for residence visas. The standard package includes 3 visa(s), with the option to apply for additional visas based on your office space. Each visa costs approximately AED 4,000.

Can I open a corporate bank account with my Meydan Fintech licence?

Yes, with a valid trade licence from Meydan, you can open a corporate bank account at any UAE bank. Free zone companies can bank with most major UAE banks including Emirates NBD, ADCB, RAKBank, and Mashreq. IBA assists with introductions and documentation for smooth bank account opening.

Do I need to be physically present in the UAE to set up a Fintech company in Meydan?

Most of the setup process for a fintech business in Meydan can be completed remotely, with documents submitted online or via courier. However, you may need to visit the UAE for Emirates ID biometrics and bank account opening. IBA can coordinate to minimise your required visits.

What documents do I need to set up a Fintech business in Meydan?

The standard documents required include: passport copies of all shareholders, passport-sized photographs, a completed application form, a business plan or activity description, and proof of address. As a regulated activity, you will also need to provide professional qualifications or certifications required by DFSA/VARA. IBA handles all document preparation and submission on your behalf.

What are the tax implications for a Fintech business in Meydan Free Zone?

The UAE introduced a 9% corporate tax on profits exceeding AED 375,000 (effective June 2023). Free zone companies like those in Meydan may qualify for a 0% corporate tax rate on qualifying income, provided they meet the substance requirements and do not conduct business with the mainland. There is no personal income tax in the UAE. VAT at 5% applies to most goods and services.

Free ZoneFinancialRegulated Activity

Fintech in Meydan

Starting From

AED 9,950

Setup Time

2 Business Days

Visa Quota

3 Visas

Location

Dubai

About Fintech

The UAE continues to attract Russian entrepreneurs seeking to tap into the Middle Eastern market, and Meydan is one of the most popular jurisdictions for fintech operations. Growing community (~40,000), which means you will find an established support network, community events, and nationality-specific resources to help your business thrive.

Operating from Meydan Free Zone gives your Fintech business access to Dubai's world-class infrastructure, including modern office facilities such as flexi desk, shared office, private office and excellent connectivity. As a regulated activity, you will need approval from DFSA/VARA before commencing operations, but IBA's team handles this process seamlessly on your behalf.

IBA International has been helping entrepreneurs set up fintech businesses in Meydan Free Zone since 2004. Our team of incorporation specialists will guide you through every step, from initial consultation to licence issuance and bank account opening, ensuring a smooth and efficient setup experience.

Why Meydan for Fintech?

Choosing Meydan for your fintech business comes with a host of strategic advantages that directly impact your bottom line and growth potential.

The jurisdiction offers competitive pricing, which is particularly valuable for fintech operations. Additionally, prestigious meydan address ensures that your business remains competitive in the regional market. As a free zone entity, your business enjoys complete repatriation of profits and capital, with no currency restrictions on transactions. Office solutions start from AED 4,000 per year for a flexi desk, making it accessible for businesses of all sizes. The standard licence includes a visa quota of 3 residency visas, with options to increase this number as your team grows. Fast setup process further enhances the appeal of Meydan for fintech professionals. Furthermore, 100% foreign ownership positions your fintech business for long-term success in the region. With Dubai continuing to invest in infrastructure and business-friendly regulation, Meydan remains an excellent choice for both start-ups and established financial enterprises looking to expand into the Middle East and North Africa region.

For Russian nationals specifically, the Dubai government has fostered a business-friendly environment with streamlined processes that cater to the large Russian business community.

Competitive pricing

Prestigious Meydan address

Fast setup process

100% foreign ownership

Growing free zone community

Visa Requirements for Russian Nationals

For Russian entrepreneurs, the visa process works as follows: Russian nationals can obtain a UAE visa on arrival for 90 days. For business purposes, a proper residence visa is recommended. IBA handles the complete immigration procedure — from entry permit to residence visa stamping — so you can focus on launching your fintech business in Meydan.

Banking for Russian Business Owners

Opening a corporate bank account for your fintech company in Meydan: Russian entrepreneurs may face additional compliance requirements due to international regulations. IBA assists with proper documentation and bank selection. IBA has established relationships with major UAE banks and will personally introduce you to relationship managers who understand Russian business structures.

Document Attestation for Russian Nationals

Document attestation for Russian nationals involves: (1) Notarisation in Russia, (2) Attestation by Russian Ministry of Foreign Affairs / Apostille, (3) UAE Embassy attestation in Dubai. IBA provides a complete attestation checklist specific to fintech businesses to ensure nothing is missed.

Requirements & Documents

1Valid Russia passport (minimum 6 months validity)

2Documents attested by Russian Ministry of Foreign Affairs / Apostille

3UAE Embassy attestation from Abu Dhabi

4Detailed business plan or activity description

5Professional qualification certificates or approvals from DFSA/VARA

6Entry stamp or valid UAE visa copy (if applying from within the UAE)

7Proposed company name (2-3 alternatives)

8Passport copies of all shareholders and directors (valid for at least 6 months)

Regulatory Note: Fintech is a regulated activity in the UAE. Additional approval from DFSA/VARA is required. IBA can guide you through the full regulatory process.

Cost Breakdown

Item	Cost (AED)
License Fee	9,950
Visa Package (per visa)	4,000
Flexi Desk	4,000
Shared Office	8,000
Private Office	20,000
Estimated Total (Year 1)	From AED 17,950

* Costs are indicative and subject to change. Contact IBA for a personalised quote.

Setup Timeline

Consultation

Free consultation with IBA to discuss your fintech business plan and the best Meydan licence options for Russian nationals.

Document Preparation

Prepare and attest all required documents from Russia through Russian Ministry of Foreign Affairs / Apostille and the UAE Embassy.

Licence Application

Submit the fintech licence application to Meydan. IBA handles all paperwork and government interactions.

Trade Licence Issued

Receive your official Meydan trade licence within 2–5 business days.

Visa Processing

Process your UAE residence visa, Emirates ID, and medical fitness. Russian nationals can obtain a UAE visa on arrival for 90 days.

Bank Account

Open a corporate bank account. Russian entrepreneurs may face additional compliance requirements due to international regulations.

Start Operations

Your fintech business is ready to operate in the UAE. IBA provides ongoing PRO, accounting, and compliance support.

Total estimated time: 2 business days. IBA handles the entire process end-to-end so you can focus on your business.

Frequently Asked Questions

Yes. Meydan allows 100% foreign ownership for all nationalities, including Russian nationals. No local sponsor or partner is required.

Fintech in Other Jurisdictions

SHAMS

From AED 6,150

RAKEZ

From AED 7,500

DIFC

From AED 12,000

Abu Dhabi DED

From AED 10,000

JAFZA

From AED 16,000

Dubai DED

From AED 12,000

DMCC

From AED 15,300

IFZA

From AED 11,750