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

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

How long does it take for an Iranian citizen to set up a fintech company in RAK DED?

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.

What are the tax implications for a Fintech business in RAK Mainland?

The UAE introduced a 9% corporate tax on profits exceeding AED 375,000 (effective June 2023). Mainland companies are subject to the standard 9% corporate tax rate on taxable profits exceeding AED 375,000. There is no personal income tax in the UAE. VAT at 5% applies to most goods and services.

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

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.

Can a foreigner own 100% of a Fintech company in RAK Mainland?

Yes, following the recent amendments to the UAE Commercial Companies Law, 100% foreign ownership is now permitted for most mainland activities, including fintech. Previously, a local sponsor holding 51% was required, but this is no longer the case.

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

Yes, your fintech licence from RAK DED entitles you to apply for residence visas. The number of visas depends on your office space size — larger offices qualify for more visas. Each visa costs approximately AED 3,200.

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

Yes, with a valid trade licence from RAK DED, you can open a corporate bank account at any UAE bank. Mainland companies typically have the widest choice of banking partners. IBA assists with introductions and documentation for smooth bank account opening.

Fintech in RAK Mainland for Iranian nationals

MainlandFinancialRegulated Activity

Fintech in RAK DED

Starting From

AED 5,500

Setup Time

2 Business Days

Visa Quota

0 Visas

Location

Ras Al Khaimah

About Fintech

As an Iranian national looking to establish a Fintech business in RAK Mainland, the UAE offers one of the most welcoming environments for international entrepreneurs. Iran has strong bilateral trade relations with the UAE, and thousands of Iranian professionals have already successfully set up businesses across the emirates.

As a mainland entity regulated under Ras Al Khaimah's commercial laws, your Fintech business will benefit from cost-effective setup and industrial land availability. The RAK DED licensing framework is designed to accommodate both start-ups and established firms, with annual licence fees starting from approximately AED 5,500.

With over two decades of experience in UAE business formation, IBA International provides end-to-end support for your fintech setup in RAK DED. Our dedicated advisors handle the paperwork, government liaisons, and compliance requirements, so you can focus on building your business from day one.

Why RAK DED for Fintech?

There are several compelling reasons why RAK Mainland continues to attract fintech entrepreneurs from around the world.

The jurisdiction offers cost-effective setup, which is particularly valuable for fintech operations. Additionally, industrial land availability ensures that your business remains competitive in the regional market. Operating on the mainland allows you to trade directly with the local UAE market without restrictions, and you can bid on government contracts — a significant advantage over free zone entities. Office solutions start from AED 3,000 per year for a co-working, making it accessible for businesses of all sizes. Trade anywhere in the UAE further enhances the appeal of RAK DED for fintech professionals. Furthermore, tourism and hospitality growth positions your fintech business for long-term success in the region. With Ras Al Khaimah continuing to invest in infrastructure and business-friendly regulation, RAK DED remains an excellent choice for both start-ups and established financial enterprises looking to expand into the Middle East and North Africa region.

For Iranian nationals specifically, the Ras Al Khaimah government has fostered a business-friendly environment with streamlined processes that cater to the large Iranian business community.

Cost-effective setup

Industrial land availability

Trade anywhere in the UAE

Tourism and hospitality growth

Strategic northern location

Visa Requirements for Iranian Nationals

For Iranian entrepreneurs, the visa process works as follows: Iranian nationals require a pre-arranged UAE visa. Employment or investor visa is processed through the company after incorporation. IBA handles the complete immigration procedure — from entry permit to residence visa stamping — so you can focus on launching your fintech business in RAK DED.

Banking for Iranian Business Owners

Opening a corporate bank account for your fintech company in RAK DED: Iranian entrepreneurs may face additional due diligence requirements. IBA assists with navigating compliance procedures for successful account opening. IBA has established relationships with major UAE banks and will personally introduce you to relationship managers who understand Iranian business structures.

Document Attestation for Iranian Nationals

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

Requirements & Documents

1Valid Iran passport (minimum 6 months validity)

2Documents attested by Iranian Ministry of Foreign Affairs

3UAE Embassy attestation from Abu Dhabi

4Entry stamp or valid UAE visa copy (if applying from within the UAE)

5Proposed company name (2-3 alternatives)

6Completed application form for trade licence

7Detailed business plan or activity description

8Professional qualification certificates or approvals from DFSA/VARA

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	5,500
Visa Package (per visa)	3,200
Ejari Office	5,000
Co-Working	3,000
Private Office	10,000
Estimated Total (Year 1)	From AED 13,700

* 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 RAK DED licence options for Iranian nationals.

Document Preparation

Prepare and attest all required documents from Iran through Iranian Ministry of Foreign Affairs and the UAE Embassy.

Licence Application

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

Trade Licence Issued

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

Visa Processing

Process your UAE residence visa, Emirates ID, and medical fitness. Iranian nationals require a pre-arranged UAE visa.

Bank Account

Open a corporate bank account. Iranian entrepreneurs may face additional due diligence requirements.

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. Since the UAE's 2020 Commercial Companies Law amendment, Iranian nationals can own 100% of most mainland business activities including fintech.

Fintech in Other Jurisdictions

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IFZA

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