What documents does a Canadian national need to start a money exchange business in the UAE?

You will need a valid Canada passport (minimum 6 months validity), passport-sized photos, proof of address in Canada, attested documents via Global Affairs Canada / Provincial Authentication, and a business plan for your money exchange venture.

How long does it take for a Canadian citizen to set up a money exchange company in Dubai DED?

The complete process — from initial application to trade licence issuance — typically takes 3–6 business days. Adding visa processing and bank account opening, the total timeline is approximately 13–23 business days.

How long does it take to get a Money Exchange licence in Dubai DED?

The typical processing time for a money exchange licence at Dubai DED is 3 business days, subject to document completeness and any regulatory approvals. As a regulated activity requiring Central Bank of UAE approval, additional time of 1-3 weeks may be required.

Is Dubai Mainland good for money exchange start-ups?

Dubai DED is well-suited for both start-ups and established businesses, offering trade anywhere in the uae and government contracts eligibility. Flexible office solutions starting from AED 15,000 per year help keep initial overheads manageable.

What are the tax implications for a Money Exchange business in Dubai 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.

Can a foreigner own 100% of a Money Exchange company in Dubai Mainland?

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

What documents do I need to set up a Money Exchange business in Dubai 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 Central Bank of UAE. IBA handles all document preparation and submission on your behalf.

Money Exchange in Dubai Mainland for Canadian nationals

MainlandFinancialRegulated Activity

Money Exchange in Dubai DED

Starting From

AED 12,000

Setup Time

3 Business Days

Visa Quota

0 Visas

Location

Dubai

About Money Exchange

Setting up a Money Exchange business in Dubai Mainland as a Canadian citizen is a straightforward process when you understand the specific requirements that apply to Canada-based entrepreneurs. IBA International has helped hundreds of Canadian business owners navigate the licensing, visa, and banking procedures unique to their nationality.

The licensing process at Dubai DED has been streamlined significantly, with most financial licences processed within 3 business days. With the recent changes to UAE commercial law, 100% foreign ownership is now available for most mainland activities. The base licence fee is approximately AED 12,000, making it competitively priced for the services included.

At IBA International, we simplify the process of establishing your money exchange business in Dubai Mainland. From selecting the right licence type to securing your visa and opening a corporate bank account, our experienced team ensures every detail is handled professionally and efficiently.

Why Dubai DED for Money Exchange?

Dubai Mainland is widely regarded as one of the UAE's premier destinations for financial businesses, and for good reason.

The jurisdiction offers trade anywhere in the uae, which is particularly valuable for money exchange operations. Additionally, government contracts eligibility 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 8,000 per year for a co-working, making it accessible for businesses of all sizes. No geographic restrictions further enhances the appeal of Dubai DED for money exchange professionals. Furthermore, wider business scope positions your money exchange business for long-term success in the region. With Dubai continuing to invest in infrastructure and business-friendly regulation, Dubai 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 Canadian nationals specifically, the Dubai government has fostered a business-friendly environment with streamlined processes that cater to the large Canadian business community.

Trade anywhere in the UAE

Government contracts eligibility

No geographic restrictions

Wider business scope

Direct customer access

Visa Requirements for Canadian Nationals

Canadian nationals can enter the UAE visa-free for 30 days. For business setup, a residence visa is processed after company incorporation. Once your money exchange licence is issued by Dubai DED, IBA will process your residence visa application, Emirates ID, and medical fitness tests. The entire process typically takes 8–15 business days from licence approval to visa stamping.

Banking for Canadian Business Owners

Canadian nationals generally experience smooth corporate bank account opening. Strong Canadian-UAE relations facilitate banking processes. For your money exchange business in Dubai DED, IBA recommends opening a corporate account with a bank that has experience serving Canadian business owners. We will prepare your banking file including the trade licence, shareholder documents, business plan, and any Canada-specific attestations required.

Document Attestation for Canadian Nationals

Canadian nationals setting up a business in the UAE will need to attest certain documents through Global Affairs Canada / Provincial Authentication. This typically includes your passport copy, educational certificates (if applicable for money exchange), and any existing business documents. The attestation must then be verified by the UAE Embassy in Abu Dhabi before submission to Dubai DED.

Requirements & Documents

1Valid Canada passport (minimum 6 months validity)

2Documents attested by Global Affairs Canada / Provincial Authentication

3UAE Embassy attestation from Abu Dhabi

4Passport-sized photographs with white background

5Relevant industry experience documentation

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

7Completed application form for trade licence

8Proposed company name (2-3 alternatives)

Regulatory Note: Money Exchange is a regulated activity in the UAE. Additional approval from Central Bank of UAE is required. IBA can guide you through the full regulatory process.

Cost Breakdown

Item	Cost (AED)
License Fee	12,000
Visa Package (per visa)	4,500
Ejari Office	15,000
Co-Working	8,000
Private Office	30,000
Estimated Total (Year 1)	From AED 31,500

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

Setup Timeline

Consultation

Free consultation with IBA to discuss your money exchange business plan and the best Dubai DED licence options for Canadian nationals.

Document Preparation

Prepare and attest all required documents from Canada through Global Affairs Canada / Provincial Authentication and the UAE Embassy.

Licence Application

Submit the money exchange licence application to Dubai DED. IBA handles all paperwork and government interactions.

Trade Licence Issued

Receive your official Dubai DED trade licence within 3–6 business days.

Visa Processing

Process your UAE residence visa, Emirates ID, and medical fitness. Canadian nationals can enter the UAE visa-free for 30 days.

Bank Account

Open a corporate bank account. Canadian nationals generally experience smooth corporate bank account opening.

Start Operations

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

Total estimated time: 3 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, Canadian nationals can own 100% of most mainland business activities including money exchange.

Money Exchange in Other Jurisdictions

DIC

From AED 15,000

RAKEZ

From AED 7,500

DIFC

From AED 12,000

SHAMS

From AED 6,150

JAFZA

From AED 16,000

DMCC

From AED 15,300

IFZA

From AED 11,750

DSO

From AED 12,000