UAE VARA now requires you to pay 1000 AED for some certificate

[Fred]

You are right, but having an income-generating activity but being forced to keep it hidden is problematic.
Without 'proof of funds' or 'source of funds', justifying these revenues becomes a major headache.
It feels like we're pushed to operate in the shadows, which isn't ideal for legitimate businesses.

You are better off with BVI here, I do recommend this to all clients since the very beginning.

This was even before VARA was in place.

My point of view was always that the UAE Crypto License would make sense and worth the cost if you can access the local UAE Banking System. But as this is not the case - you have the same Banking options like a BVI Company while a BVI Company is cheaper and faster to setup.

Now with VARA and even the deposit they are looking for - call it a day - it's even more funny you first need to incorporate with a different activity to be able to make a Deposit on the Business Bank Account to even be in a position to make a VARA Application.

I'm sure we are all having some hobbies and family we are better of to invest our time there as in this.... - well whatever it is.

 

[Ancova]

Hello All!

VARA in UAE has released a few more updates. Please find all details attached and the pricing below:

Proprietary Trading - 1000 aed
Advisory Services - 40000 aed
Broker Dealer - 100000 aed
Custody - 100000 aed
Exchange - 100000 aed
Lending and Borrowing - 100000 aed
Payments - 100000 aed

 

[carlosbl]

Hello All!

VARA in UAE has released a few more updates. Please find all details attached and the pricing below:

Proprietary Trading - 1000 aed
Advisory Services - 40000 aed
Broker Dealer - 100000 aed
Custody - 100000 aed
Exchange - 100000 aed
Lending and Borrowing - 100000 aed
Payments - 100000 aed

Thanks for sharing the updates on VARA's pricing structure.
Isn't it the height of irony? They're more than happy to charge us in AED for every NOC, license, and tax imaginable. Yet, when it comes to providing a basic service like a bank account, suddenly crypto is the big bad wolf. Amazing how it's all fun and games until it's about their money.