Dubai is the financial capital of the Middle East and one of the most internationally connected financial centres in the world. which makes it a global hub for banking, insurance, and financial services.  

Whether you are establishing a financial consultancy, an insurance advisory firm, or a banking support services company, the Emirate offers a well-regulated environment, a deep pool of institutional and retail clients, and direct access to markets across the Gulf, Africa, and South Asia.  

Setting up a banking and insurance services business in Dubai begins with understanding what a standard trade license covers, where regulated activities begin, and what the setup process looks like. This guide covers all of it through Dubai South Business Hub Free Zone. 

What Does a Banking and Insurance Services License Allow? 

A banking and insurance services license at Dubai South Business Hub Free Zone allows your business to provide advisory, consultancy, and auxiliary services related to banking, insurance, and financial products. This includes insurance claims processing, banking consultancy, financial risk advisory, and financial products advisory.  

For a related professional services example, see the consultancy business license page. It is important to note that activities requiring a full banking license or insurance underwriting license are regulated by the Central Bank of the UAE and require separate regulatory approvals beyond a standard trade license. 

Core Activity Codes for Banking and Insurance Services 

The following activity codes are applicable to banking and insurance services businesses: 

• 6619.90 — Banking Consultant  

• 6620.00 — Activities Auxiliary to Insurance and Pension Funding 

• 6621.01 — Assessing Insurance Claims, including Claims Adjusting, Risk Assessing and Damage Evaluation 

• 6621.02 — Settling Insurance Claims 

• 6499.00 — Other Financial Service Activities, Except Insurance and Pension Funding Activities 

All of these activity codes require pre-approval from CB (Central Bank of the UAE). For the full list of financial service activity codes, visit the business activities directory. 

Note: Financial services businesses should confirm their AML and DNFBP obligations with a compliance adviser, as certain activities in this sector may fall within scope.

License Cost for a Banking and Insurance Services Business in Dubai 

The license cost at Dubai South Business Hub Free Zone starts from AED 12,500. The first five activities are included at no additional charge. Use the business setup cost calculator to build a personalised, itemised estimate. 

Here's what the banking and insurance business at Dubai South Business Hub Free Zone would look like: 

• Company license: from AED 12,500 

• Additional business activities: AED 2,000 per activity beyond the first five 

• Investor visa: charged separately based on your selection 

• Emirates ID and medical: charged separately 

• Bank account assistance: available as an add-on service 

Setting Up Your Banking and Insurance Services Business at Dubai South Business Hub Free Zone 

The setup process is fully digital. Settling on the right company name early keeps your setup moving forward. The company name check tool lets you verify availability and UAE compliance before you proceed.  

You do not need to visit Dubai at any stage to complete your company registration:

1. Complete the online application and select your financial service activity codes

2. Choose your workspace arrangement and visa requirements

3. Receive your cost estimate and complete payment 

4. Receive your license documentation and proceed with any required regulatory registrations 

For entrepreneurs setting up from outside the UAE, read our guide on business setup as a foreigner in the UAE. 

Regulatory Requirements for Banking and Insurance in Dubai 

Understanding this distinction is essential before you begin operations. Advisory and auxiliary financial services can operate under a standard free zone trade license. Regulated financial activities such as accepting deposits, underwriting insurance, or managing investment funds, require licenses from the Central Bank of the UAE, the Insurance Authority, or the Securities and Commodities Authority (SCA). 

Operating regulated financial activities without the appropriate approvals carries serious legal consequences. If you are uncertain where your services sit, confirm with the Dubai South Business Hub Free Zone team or a qualified compliance adviser before you launch. 

For an overview of free zone company formation without a local sponsor, see our guide on free zone company setup without a local sponsor. 

Opening a Business Bank Account and VAT Considerations 

Once your license is issued, opening a corporate bank account is your next practical step to receive payments and manage your business finances. Read our guide on opening a business bank account in the UAE for step-by-step advice on the application process and documentation requirements. Financial services businesses should also be aware of VAT obligations. Our guide on VAT registration in the UAE explains the thresholds and filing requirements. 

Frequently Asked Questions 

What is the difference between a banking consultancy license and a banking license in Dubai?

A banking consultancy license allows you to provide advisory and support services related to banking. A full banking license, issued by the Central Bank of the UAE, is required to accept deposits, provide loans, or operate as a licensed financial institution. 

Do I need Central Bank approval to offer banking services in Dubai? 

For consultancy and advisory services related to banking, a standard free zone trade license is sufficient. For activities that involve accepting deposits, issuing credit, or operating as a financial institution, Central Bank approval is mandatory. 

Can I set up an insurance advisory company in a Dubai free zone? 

Yes. Insurance advisory and auxiliary services, including claims assessment and insurance consultancy, can operate under a standard free zone trade license at Dubai South Business Hub Free Zone. 

What is the minimum cost to set up a banking and insurance services company in Dubai? 

License costs start from AED 12,500 at Dubai South Business Hub Free Zone. However, the total cost will vary based on visa requirements, workspace selection, and additional activities. 

Do financial advisory companies in free zones need to register with the SCA? 

Companies providing investment advisory or securities-related services may need to register with the Securities and Commodities Authority (SCA). You should confirm whether your specific services fall within the SCA's regulatory scope before you begin operating. 

Can a foreigner own 100% of a financial services company in Dubai? 

Yes. Dubai free zones allow full foreign ownership with no requirement for a UAE national sponsor. 

What is the difference between insurance advisory and insurance underwriting in the UAE? 

Insurance advisory involves providing guidance and support to clients regarding insurance products, claims, and risk management. Insurance underwriting involves assessing and accepting risk on behalf of an insurer, which requires a license from the UAE Insurance Authority. 

How do I open a corporate bank account for a financial services company in Dubai? 

Once your license is issued, you can apply to UAE banks for a corporate account. Financial services companies may face additional compliance requirements during the bank account opening process. Beyond Hub can assist with bank account support as part of its post-setup services. 

What documents are required to set up a banking consultancy in Dubai? 

Typically, passport copies for all shareholders and directors, proof of address, your selected business activity codes, and a proposed company name. Additional compliance documentation may be required depending on the nature of your financial services. 

How long does it take to set up a financial services company in Dubai? 

The process is fully digital and eligible applicants can typically receive their license in as little as one business day by submitting a passport copy. Processing may take longer if documentation is incomplete or payment has been delayed. Beyond Hub offers post-setup support across residency services, visas, taxation, VAT registration, and business support, particularly relevant for financial services businesses navigating compliance requirements after launch.