How to Get a Insurance Consultancies Business License in Dubai

The UAE insurance sector is one of the fastest-growing financial services markets in the Middle East, with gross written premiums exceeding AED 50 billion annually and demand for specialist advisory services rising steadily alongside economic diversification. For entrepreneurs and established firms looking to capitalise on this growth, obtaining an Insurance Consultancies business license in Dubai opens the door to a regulated, high-margin professional services niche. This guide covers everything you need to know about Activity Code 6621.95, the Business License available at Dubai South Business Hub Free Zone, and how to set up compliantly and efficiently.

What the Insurance Consultancies License Covers

An Insurance Consultancies license (Activity Code 6621.95) falls under the Financial category and authorises the holder to provide professional advisory and consultancy services related to insurance products, risk assessment, policy selection, and claims management. The activity is classified under ISIC division 66, which covers activities auxiliary to financial services and insurance.

Specifically, a licensed insurance consultancy may:

• Advise individuals and corporations on suitable insurance coverage and policy structures

• Conduct risk analysis and recommend appropriate risk mitigation strategies

• Assist clients in comparing insurance products across providers

• Support clients during the claims process and liaise with insurers on their behalf

• Provide market research and insurance-related due diligence for mergers, acquisitions, and investments

It is important to note that this license covers consultancy and advisory functions. Underwriting, direct insurance, and brokerage activities require separate regulatory permissions from the UAE Insurance Authority.

Why Dubai and Dubai South Business Hub Free Zone

Dubai is strategically positioned as a global financial hub, connecting markets across the Middle East, Africa, South Asia, and Europe. The UAE government's commitment to economic diversification under the UAE Vision 2031 framework has accelerated investment in financial services infrastructure, digital platforms, and regulatory modernisation.

Dubai South Business Hub Free Zone offers a business-friendly environment with notable advantages for financial services consultancies:

• 100% foreign ownership permitted with no requirement for a local sponsor

• Zero corporate and personal income tax on qualifying activities

• Full repatriation of profits and capital

• Proximity to Al Maktoum International Airport and Jebel Ali Port, supporting regional connectivity

• Streamlined licensing and company formation procedures

• Access to a growing ecosystem of financial services, logistics, and trade businesses

Key Stats at a Glance

• Activity Code: 6621.95

• License Type: Business License

• Category: Financial

• UAE gross written premiums: over AED 50 billion per year

• Foreign ownership: 100% permitted

• Corporate tax: 0% for qualifying free zone entities

• Typical setup timeline: 2 to 4 weeks

• Minimum share capital: subject to free zone authority requirements

Who This License Suits

The Insurance Consultancies license is well suited to a broad range of professionals and business models, including independent insurance advisers, risk management consultants, corporate advisory firms, financial planners incorporating insurance analysis, and international consultancies seeking a UAE base to serve the Gulf Cooperation Council market.

Estimated Costs

Costs vary depending on office type, visa allocation, and additional regulatory requirements. Indicative figures for a Dubai South Business Hub Free Zone setup include license fees, registration fees, and flexi-desk or physical office costs. Prospective applicants should request a tailored quotation, as packages differ based on the number of visas required and the scale of operations.

Step-by-Step Setup Process

• Step 1 - Choose your business activity: Confirm that Activity Code 6621.95 aligns with your intended services.

• Step 2 - Select your legal structure: Most applicants opt for a Free Zone Limited Liability Company (FZ-LLC) or a branch of an existing company.

• Step 3 - Submit your application: Provide passport copies, business plan, and completed application forms to the free zone authority.

• Step 4 - Obtain initial approval: The authority reviews the application and issues initial approval, typically within a few business days.

• Step 5 - Lease office space: Select a flexi-desk, serviced office, or dedicated unit within the free zone.

• Step 6 - Pay fees and receive your license: Upon payment of applicable fees, the Business License is issued.

• Step 7 - Open a corporate bank account: Approach UAE-based banks with your license, incorporation documents, and shareholder details.

• Step 8 - Apply for visas: Process residence visas for shareholders, directors, and employees as required.

Licensing and Compliance Requirements

Operating an insurance consultancy in the UAE requires adherence to both free zone regulations and broader UAE financial services rules. Key compliance considerations include:

• Registration with the UAE Insurance Authority if services extend beyond pure consultancy into regulated advisory activities

• Anti-money laundering (AML) and counter-financing of terrorism (CFT) compliance, including maintaining appropriate internal policies and reporting mechanisms

• Annual license renewal with the free zone authority

• Maintaining adequate professional indemnity insurance coverage

• Adherence to UAE data protection regulations when handling client information

Related Activities

• Insurance Risk Assessment Business License

• Insurance Claims Evaluation Business License

• Settling Insurance Claims Business License