Dubai Financial Services Authority (DFSA)

Rules as at 3 November 2026. Each statement carries its label and the section it comes from.

A firm that wants to carry on financial services in or from the DIFC applies to the DFSA for a licence. The licence lists the financial services the firm is permitted to carry on, and the firm's obligations follow from that list and from the DFSA Rulebook. Rule DFSA Rulebook, General Module (GEN)

The DFSA's Board is appointed by the President of the DIFC. Appeals against DFSA decisions go to a separate Financial Markets Tribunal. Guidance DFSA: Who we are

Who it licenses

Any firm carrying on a Financial Service in or from the DIFC. Rule DFSA GEN 2.2 A DIFC firm may not take deposits from the State's markets or deal in UAE dirhams. Rule Federal Law 8/2004 Art 4(1)(b) For crypto tokens, the firm assesses each token itself; the DFSA has kept no list of recognised tokens since January 2026. Rule DFSA GEN 3A.2.1(3)

Licence categories and base capital

The DFSA groups licences into categories by the activities carried on, and each category has a base capital requirement. Rule DFSA PIB 3.6.2

Managing a fund other than a venture capital fund brings the expenditure-based capital minimum into play, so the requirement can rise with the firm's cost base. Rule DFSA PIB 3.7.1

Fees

• Application fee for arranging, advising, arranging custody or credit, insurance intermediation or fund administration: USD 15,000; for crowdfunding, money transmission or credit rating: USD 10,000; the retail endorsement adds USD 20,000. Rule DFSA FER 2.1.1, 2.1.6 (VER35/04-26)
• Application fees can double for a complex multi-jurisdiction structure, at the DFSA's discretion. Rule DFSA FER 2.1.1
• Application fee for managing assets or custody: USD 25,000; for managing a fund: USD 10,000 for public or credit funds, USD 5,000 for qualified investor funds only, USD 2,000 for venture capital only. Rule DFSA FER 2.1.1, 3.2.1
• Application fee for payment services: USD 15,000; for stored value: USD 25,000. Rule DFSA FER 2.1.1, 3.2.1
• Representative office: USD 6,000 application and USD 6,000 a year. Rule DFSA FER 2.1.4, 3.2.1(5)
• Annual fees run from year two, based on the highest service fee plus an expenditure element; the first year is pro-rated. Rule DFSA FER 3.1.1, 3.2.1

People and insurance

A Category 4 firm must have a Senior Executive Officer, a Finance Officer, a Compliance Officer and an MLRO at all times, plus a Deputy MLRO. The Senior Executive Officer, Compliance Officer and MLRO must be resident in the UAE, with a waiver possible for the Compliance Officer and MLRO. The Compliance Officer and MLRO may be one person; the Senior Executive Officer and Finance Officer may not double as either. Rule DFSA GEN 7.5.1, 7.5.1A, 7.5.2 (VER72/07-26); AML 11.2.3

Category 4 firms other than money services providers must hold professional indemnity insurance of at least USD 1m a year, or USD 800,000 if they only carry on insurance intermediation or management. It is not required for Category 3C firms or money services providers. Rule DFSA PIB 6.1.1(c), 6.12.1 to 6.12.4

Annual returns are due within four months of the year end and other returns within one month of the period end, through the DFSA's electronic reporting system, with an annual AML return. Rule DFSA PIB 2.3.2 to 2.3.8; AML 14.5.1

Documents

Every application pack, whichever the regulator, contains the same core documents. Rule DFSA AUT forms

• Regulatory business plan: the activities applied for, clients, products, three-year financial projections, and the capital plan showing the base capital and how it is funded.
• Corporate documents: constitution or articles, an ownership chart to the ultimate beneficial owners, the group structure, and for a branch the home regulator's consent or no-objection.
• Fit-and-proper files for every controller, director and senior manager: CVs, declarations, criminal and credit checks, and the regulator's own individual forms.
• Compliance and AML framework: compliance manual, AML and CFT policy and risk assessment, and the MLRO arrangements.
• Risk management framework and internal controls, including outsourcing and IT and cyber policies.
• Financial resources: capital adequacy workings and, for existing groups, audited accounts.
• Evidence of premises and of professional indemnity insurance where the category requires it.

The DFSA pack is the AUT forms set: a core form with activity-specific supplements, and an AUT-IND form for each Authorised Individual, that is the Senior Executive Officer, Finance Officer, Compliance Officer, MLRO and each Licensed Director. Rule DFSA AUT forms; AUT-IND

The DFSA expects a pre-application meeting and a Regulatory Business Plan in its prescribed structure, and it scrutinises client classification and client-asset policies at authorisation. Practice Candovio's applications

How to apply, and published timelines

1. Confirm the activities and the category. Clara, our AI assistant, maps your business to the DFSA's Financial Services and the category they fall in.
2. Prepare and file the application with the DFSA.
3. The DFSA reviews the application and gives an in-principle decision, with any conditions.
4. Meet the conditions; the DFSA then issues the licence.

The DFSA's published targets from accepted application to in-principle decision were 80 calendar days for Category 4, 120 for Category 3, 180 for Categories 1, 2 and 5, 28 to 42 for qualified investor fund managers and 40 for a representative office. They date from 2016 and have not been reaffirmed. Guidance DFSA authorisation outreach, 30 May 2016 We quote them because they are published, not as a promise.

Check a firm

The DFSA Public Register on dfsa.ae lists authorised firms and the financial services each may carry on. Guidance DFSA: Public Register

Questions