Mataverse is a very broad and amazing concept. The application of a metaverse has a vast potential. It is used for numerous purposes mainly in gaming, education and social networking. Mataverse development is an ongoing process and many are taking initiatives to make many projects for the new innovation.If you wish to start a business in Metaverse service provider in Dubai then you need a license for the same. The detailed description of the business activity is utmost important. The UAE government wants to use Mataverse technology to create new job vacancies and for the immense business opportunity to support the economy.
Every Free Zone has their own rules and regulations whereas Metaverse currencies are mainly regulated by the VARA ( Virtual Assets Regulatory Authority) along with the Central bank of UAE and Securities and commodities Authority (SCA) will have to watch on the circulation of the currencies in the virtual market.
DMCC- Dubai, the world’s # 1 free zone gives license for the Metaverse Service Provider where firms engage in the development and hosting of digital virtual environments. With this license companies are neither permitted to issue tokens which can be traded on the exchange or in crypto commodities. This is a standalone activity and cannot be clubbed with any other activity.
Minimum Share capital is AED 50,000
There is a questionnaire which has to be completely filled up by the license seeker. Once the duly filled questionnaire is submitted to DMCC Authority they will give either approval or rejection based on the information and the documents given by the client. The DMCC Cryptocurrency panel may take the personal interview if needed. DMCC Authority is very much particular in the license case.
Free Zone License Packages :-
DMCC’s Basic Business Setup Package
The basic Biz package cost is approx. AED 34,000
Article of Association (AOA)
Special Flexi Desk (**Time Share Basis)
1 Company Stamp
1 Commemorative Certificate
There are many other packages like Jump Start and Prime Plus also available, their price varies according to visa quota, office facilities requirement, and third party approval/sanctions and restrictions. For more than 3 visas with the personal office space you can select the tailor made package.
Every Free zone has their own rules and regulations. Before taking the license related to crypto activity from the IFZA one has to sign the VARA undertaking letter, have to properly fill the fit and proper form and the VASP form (Legacy Virtual Asset Service Provider). After reviewing the documents IFZA Authority will give approval for the license application.
IFZA Free Zone Basic Business Package
The cost of the 0 Visa License package is AED 12,900
1 Visa License package cost is AED 14,900
External approval from the Virtual Assets Regulatory Authority must. Minimum Share Capital Required. It’s a standalone activity and cannot be clubbed with the other activity. Up to 3 visas there is no need of the physical office beyond that you can select the office space as per your requirement at a best affordable price.
If you are well experienced in this field and wish to make a metaverse world as your business please feel free to contact us https://alyaauditors.com/ for more information.