What’s the first step to get a VARA license in UAE?

The first step is sending a disclosure form to DET or a Freezone Authority, with business plans and documents, and then paying the first half of the fee.

What papers must I have for the VARA license?

You must prepare business certificates, owner lists, proof of capital, management plans, business forecasts, and insurance documents.

Can I start my business after initial approval?

No, you can only set up the company and hire staff. You can’t run any virtual asset activities until you get the VASP license.

How long does the VARA license process take?

The process time depends on how fast you send documents and answer VARA questions, but it usually takes several weeks to months.

How can Mubarak Al Ketbi (MAK) Auditing help my company?

MAK Auditing helps you gather documents, fill out forms, pay fees, and follow VARA rules so your company can run safely and legally.

VARA License UAE: How New Firms Apply & Get Approval

Steps to Get a VARA License for New Firms in UAE

UAE creates many chances for new companies with its smart strategies. The government lets businesses use virtual assets in a safe way. UAE forms VARA (Virtual Asset Regulatory Authority) to keep control over virtual assets and help firms follow the law. Companies who want to trade or manage virtual assets must get a special license and approvals before they start.

This article explains how a new business can apply for a VARA license in UAE. Mubarak Al Ketbi (MAK) Auditing gives you simple tips and steps to make the process easy.

Application Process for New VARA Licenses

To get a VARA license (called a VASP license), companies should follow two main steps. All companies must finish each step and give the right documents to get approval from VARA.

First Step: Getting Initial Approval from VARA

The first step is to get initial approval to create a legal business for virtual asset activities. Here’s how you do it:

Companies send an initial disclosure form to DET (if based on UAE mainland) or to the Freezone Authority (if based in a UAE freezone).
Companies prepare all documents, like a business plan, a list of owners, and info about managers.
Firms pay half of the license application fee so VARA can review the application.
Once the review is done, companies wait to receive the first approval. This approval lets you set up your business, rent an office, and hire staff.

During this first step, no company can do virtual asset activities. If your business does not meet all rules, VARA can cancel your approval. You must finish every step before you move on.

Second Step: Applying for the Official VASP License

After getting first approval, companies can start the main license application process:

Companies prepare more documents based on instructions from VARA.
You send extra files if VARA asks for them. Sometimes, VARA asks for meetings or more interviews.
Companies pay any pending application fees and pay the first-year supervision fee.
At the end, VARA gives the VASP license to your business. You now can start offering virtual asset services in UAE.

What Documents Must New Firms Provide for VARA?

A company needs to prepare many documents during the VASP license application. You need to organize these papers before you start:

Business incorporation certificate
List of all business owners
“Fit and proper” confirmations
Proof of the money’s source
Details of your business structure
Your governance and management plan
Your company’s local website address
Key employee details (job roles, CVs, passport copies)
The business plan for regulation
Financial forecasts for the company
Group and company financial statements
Proof of paid-up capital
Reports on available and locked-up capital
Insurance certificates for the business
Reserve account statements
Succession plan documents
Wind-down plan documents
Any associated entity analysis

Companies who organize all these documents will find it easier to get their VARA license approved.

Why UAE Needs VARA for Virtual Asset Companies

UAE wants companies to grow and use digital technology, but the country also wants to keep financial transactions secure. That’s why VARA checks every new company that works with virtual assets. If you follow all the VARA rules, you protect your business from fines and future problems.

How to Stay Compliant with VARA Rules

It can be tough for new companies to handle so many documents and rules. If you want to avoid mistakes, you need expert support. Mubarak Al Ketbi (MAK) Auditing helps many businesses:

Collect and organize all the right documents
Prepare business plans and financial forecasts
Show you how to pay your VARA fees on time
Guide you on every step of the VARA application
Give support for audits and ongoing compliance

What Can Help? – Mubarak Al Ketbi (MAK) Auditing

When you want your license process to run smoothly, you can trust Mubarak Al Ketbi (MAK) Auditing. Our team stands with you from start to finish. We’ll help you avoid common mistakes, follow every rule, and get your virtual asset license without trouble. You’ll see that “the early bird catches the worm” when it comes to fast and proper compliance!