Securing one of the first few DMCC proprietary crypto trading business licenses for our Cypriot client

Since 2003, Healy Consultants Group helps multi-national Clients’ register a DMCC Proprietary Cryptocurrency Trading company. Within 6 weeks, the business entity will be incorporated, without shareholders and directors’ travel.

Our Client is a Cyprus national that has multiple software and IT businesses across the globe. The Client is an early investor in cryptocurrencies and has been trading in individual capacity for the past 6 years.

Given the magnitude of the opportunity in the cryptocurrency space, our Client wants to start trading large volume under a corporate entity to be able to organise specific functions. The Client was also actively tracking the opportunities to open an crypto-exchange as well as crypto advisory services over the coming years.

Engagement planning

• I had a detailed discussion with our Client to understand their requirements and rationale behind setting up a corporate entity.
• After a face-to-face meeting with our Client, Apurv recommended they set up their business in DMCC as i) it is one of the few Free Zones that offers proprietary trading for crypto currencies ii) is actively working with the Securities and Commodities Authority (SCA) in the UAE to facilitate other different types of crypto-business and iii) we expect DMCC to become a global hub for crypto businesses over the coming years.
• Our Client was interested to proceed with Healy Consultants Group, and so I prepared and emailed our Client an engagement advancement proposal and the formal invoice for a retainer fee initially to secure pre-approval from DMCC to set up a business with the desired business activity.
• Our Client promptly provided the requisite due diligence documents and settled our professional fee. Thereafter, we prepared i) a detailed Engagement Project Plan mapping out steps to engagement completion and ii) a quality business plan to assist to secure a DMCC pre-approval.

DMCC proprietary crypto trading company incorporation

• We prepared our Client’s pre-approval request to DMCC including preparation of i) DMCC Crypto Assets forms and ii) a detailed business plan draft, inclusive of a) our Client’s professional and personal background b) reasons for incorporating in DMCC c) estimated financial figures and bank account volume expectations and d) compliance and risks practices.
• After multiple rounds of discussions with DMCC Management, we were successful in securing business activity pre-approval from DMCC for our Client’s proposed business.
• Thereafter, through portal access allocated to Healy Consultants Group as our Client’s appointed consultant, I completed a quality company registration application.
• Within two weeks, I reserved our Client’s preferred company name and secured a provisional approval for setting up our Client’s business in DMCC. Thereafter, and leveraging Healy Consultants Group relationships, I secured a US$5,200 discount for our Client’s lease agreement for the first year.
• I arranged a video verification call with DMCC, during which our Client verified his identity and contact details. Once verification was complete, we completed the license payment for our Client’s business for DMCC company set up.
• Within two weeks of that, Healy Consultants Group supplied our Client with the scans of company incorporation documents including i) Certificate of Registration ii) DMCC business license iii) share certificate iv) Memorandum of Articles v) shareholder meeting minutes.

Engagement completion

• Following engagement completion, Healy Consultants Group handed the full company kit to our Client, including DMCC corporate documents.
• We also prepared a template sales invoice aligned to local UAE requirements showcasing the company registration and license numbers and shared the same with the Client.
• I introduced our Client to Healy Consultants Group’s Accounting Department who will assist our Client to timely, accurately and completely discharge his DMCC free zone business’ legal, accounting, audit and tax obligations.
• I also supplied a Client feedback survey to secure our Client comments on our services and support throughout the engagement.