UAE despite the religious law and economical clashes, is still open to abroad style business. It is to welcome foreign investors and because of that, the financial services are booming in the coming years. Dubai is famous for its excellent infrastructure, location for business and lays a way for both the local and international investors. The government also protects and boosts these business sectors. This is the reason why investors from all over the world are interested in setting up forex trading in Dubai.
How to set up a forex trading business in Dubai?
Do you want to do Forex Trading but don’t know where to start? Don’t worry! Let us take a quick jump on how to actually start the business.
Understand the market
The first and foremost step involved in setting up forex trading in Dubai is to thoroughly understand the market. You should give yourself time to analyze and to have a better understanding of the business overall. Understand the advantages, disadvantages and risks involved before going deep into the business. You can also connect with the right broker and seek help from them to do further research.
What do you want?
Are you a beginner or experienced in this field? If you are a beginner then you can collaborate with a broker. They can offer you a basic trading platform that will help you study and understand the business a little more. It’s basically like study material for you to work on and you don’t have to doubt about the support you will get. If you are quite a pro in this field then you can go ahead with more advanced platforms. So in order to decide on where to start, you should clearly come to terms with what you want or where you are and so you don’t have to shoot in the dark.
Picking a broker
So you have decided on what you need? Then next you have to come to terms with a broker. The first thing you have to invest in when selecting a broker is whether the person is regulated by a government agency. Drop the plan if not because it’s not worth your time or effort. You have to look out if the broker you are interested in is a market maker or whether he uses electronic communication networks. Other things to understand and analyze are the leverage, margin and spreads. Keep an eye out for the demo account, educational content the broker gives, and also customer service.
The license for the Forex Trading business
To get the license for your business you have to pass the credibility test provided by Dubai Financial Service Authority. You can only get the license and open the trading company after the approval of the DFSA. There is a certain procedure you must face to obtain the license because they monitor international equities, exchange, trading of commodities in UAE etc.
Opening a Trading Account
Begin your trading with the budget you have on your mind and stick with an easy trading plan at first. Last but not least advice we have to give you is about hiring a business setup consultant. Hiring one can help you gather knowledge on things you are not aware of. They can introduce and do procedures easier for you in order to successfully set up the business. The professionals can help you have a better understanding of the market. Also, help you to access a business license and register business in Dubai.
What are the required documents for forex trading in Dubai?
Now let us take a glance at the list of required documents for starting a business in Dubai
- Firstly you need passport copies of the respective shareholders
- Secondly, don’t forget about the relevant Visa copies.
- Then you need the Trade Name options
What is the cost for setting up Forex Trading in Dubai?
It costs around 32,000 AED for accessing a forex trading license in Dubai. Apart from that, you need to think about the number of visas you need before choosing an office for a forex trading company and you ought to deposit AED of 50,000 to the bank. Also, keep the bank letter with you to show when it is required. Don’t forget to keep a copy of your passport along with your visa and trade name document. These papers are crucial for you during paperwork and evaluation of identity.
Advantages of starting a Forex Trading Company in Dubai
Why is the Forex Trading Company in Dubai the best business to do in Dubai? This is one of the major questions an entrepreneur finds himself asking when starting the business. Whatever the question is, we have to admit that the established forex trading with clever strategies is always profitable. Now, let us discuss why you should begin the forex trading business in Dubai!
- One of the most loved advantages of the Forex trading business is that you don’t have any place limitation on where you should work. If you have electronic gadgets like a computer or smartphone with a stable internet connection then you are good to go. You can do the work under the tip of your finger from any part of the world. The business is easy to manage as you get high liquidity, low translation costs and lower risk.
- Next is especially good for all the businessmen from all over the world who come to UAE to set up the business. The advantage they get is that they are actually almost free from paying tax. This helps them to gain more profits and focus on the business to improve the revenue.
- People are doubtful about the safety of the Forex Trading business but on the other hand, the business is regulated by DFSA. Dubai Financial Service Authority paves way for easy working of the business. They help in securing our investments in the exchange market which in turn inspires the businessmen to trade in foreign exchange.
UAE is the best in supporting foreign investors in the forex trading business. It is because the place allows investors to be free in choosing the business structure they want. Additionally, there is no corporate tax and provides top-notch infrastructure. Moreover, it is a business-friendly place. This is the reason why UAE attracts businessmen all over the world to establish business and so the enterprises are flourishing but never dying.