Forex Trading is one of the most fun and exciting businesses to commence in Dubai. The highly volatile forex market in UAE is quite active and has a high trading value every day which means investing in the dynamic market ensures extremely profitable rewards when trading with the right strategies.
Forex trading is legal and many businesses are pursuing it in the UAE and generating high profits. The major reason for forex trading in UAE is people are sending money back to their family and friends at home. Forex authorities are expanding their business in the entire Emirates.
If you are looking to start your own forex trading company in Dubai it can be easily done in the mainland or free zones. Also, you can leverage the tax money where FlyingColour Business Setup Services can help in establishing the business in Dubai.
We have streamlined the steps for setting up a forex trading company in Dubai UAE
Select Economic Zone
Start by selecting an economic zone for setting up a forex trading company where you have two options i.e. mainland or free zone. Both of these economic zones have specific rules, regulations, laws, benefits, and specifications. Choosing specific economic zones entirely depends on the needs and preferences of the business.
Create a Business Plan
It is one of the vital steps before forming a company. The business plan helps you in taking the steps adequately.The ideal business plan for setting up of forex trading company requires
- Market Research
- Marketing and social strategy
- Description of buyer personas.
- Target market description.
- Startup capital.
- Competitor Benchmarking.
Estimate Business Requirements to start a Forex trading company in Dubai
Before setting up the company it is required to understand the business demands. Also if you have a bit of experience in the field it becomes easier to determine the needs. It also helps in sticking towards the goals, also the business plan helps you in determining the period.
The amateurs can reach out to a professional broker for constant support, expert advice, or a trading platform to gain insights into the market. Also, it helps you in learning about the market.
Collect Initial Capital
Setting up a forex trading business requires a large sum of capital and you should have spare financial resources that easily cover the business costs for over a year. If you are a foreign investor connect with FlyingColour business setup services to know about the investment and capital requirements in different economic zones and also guide you related to the cost involved in UAE.
Retain Forex Trading License
Start with selecting the broker and visiting Dubai Financial Service Authority for acquiring the forex trading license. The UAE Authoritative body takes care of the forex trading activities, exchanges, and much more. DSFA conducts the credibility test to check if the company is reliable or not to commence business and obtain the license to own a brokerage firm in Dubai.
If you are facing issues it is advisable to take assistance from the Flyingcolour® Business Setup Services. Contact our team of experts for business setup Dubai.