[varalpateam5@varaluae.com]

We would like to setup an online Fx trading firm in Dubai with the below procedures:

We will be executing the trades via IG.com as our primary broker / trading platformWe intend to do Algorithmic tradingWe are a group of individuals wanting to setup a professional firm / entity & trade on Fx from our own Directors funds

 

Let me know what are the pre-requisites and way forward.
No Fund raising from external 3rd party
Its only share holders funds..
To start off with.
We may need 1 Visa.. And 2 share holders.. (One is in India and the other gentle man is already in Dubai with a Resident visa)

Also we need the flexibility of adding more share holders apart from these 2 at a later point of time (3 to 6 months) So additional visas can’t be of sure of now at the moment
So, what will be the Business Activity according to this ??

[companyservices2@varaluae.com]

online Fx trading is not allowed in Dubai mainland however the client can open a free-zone company with a similar activity with no pre-requisites.

Getting a bank account is also difficult but it completely depends on clients profile.

Getting profits from the firm in dubai account is not a problem but is the client wishes to transfer his profits to Indian bank then he will need to speak to a financial adviser or a CA in India who will guide him better..

Thanks

[varalpateam5@varaluae.com]

We will start with only 2 share holders now to begin with… And then we would need the facility to add r to 5 more share holders later in a span of 3 to 6 months.. Hope this could be possible by adding amendments !!

Is this possible?

[varalpateam5@varaluae.com]

Bank account in the company’s name for the Freezone company depends on Share holders profile ???

[varalpateam5@varaluae.com]

So, what will be the Business Activity according to this ??

Yes.. Pls share the budget estimates

[companyservices2@varaluae.com]

amendments are possible anytime he can add and remove shareholders anytime
YES – Bank account in the company’s name for the Free-zone company ALWAYS depends on Share holders profile

[varalpateam5@varaluae.com]

Also, kindly advice which Jurisdiction is best. Thanks

[varalpateam5@varaluae.com]

query from the client:
“Hi.. So what business activity do you recommend for us ??”

1. If own funds then both IFZA and DMCC have a license

Thank you Maureen for the information below:

1. IFZA is below
2. Private Funds Investments
   Activity Code 6499013
   Activity Group banks, finance & credit group
   License Type Commercial
   Activity Description
3. DMCC has a similar license 
4. Financials 6599-97 Trading in FX, OTC and Exchange Traded Derivatives on its own behalf with counter parties which are regulated by authorities deemed acceptable by DMCC

However for outside funds the activity involves Central Bank of UAE permission and is more expensive

You can check the activity list. Naturally DMCC licenses are more robust from bank account opening point of view but they are also more expensive.

[companyservices2@varaluae.com]

Activities – Brokerage in Commodities Listed in Local Markets, Currencies & Monetary Brokers

DMCC recommended

[varalpateam5@varaluae.com]

So how can we participate or become a DPTG member…

[Author]

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