Fx Trading Firm

Viewing 10 posts - 1 through 10 (of 10 total)
  • Author
    Posts
  • #5374

    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 ??

    #5377

    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

    #5378

    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?

    #5379

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

    #5380

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

    Yes.. Pls share the budget estimates

    #5381

    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

    #5382

    Also, kindly advice which Jurisdiction is best. Thanks

    #5383

    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.

    #5386

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

    DMCC recommended

    #5388

    So how can we participate or become a DPTG member…

Viewing 10 posts - 1 through 10 (of 10 total)
  • The forum ‘Activity’ is closed to new topics and replies.