May 5, 2019 at 6:35 pm #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 ??May 6, 2019 at 9:53 am #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..
ThanksMay 6, 2019 at 10:49 am #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?May 6, 2019 at 10:50 am #5379
Bank account in the company’s name for the Freezone company depends on Share holders profile ???May 6, 2019 at 10:52 am #5380
So, what will be the Business Activity according to this ??
Yes.. Pls share the budget estimatesMay 6, 2019 at 10:53 am #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 profileMay 6, 2019 at 11:00 am #5382
Also, kindly advice which Jurisdiction is best. ThanksMay 6, 2019 at 6:40 pm #5383
query from the client:
“Hi.. So what business activity do you recommend for us ??”
- If own funds then both IFZA and DMCC have a license
Thank you Maureen for the information below:
- IFZA is below
- Private Funds Investments
Activity Code 6499013
Activity Group banks, finance & credit group
License Type Commercial
- DMCC has a similar license
- 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.May 7, 2019 at 10:13 am #5386
Activities – Brokerage in Commodities Listed in Local Markets, Currencies & Monetary Brokers
DMCC recommendedMay 7, 2019 at 10:24 am #5388
So how can we participate or become a DPTG member…
- The forum ‘Activity’ is closed to new topics and replies.