Foray into Forex – Why Getting into the Foreign Exchange Market Makes Sense
The stock market is a dynamic, active, ever-changing industry. Investing in the right thing at the right time really CAN help you to get rich quickly! At the same time, making the wrong investment choices can just as quickly cause you to lose everything in an instant.
One sector that continues to offer tremendous opportunities is the foreign exchange (also known as Forex or FX) market. Trading in Forex focuses specifically on exchanging one type of currency for another, and the Forex market is actually the largest in the world in terms of daily trading volume. Looking to start your own Forex trading agency? Dubai is a fantastic place to set up, and we can help you make it happen!
Why Start a Trading Business in Dubai?
You’re probably already aware of the fact that Forex trading is a potentially lucrative business. You wouldn’t have clicked on this blog otherwise! But why Dubai? What are the advantages of company formation in Dubai? There are many, but here’s just a short list of reasons why a financial services business setup in Dubai makes good sense:
- Strategic location with political stability and a business-friendly UAE government
- World-class infrastructure for business, transportation, and communication
- Diverse regional economy with a strong financial sector
- Advantageous legal framework, regulations, and tax benefits for businesses
- Option to operate within a free trade zone (the DIFC), rather than having to function as a mainland company
How to Get Your Own Dubai Forex Trading Company Started
Interested in launching your own Forex trading business, but not sure how the business setup process works in Dubai? Here are some handy tips to help walk you through all the necessary steps:
1. Do some in-depth market analysis ahead of time
While many are attracted to the notion of getting involved in currency trading, few do the necessary homework to really set themselves up for success. Obviously you don’t want to overthink it to the point of getting stuck in “analysis paralysis,” but underthinking it can also result in some very unpleasant financial results. Take the time to really learn about the pros, cons, and potential risks associated with this line of business. Do everything you can to become an expert on the topic before actually putting your feet in the water.
2. Determine your needs, goals, & projected timeline
What is it that you hope to achieve through the facilitation of forex trading? Are there any areas in which you wish to specialize? What are your specific business goals, what do you need to make that happen, and what’s your anticipated timeline for getting there? These are the kinds of questions you’ll want to answer before moving forward. Having these questions already answered should make your forex trading license application process go more smoothly, too.
3. Choose a broker & trading platform to use
Which trading brokership will you use? One rule of thumb is to stay away from any broker who doesn’t have proper legal affiliation with the necessary government agency. The UAE government is good about working hard to weed out any fraudulent brokers for your protection, but it’s still recommended that you vet any broker you’re considering. Look for a broker with a proven track record of operating a reliable forex trading platform. It’s also a good idea to ask for a demo account, so you can give their platform a test run before you decide to sign on the dotted line.
4. Get your Forex trading license
And speaking of government compliance, you’ll need to obtain your own forex trading license from the Dubai Financial Service Authority (DFSA) as well. The DFSA is entrusted with monitoring the trade of currency, commodities, equities, etc., within its area of jurisdiction. The DFSA will also run a “company fit test” to determine the credibility and potential fit of any company which applies for a license. But don’t let that get you stressed out – MSZ Consultancy is here to help prepare you and successfully guide you through the trading license application process!
5. Open your business up to investors, & start trading!
Now that the other items are in order, it’s time to get started with your funded accounts and begin your Forex trading! Come up with a reasonable trading strategy and plan that’s backed by data, and then stick to it. Also, be encouraged – Forex trading can certainly be a very profitable venture in Dubai!
The MSZ Consultancy is Here to Help You with Business Setup in the UAE
Whether you’re planning to start a Forex trading business in Dubai, or have plans to launch any type of business in any of the seven Emirates, MSZ Consultancy is here to help! Our office is right here in Dubai, and we know everything there is to know about how to help businesses both start and succeed in Dubai, or anywhere else across the UAE. Simply put, we’re expert business setup consultants!
The UAE has become a thriving international business hub thanks to its strategic location, business-friendly government, and tax-friendly business incentives. And in many ways, Dubai is at the center of it all where business in the UAE is concerned. At MSZ Consultancy, we’re specialists in UAE Mainland, Free Zone, and Offshore company formation. While business setup in Dubai is known to be easier than that in many other international locations, there are still some prudent strategies to follow as well as certain pitfalls to avoid. MSZ Consultancy comes alongside to help bridge the gap, making your business setup process as painless and hassle-free as possible.
Plus, we do more than just help you set up your business. We’ll take the time to walk you through the entire process, providing sure counsel for every step of the journey. We also offer the best PRO business services in Dubai (as well as in Abu Dhabi and Sharjah), and we’re well-equipped to help you navigate all government-required regulations, processes, and documentation. In short, we’re here to help you do more than just survive; we want to see your business thrive!
Got questions? Ready to get started? Connect with MSZ Consultancy today to learn how we can help your business dreams come true in Dubai and the UAE. Give us a call at +971 52 544 1248 for a FREE consultation today!