How to start a money exchange business in uae

The formal process of obtaining a trade license through the Department of Economic Development.

The law requires that you have a local partner who holds the majority interest and can therefore control the business. As with self-employment, there are various ways that a partner can be remunerated.

The local partner requirement is currently under review in some states, however, in order to encourage foreign investment. When the business is registered, you must show the Ministry of Commerce that you have a substantial sum of money to invest.

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The process is complex, meaning that local knowledge is important. You must also consult a good lawyer.

Money Exchange Licence - Dubai Business Talk

Local sponsors can be individuals or locally owned businesses. For the most part, a local sponsor will not have any responsibility towards the business but is obliged to assist with all government related procedures such as obtaining permits, trade license, visas and labor cards.

When applying for a trade name, be sure to enquire about any external approvals that will be needed for the proposed business activity. Many people have developed successful, highly profitable businesses in Dubai. New operations are encouraged by the government and your local partner might be enthusiastically supportive. Export and manufacturing industries are especially strongly supported by government, particularly as regards the acquisition of land on which to construct a factory.

Local Chambers of Commerce can advise about start-ups. Winning the confidence and support of a Chamber of Commerce will help your cause. Contact details are as follows:.

Doing business with Arabs , you will meet with hard but polite bargaining and they are expert at bargaining. You need to be completely confident about the contents of your contractual agreement.

How to Start a Money Exchange Business

If there are gaps, Arabs are brilliant at finding and exploiting them. Arab businessmen meet their obligations fully.

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CFTC-Consumer Protection File Complaint Foreign Markets Memoranda of Understanding Forex Advisory Trading Futures and Options: Local Partner The law requires that you have a local partner who holds the majority interest and can therefore control the business. Money to Invest When the business is registered, you must show the Ministry of Commerce that you have a substantial sum of money to invest.

Contact details are as follows: Dubai Chamber of Commerce and Industry, PO Box , UAE Tel. About admin Articles. Previous Dubai means Business. Next Invest in Abu Dhabi.