While a third of the GDP is from oil revenues, the country is striving for diversification of the economy in order to reduce its dependence on oil. Traders here can choose from hundreds of online Forex brokers — either licensed locally or abroad. The trading of foreign currencies is legal in the UAE with little to no restrictions applying to the trading activity itself. While traders enjoy true freedom, however, Forex brokers are regulated under not one but several different regulation regimes. Also, the Emirates is an Islamic state with Sharia law, which means that there are certain operational requirements for brokerage firms, banks, and other financial businesses.
The UAE is quite an interesting place for investing and doing business since it has several special economic zones. In addition, the legislative framework is not the same for all brokerages in the country. These firms are also known as mainland companies and need to meet certain criteria to obtain an operating license for offering trading services to UAE residents. First of all, these brokers need to be owned by a UAE national. They are subject to the laws of the UAE and all documentation, agreements, etc. Last, but not least, these brokers follow the Sharia law and are required to offer their clients specific Sharia-compliant Forex trading accounts, also known as swap-free accounts.
These accounts do not come with interest rates and bonuses, which are considered against Islamic beliefs. The other regulatory regime is based on the rules of the so-called free financial zones. These are exclusive economic zones for financial companies such as Forex brokers and they are a good option for foreign firms — i. The free zones have their own regulation regimes, registration, and licensing procedures.
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Moreover, they have their own civil and commercial laws, distinct from the UAE legislation. DIFC operates under an independent regulatory and legal system and aims at becoming the financial center of the region. Often, these firms are registered and regulated in other jurisdictions such as Europe and the United Kingdom. Due to the more liberal regulation, brokers in free zones such as DIFC offer their clients competitive pricing and spreads as low as 0. As mentioned above, there are several regulatory bodies responsible for the supervision and licensing process of Forex brokers in the UAE.
Of course, the Central Bank has regulatory authority over all banks, finance and investment companies, exchange houses, financial and monetary intermediaries, etc.
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It acts as a state banker and manages the gold and currency reserves. It determines market rules and issues guidelines and codes of conduct for all Sharia-compliant brokers. This includes all businesses based in the DIFC. Before choosing a Forex broker, traders in the UAE should take into consideration several important things.
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It is essential that you register with a licensed and reliable broker, but the firm should also meet your needs when it comes to payments. Since the US dollar is also a preferred currency, especially among Western expatriates and affluent locals, brokers processing USD payments are also a great option. The other thing to take into account is, of course, the range of payment methods offered by the online Forex broker. In the UAE, just like in the rest of the world, Visa and Mastercard-branded cards are the most popular way to pay electronically.
Fortunately, practically all reputable Forex brokers available in the country support debit and credit cards — Visa, Visa Electron, Mastercard, and Maestro are the most widely used options. Deposits are instant, usually free of charge, and completely secure. Withdrawals usually take up to 3 to 4 business days to complete and a processing fee of up to 4. The other payment option offered by all Forex brokers is bank transfer.
For many traders, this is a great option since bank transfers are traditionally incredibly secure unless you transfer money to a fraudulent company or a thief and refundable in certain cases. On the other hand, deposits and withdrawals through a bank transfer are slower and come with high processing fees. Of course, this varies a lot, depending on the bank. A great alternative is to use a digital wallet for Forex trading online — major e-wallets such as PayPal, Skrill, and Neteller are available to traders in the UAE.
These services offer relatively low service fees, paired with high levels of security, and fast processing. Moreover, they are extremely straightforward and easy to use, which makes them a preferred option for many UAE-based investors. Another e-wallet available here is CashU, a company from Singapore that offers several different payment options to clients in the UAE who want to make transfers in AED. The next step when selecting a suitable Forex broker — whether you are based in the UAE or not, is to check whether the firm provides a good, reliable software platform. Dubai is a wonderful place for ambitious entrepreneurs.
Setting up a business in Dubai will put y For the outsider it might be difficult to understand what different offshore companies the UAE ha Thank you for your interest in Freemont Group, the specialists in company formation, asset protection and legal and advisory. Feel free to contact us with any inquiry you might have.
We will provide you with a free initial consultation, and a customized solution for your personal situation. Toggle Navigation. The foreign exchange market, or Forex, is the largest market in the world in terms of the daily trading volume. Especially with the help of the internet, individual traders now get easy access to the foreign exchange market through international banks or brokers.
The GCC Forex market has surprised the world, as it has grown from humble beginnings to a trillion dollars industry in recent years. Forex traders here are trading in the same sectors as in London, New York and Tokyo, but the overall trading volume is increasing far more rapidly. And amongst the region, the UAE stands out particularly due to its relatively well-developed financial system and continuous efforts in building up a business-friendly environment.
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The UAE was the first country that established supporting infrastructure for the financial sector in the region. It provides both local and international investors a comprehensive regulation system and flexible operation choices with various types of legal entities. Despite religious law and economical differences, the country has been implementing a more Western-style business model that is welcoming towards foreign investors as well as diversifying investing routes.
During recent years, the UAE has successfully reduced its dependence on oil and petroleum products. The main sources of revenue are tourism, real estate, aviation, and most significantly financial services. With a world-class infrastructure, business-friendly environment, mature legal and regulatory system, the UAE has attracted a number of foreign investors to come here and establish their forex companies or branches. There are a number of forex brokerage business registrations available. If you are interested in offering Forex trading services in the UAE, know that this is a regulated activitiy.
You cannot just register with any free zone.
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We explain the three regulated options first. But keep reading, because we also reveal the option of establishing a foreign branch in a normal free zone without a regulatory burden, and what you can do when you trade with your own money. However, it is undeniable that a Mainland Company provides you with the maximum freedom to access local markets and customers. The only limitation for Free Zone companies is that they are not allowed to directly trade with the local market. UAE free zones have their own registration regimes, practices, and procedures.
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Some of them even have their own regulatory body and courts for services providers of regulated activities. DIFC is a special designated area in Dubai that operates under an independent regulatory and legal system as a financial free zone. It is the independent regulator of financial services conducted in, or from the DIFC. If you don't intend to conduct forex trading in the UAE, or you already have a regulated foreign company, a representative office in any normal free zone would be more suitable.
In some cases, foreign investors have already set up their companies and obtained the relevant licenses in other countries. Instead of investing too much to establish a new UAE Licensed company, the investors can also opt to incorporate a representative office in any free zone, such as DMCC. This options allows you to have Dubai presence but without applying for a specific Forex License!
The investor could use its representative office in Dubai for marketing purposes to promote its forex products and services and get connected with more customers from around the region. Furthermore, this type of representative office is also able to provide some outsourcing services related to Forex, such as training in the Forex industry. It is the global commodities trading centre in the MENA region.