Courts Rule on Trading in Foreign Currency
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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. The process is complex, meaning that local you trading forex dubai legal is important.
You must also consult a good lawyer. Local sponsors can be individuals or locally you trading forex dubai legal 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 you trading forex dubai legal 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 Arabsyou 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. If there are gaps, Arabs are brilliant at finding and exploiting them.
Arab businessmen meet their obligations fully. Local Partner The law requires that you have a local partner who holds the majority interest and can therefore you trading forex dubai legal 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.
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