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How to start an oil trading company in Dubai, UAE
The oil and gas sector has long been the backbone of Dubai and the UAE's economy, contributing to its growth and prosperity. The government's ambitious plans to achieve full gas self-sufficiency by 2030, coupled with initiatives to develop unconventional oil and gas extraction methods, demonstrate the limitless business opportunities. The city's growing role as a global energy trading centre is attracting more and more investors and entrepreneurs looking to start a business in oil trading.
First of all, it is necessary to study the offers of different free economic zones and choose the most suitable one for the planned activity. The right choice of freezone is extremely important for logistics opportunities and interaction with counterparties. The name of the company should be in accordance with the UAE legislation. After verification by the Department, it can be reserved. Once pre-approved, you can apply for a trade licence. Depending on your business activities, you may also need special authorisations related to the petroleum industry. For example, from the Supreme Petroleum Council or the Department of Environmental Protection.
Once you have opened your company, you can begin the process of applying for residency visas for the company founders and obtaining an ID. It is also worth immediately applying to the bank to open a corporate account for financial transactions. At this stage, it is important to attach a full set of documents to prove the reliability of the company and its founders.
With a thorough understanding of the legal and regulatory framework, you can easily complete the business registration process. Openbiz specialists will provide you with professional assistance at every stage: from choosing a freezone to obtaining permits from different authorities and opening accounts. Sign up for a free consultation and find out how to open an oil trading company in Dubai.
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