"Excuse me, may I ask where is your company located?"
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Yes, 貴 guì literally means 'expensiv, dear, honorable'; here it implies "[your] honorable company"; hence a politeness marker. Likewise, if asking someone's surname in a very formal situation, you can say "您貴姓 Nín guì xìng?", literally "you [singular, formal] honorable surname". (I prefer to say "surname" rather than "last name" because the Chinese put their surname first.)