Consulting companies are a great asset to businesses that require outsourced solutions, resources, or expertise within a specific area. In Dubai and the UAE, consultancy services are often required by foreign investors who are unfamiliar with the local market climate.
If you intend to apply for your consultancy license and register your business in Dubai and the UAE, you will need to decide if a free zone or mainland license is the best option for your business needs. Generally, a free zone maybe a convenient and cost-effective method. Free zones offer advantages such as 100% tax exemptions and allows you to retain full ownership of your business. Most free zones offer leasing options, such as smart desks, physical offices, and co-working spaces. The free zone option is suitable if you are looking at operating your business within the free zone jurisdiction and internationally. Whereas the mainland license registration is mandatory should you wish to operate and contract with local mainland businesses and the UAE government.
There are no formal qualifications required to qualify as a consultant in the UAE. However, this is subject to the discretion of competent authorities who may request educational certificates and experience letters within certain fields. It is advisable to seek guidance from Creation Business Consultants to ensure your pre-requisites are sufficient before initiating your registration process.
EXAMPLES OF CONSULTANCY LICENSES IN DUBAI
Professional licenses such as consultancies are required for all service-oriented businesses. Professional trade licenses are granted based on your educational background and professional experience. The most popular consultancy license includes:
- Information technology consultancy.
- Architectural and engineering consultancy.
- Management, information, and marketing consultancy.
- Banking, finance, and credit consultancy.
- Healthcare consultancy.
- Legal consultancy.
- Tax, accounting, and bookkeeping consultancy.
STEPS TO BEGIN A CONSULTING BUSINESS IN DUBAI AND THE UAE
STEP 1: DECIDE ON YOUR BUSINESS ACTIVITIES
During the business registration process, you will need to define the activities which specify your business operations. When pursuing a consultancy business, it is necessary to precisely determine which industry your company will be engaging with.
STEP 2: SELECT YOUR PREFERRED COMPANY NAME
Competent authorities will require you to provide at least three preferred names for your company. Pre-defined standards, rules, and regulations when naming your company will also be imposed. General company naming guidelines are as follows:
- It is ideal that your company name reflects the interests of your business and does not contradict it.
- Your company name must translate in English and Arabic language without any vulgar words or phrases.
- You will need to select a company name that has not been used by another business and a company name that has not been trademark registered.
- The company name can not include any reference to God’s names both in English and Arabic.
- It is recommended to include your business activity in the company name e.g., Smith & Co Management Consulting. Smith & Co is your preferred company name and Management Consulting is the company’s business activity.
STEP 3: APPLY FOR THE LICENSE & REGISTRATION OF YOUR COMPANY
Creation Business Consultants will assign you to a dedicated Client Relationship Executive (CEI) who will assist and guide you throughout every stage of the process. Your CEI will arrange an on-boarding call to discuss the process, requirement, and timeframe of completion. Information regarding details on the shareholding structure, company name, and business activity will also be gathered to provide an appropriate plan of action for your company. At this stage you are required to choose the appropriate office option for your new business. Upon completion of the initial measures, your CEI will co-ordinate with the authority to issue the constitutional documents such as the trade license, share certificates, company memorandums, and articles of association.
STEP 4: COMPANY ESTABLISHMENT CARD
Your company must be registered with the Federal Authority for Identity, Citizenship, Customs, and Port Security to obtain residency visas for your investors and employees. The establishment card serves as your company’s registration with the General Directorate of Residency and Foreign Affairs (GDRFA). It is valid for one year and enables you to hire employees inside and outside the UAE. This will also allow you to apply for foreign investors, partners, and employment visas. The establishment immigration card must be renewed every year before it expires to avoid fines as non-compliance could hold all new visa applications.
STEP 5: PROCESS YOUR RESIDENCE VISA
Your company’s investors, staff, and dependents would need a visa to legally reside and work in the UAE. The length of time an individual can stay on a residence visa depends on the type of visa and the sponsor.
The following are some of the advantages of having a residency visa in the UAE:
- Ability to open a personal and a business bank account
- Capacity to obtain a driver’s license
- Rent a car or house
- Have unrestricted access to all government services
- Seek employment in the UAE
Consultancy is a thriving industry. To successfully operate your consulting business in Dubai and the UAE, various actions and requirements are to be accomplished. Creation Business Consultants will help you throughout the entire procedure. Our team of experts will leverage their experience to help simplify the process while simultaneously providing you with all the details needed to set up your consultancy company in the UAE. Email us on [email protected] or call UAE +971 4 878 6240 Saudi Arabia +966 54 995 2676 for you free consultation.