How to Start a Consulting Business in UAE?
You don’t always need to have the next great company idea or distinctive product to earn big. There are instances in which your business is you, including the experiences you’ve had and the skills you already possess.
It is possible to earn a great deal of money by teaching people what you know, especially in the Gulf region. The GCC consulting market expanded by 9% year over year, breaking the $3 billion benchmark as a consequence. With a total of 850 million USD, the United Arab Emirates is the second-largest market in this area.
Providing consulting services in this part of the world may be lucrative for a variety of reasons, including the flourishing market. If one has the proper support, establishing oneself as a consultant in this area may be accomplished at a reasonable cost and with little work.
Consulting is a rewarding profession. It is estimated that the global consulting services business is worth around USD 250 billion. In the United Arab Emirates, the demand for consulting services has reached an all-time high. Numerous sectors are on the rise, and they all need the services of knowledgeable experts. These sectors include food and hospitality, healthcare and technology, tourism, and retail, among others.
The application procedure for a trade license for a consulting firm is extremely straightforward, which is fantastic news for those who are beginning a business in this region.
You are contemplating establishing your own consulting company in the United Arab Emirates. If that’s the case, we’re here to help. Let us tell you exactly how to start a consulting business in UAE.
Benefits of Starting a Consulting Business in UAE
The following are just a few of the many benefits of starting a consultancy firm in the UAE may provide:
You have the ability to be flexible in your work: you may choose the hours you work, the clients you work with, the mix of in-person and online work you do, and so on. In short, you have the ability to make your schedule work for you.
You can have variety in your work: You will be able to work with a wide range of clients, often on quite diverse subjects, which will keep your working life fascinating.
The opportunity for advancement: With such a vibrant business environment in Dubai, the demand for consultants across a wide range of businesses has never been greater.
Grow at your own pace: You can start your consultancy firm and grow it at your own speed, whether you set up as a freelancer or as a company.
How to Get a Consulting Business license in UAE?
All companies that provide a service must have a professional license in order to legally operate. A professional trade license is based on a mix of your educational background and the number of years you’ve worked in the sector. Among the most common consulting licenses, the following are included:
- IT Consultancy
- Legal Consultancy
- Healthcare Consultancy
- Banking, Finance, and Credit Consultancy
- Architectural and engineering consultancy, and much more
Following are the steps to get a consulting license:
- Create your business activity.
- Create a company name.
- Select an appropriate business structure: sole proprietorship, limited liability company, or branch of a foreign corporation.
- Choose between the Dubai Free Zone and the Mainland for your business location.
- Choose the sort of office based on your budget (Flexi-Desk, executive office, etc.).
- Submit the needed paperwork and pay the license costs to apply for a consultancy license.
- Apply for a consultancy license, a UAE Residency visa, and a corporate bank account.
Consultancy License Cost in Dubai
There are many more aspects to consider, including the cost of obtaining a consulting firm’s operating license. When you’re running your own business, there are a few additional costs to worry about. It’s more expensive to start a firm with staff or in a big location, but it’s worth it.
Regardless of the size of your company, starting a business in a free zone is always the most cost-effective alternative. Visa processing and the usage of office space are included in the all-inclusive pricing packages that free zones provide its clients.
In terms of the cost of a consulting company license, Fujairah Creative City is noted for its competitive pricing. You should budget roughly AED 15,000 to establish your business here. If you want to start small and keep costs low, you might apply for freelance permission. Licenses are often issued within a few days.
Steps to Start a Consulting Company in UAE
We will outline the steps needed to get your business up and running. So, if you’re looking to launch a new venture, keep reading!
Step #1: Define Your Business Activities
During the process of establishing your company, you will be needed to specify the activities that are unique to your firm’s operations. When starting a business in the consulting industry, it is crucial to choose the market segment in which your company will compete.
Step #2: Choose Your Company Name
The appropriate authorities will want you to submit at least three of your company’s chosen names. In addition, you will be subject to predetermined criteria, regulations, and limits while naming your company. It is ideal that the interests of your business be represented in the company’s name, and that the name does not contradict those interests.
The name of your organization must be able to be translated into both English and Arabic without using any unpleasant words or phrases. You must choose a company name for your new enterprise that has not been used by any other business and that has not been registered as a trademark.
Step #3: Choose your desired business location
The next step is to choose whether you want your business to reside in a mainland jurisdiction or a free zone. Some of the popular free zones that support consulting businesses are:
- Fujairah Free Zone
- Dubai South Free zone
- Ras Al Khaimah Free Zone (RAKEZ)
- Dubai Multi commodities center (DMCC)
- Dubai Studio City DSC Free Zone
- Jebel Ali Free Zone (JAFZA)
Step #4: Prepare Your Documents
- The application form must be completed.
- Copy of the intended owner’s or owners’ passport
- 2 passport-sized color photographs
Step #5: Apply For Your License
You may now submit a license application for your program. You may submit this application on your own, but it is strongly advised that you work closely with an agent who establishes free zones or corporations at this time.
In order to prevent problems while establishing your company in a free zone in the future, your personal account manager will verify the accuracy and completeness of your application. A business plan and a copy of your passport will often be required when submitting an application.
Step #6: Apply For UAE Visa
You must get a visa in order to work and dwell in the UAE. When establishing a business in a free zone, the application for a visa is a component of the fundamental process of company creation that must be completed.
To lawfully reside and operate in the UAE, investors, employees, and dependents of your company must get a visa. The length of time a person with a resident visa is able to stay in a nation depends on both the kind of visa and the sponsor.
Step #7: Open Bank Account
The last step is to open a coperate bank account for your business dealings.
Types of Consulting Services You Can Offer
Following is a list of some of the types of consulting services usually found in Dubai:
- Strategy Building and Management.
- Technical and Possible.
- Tax Consultancy
- Legal consultancy
- Healthcare Consultancy
- Project Management
How Airzone Can Help in Starting your Consulting Company?
Consulting is an industry that is booming in the UAE. Airzone assists businesses in building a foundation in the UAE. Contacting us immediately away makes it easier to get started. We can put you in touch with the proper service providers to help you build your business in the UAE.
We can put you in touch with reliable partners who can help you register a new consultancy company and receive a consulting license in UAE. While you focus on expanding your company, we’ll connect you with the right people to handle anything from visa applications to important administrative duties.
Due to its unique tax structure, quick business creation, and other benefits, this nation has seen a substantial surge in interest from foreign entrepreneurs and investors. As a result of this demand, everyone wants to establish a business in the United Arab Emirates. Rather than complicate and prolong the process of forming a business, local authorities chose to provide consulting companies with a wide range of alternatives.
To minimize any possible problems, it is usually recommended that the procedure be carried out under the guidance of a qualified company setup specialist. Airzone is here to help you get the help you need to establish your business in the UAE.
We hope this guide on how to start a consulting business in the UAE proved helpful for you. Hopefully, we managed to answer all your queries.
If you want to learn more about Setting up a business in Dubai, we have a comprehensive guide for you. With a thorough understanding of the UAE’s business scene, you should be well prepared to establish a company in the country.