The idea of consulting businesses has dramatically streamlined the business process. In the whole situation, a third-party company assumes responsibility for offering services, including assisting business organizations in choosing the best business solutions based on industries and employing and supplying workers with a particular skill set.
Dubai has served as a business platform that attracts millions of entrepreneurs to come and carry out their company ideas, promoting the expansion of business organizations and making employing the whole team challenging.
To make it easier, consultant businesses enter the scene, paving the way for company owners and investors to establish a consultancy firm.
A specific license, known as a consultant license, must be secured throughout the firm establishment procedure. You will learn all you need to know about attaining the same in this blog.
Consulting Business in Dubai
The consulting industry is booming in the UAE and has been divided into several niches. The UAE's consulting sector is booming, with 12% national growth between 2016 and 2019.
These consultants offer multiple services, including strategy development, operations, financial advice, human resource services, risk and compliance, and workforce. Based on their primary services, each consultant must do specified responsibilities. In addition, the agencies must abide by a few of the rules outlined below:
- Respect the religious beliefs
- Respect people’s privacy
- They must not be offensive
- They are expected to be impartial
- Must present accurate information
Legal Structure of Consulting Company in Dubai
A consultancy business can be established by considering any of the following business entities:
- Sole Proprietorship
- Limited Liability Company
- Branch of a Foreign Company
- Free Zone Company
Types of Consultancy License
Make sure you apply for the appropriate consultant license based on the type of business activity you want to do. In the UAE, there are many sorts of consulting licenses depending on a variety of commercial operations, including the following:
- Accounting and Finance Consulting
- Business Setup Consulting
- Industrial Consulting
- Strategy Building Consultancy
- Investment Consulting
- Market Research Consulting
- Sales and Marketing Consultancy
- Financial Advisory
- Strategic Marketing Consulting
- Project Management Consulting
- HR Services and Manpower Consulting
- Process and Operations Management Consulting
- Logistics and Shipping Consulting
- IT Consulting
- Legal Consulting
- Risk Management and Compliances Consulting
- Engineering Consultancy
How to Obtain a Consultancy License
The steps for getting the consultancy license are as follows:
1. Chose the Consultancy Types
This is the initial duty where you must be specific on the sort of consulting you want to begin with. You must first choose your area of expertise because, as was already indicated, consulting businesses have a broad range of services they offer.
2. Determining the Company Structure
Selecting the firm structure from the structures above is one of the first things you should be particular about. But then, choose the one that best meets your business's needs.
3. Finalize the Location
The next phase entails picking a prime location with a market for your company. Knowing that consulting firms differ by the services they offer makes it necessary first to assess, and then choose the ideal location for service needs. Learn more about consulting licenses in Dubai.
4. Choose a Name for the Company
The next move is to get your trade name registered with the Department of Economic Development and your name registered in the books of the Company Registrar. There are several guidelines regarding the company name.
5. Obtain the Necessary Approval
The relevant government agencies must provide specific approvals per your business's services. Apply for the license in DED (Department of Economic Development).
6. Open a Corporate Bank Account
The next step is registering for and creating a corporate bank account, enabling you to handle your company's finances efficiently. Furthermore, that won't cause any misunderstandings about personal and professional finance.
7. Rent an Office Space
Another crucial activity added to the task flow is registering your business space lawfully. This can help you in the staff hiring process and formally recognize your business location.
8. Get Staff Visa
The last step is to avail yourself of the visa services for your employees. Being an employer, it is your responsibility to hire your employees by initiating visa services from professional experts to carry out the process securely. Learn more about visa services in Dubai.
Documents Required for Consulting License in Dubai
The following documents are needed to obtain a consulting license in Dubai:
- The DED's application form
- Passports copy of the owner's and partners' for international entrepreneurs (if there are any)
- Depending on the consulting business, initial clearance from the authorities (municipality, roads and transport authority (RTA), national media council, etc.) No-Objection Certificate (NOC) from sponsors for foreign partners, if the ex-pat is already on a work visa
- The shareholder's Unified Number (UID No.) is necessary if they are on a visit visa.
- If the business is an advertising consultant, it must obtain authorization from the appropriate authorities before displaying banners, leaflets, and other forms of advertising.
In summary, we can state that paperwork is required while setting up a consulting business, and compliance with legal requirements is also anticipated. If not, the establishment process can be hampered. Therefore, business investors and entrepreneurs choose the prudent course of outsourcing the company setup process to qualified professionals with solid expertise in this industry rather than taking the chance and starting the process internally.
We at Business Setup Worldwide are destined to provide the same to our clients. We cover everything from company incorporation to post-incorporation services like Accounting, Bookkeeping, and Visa Services. If you are planning to incorporate your consultancy business in the UAE, we are here to guide you in the incorporation and license-obtaining process. Contact us for any query on setting up your business.