Table of Contents
Frequently Asked Questions
What is activity code 7020.85 and what services does it permit
Activity code 7020.85 falls under ISIC Division 70 — Management Consultancy Activities — and covers professional advisory services related to cost optimisation, budget governance, and enterprise risk frameworks. It is classified as a professional services licence rather than a regulated financial activity.
Permitted services include cost benchmarking, risk identification and mitigation planning, financial exposure analysis, and internal control advisory. The scope is broad enough to cover both project-level engagements and enterprise-wide risk programmes across Dubai's private and public sectors.
What does a Cost Control and Risk Management licence NOT cover
This licence is strictly for strategic advisory services and is distinct from accounting, auditing, or actuarial licences. Holders cannot provide regulated financial reporting or certified audit work under this activity code.
That distinction is important when structuring your service offering and drafting client contracts. If your intended scope includes regulated financial services, you would need a separate, appropriately classified licence and potentially approval from bodies such as the Central Bank of the UAE (CBUAE) or the Securities and Commodities Authority (SCA).
Which industries are the primary target clients for this licence
The licence is particularly well suited to serving sectors where cost overruns and operational risk carry direct profit-and-loss consequences. Primary sectors include construction, real estate, logistics, manufacturing, and financial services.
Typical client profiles are CFOs, project owners, risk officers, construction firms, financial institutions, SMEs, government contractors, and real estate developers. These are industries where professional cost control and risk advisory has moved from optional to operationally critical.
Does this licence require approval from the UAE Central Bank or SCA
No. Because activity 7020.85 is classified as a professional service under UAE commercial law, it does not require approval from the Central Bank of the UAE (CBUAE) or the Securities and Commodities Authority (SCA).
A standard trade licence is sufficient to operate. Business structures for professional services are governed under UAE Federal Law No. 2 of 2015 on Commercial Companies, keeping the compliance burden manageable compared to regulated financial activities.
What is the difference between a mainland and a free zone licence for this activity
A mainland licence issued by the Dubai Department of Economy and Tourism (DET) gives unrestricted access to UAE government and private sector clients, making it the appropriate route for firms targeting federal contracts or government-linked entities. The trade-off is slightly higher setup costs and a longer approval timeline.
A free zone licence — such as one issued through Meydan Free Zone — offers 100% foreign ownership, faster incorporation, and lower overheads. It suits international consultancies, remote-delivery models, and sole practitioners serving private sector or international clients. The key limitation is that free zone entities cannot contract directly with mainland government bodies without establishing a branch or working through a local distributor.
Why is Meydan Free Zone a practical choice for cost control and risk management consultancies
Meydan Free Zone supports professional and consultancy activities with flexible desk and virtual office arrangements, making it cost-effective for sole practitioners and small teams alike. There is no paid-up capital requirement, and visa quota is available from day one.
The single-window setup process is straightforward, and the structure can accommodate everything from an individual consultant to a multi-consultant team. These features make it particularly attractive for international consultancies and remote-delivery models primarily serving private sector or international clients.
Is there a minimum share capital requirement for this licence
For most free zone and mainland professional licences covering activity 7020.85, there is no mandatory minimum share capital requirement. This lowers the barrier to entry significantly compared to regulated financial or banking licences.
Meydan Free Zone, for example, explicitly has no paid-up capital requirement. However, requirements can vary by jurisdiction and business structure, so it is advisable to confirm the specific conditions with your chosen authority or a registered agent before proceeding.
Are investor and employee visas available under this licence
Yes. Both investor and employee visas are applicable under activity code 7020.85, regardless of whether the licence is issued on the mainland or through a free zone such as Meydan.
Meydan Free Zone makes visa quota available from day one of incorporation, which is particularly useful for consultancies that need to onboard staff quickly. The number of visas available typically depends on the office package chosen and the size of the business premises allocated to the company.
Cost Control & Risk Management Services License in Dubai
Businesses in the UAE are getting bigger and margins are getting tighter. When that happens, someone has to keep a grip on what projects cost and what could go wrong. That is the work activity code 7020.85 licenses you to do.
It is a professional consultancy license, not a regulated financial one, which keeps the setup clean. You advise CFOs, project owners and risk officers across Dubai's private and public sectors. This guide covers what the code lets you sell, where to set up, and what the process actually looks like.
Key Stats at a Glance
| Activity code | 7020.85 |
|---|---|
| Activity name | Cost Control & Risk Management Services |
| ISIC division | 70, management consultancy |
| License type | Professional or consultancy |
| Where you can set up | Mainland Dubai through DET, Meydan Free Zone, and selected other UAE free zones |
| Regulator approval | None needed from the Central Bank of the UAE or the Securities and Commodities Authority |
| Minimum share capital | No mandatory minimum for most free zone and mainland professional licenses |
| Visas | Yes, investor and employee visas both apply |
| Typical day rates | AED 3,000 to AED 12,000 for senior risk and cost professionals |
| Time to license | 3 to 7 working days in a free zone, 5 to 15 working days on the mainland |
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What This License Covers
Code 7020.85 sits under management consultancy in ISIC Division 70. It covers advice on cutting costs, running budgets properly, and building risk frameworks across a business.
What you can sell
The services you can sell under it include:
Cost benchmarking, so clients know whether what they are paying is normal
Spotting risks and planning what to do about them
Working out where the client's money is most at risk
Advising on internal controls
The scope is wide enough to cover a single project or a risk programme that runs across the whole business.
What you cannot sellBe clear about what this license does not cover. It is not an accounting, auditing or actuarial license. You give strategic advice. You do not sign off regulated financial reports or do certified audit work. That line matters when you write your service list and your client contracts.
Who Your Clients Will Be
The buyers are in sectors where a cost overrun or an unmanaged risk hits profit straight away:
Construction firms and main contractors
Real estate developers
Logistics and manufacturing businesses
Financial institutions
SMEs and government contractors
Inside those businesses you are selling to CFOs, project owners and risk officers. These are people who already know they have the problem, which shortens the sales conversation.
Mainland or Free Zone
| Factor | Mainland (DET) | Free Zone (Meydan Free Zone) |
|---|---|---|
| Who you can sell to | UAE government and private sector without restriction | Private sector and international clients |
| Government contracts | Direct | Needs a branch or a local distributor arrangement |
| Ownership | Set by the rules for the activity | 100% yours |
| Setup cost and speed | Higher cost, longer approval | Lower overheads, faster setup |
| Time to license | 5 to 15 working days | 3 to 7 working days |
There is no right answer here. It depends on where your money is coming from. If you are chasing federal contracts or working with government-linked bodies, go mainland. If your clients are private sector or international, or you deliver remotely, a free zone license suits you better and costs less to run.
Meydan Free Zone supports consultancy work with flexible desk and virtual office options. There is no paid-up capital to fund, visa allocation is available from day one, and the single-window process is simple. The structure works for a sole practitioner and for a team of consultants alike.
What You Need to Apply
Passport copy for every shareholder and director
A recent utility bill or other proof of your home address
A short business plan, which some free zones ask for
A No Objection Certificate from your current UAE sponsor, if you have one
A lease or flexi-desk contract for your registered address
Step by Step Setup Guide
Step 1, define your structure: Consultancies usually run as sole establishments or free zone companies. On the mainland with a partner, an LLC applies. Settle ownership and management before anything else.
Step 2, book your trade name: Confirm code 7020.85 is on your application at the same time. The name has to follow UAE naming rules, so no offensive terms and no references to outside governments or organisations without approval.
Step 3, send in your papers: Passport copies, proof of address, a No Objection Certificate if you are on a UAE residence visa, and your office or flexi-desk agreement.
Step 4, get initial approval, pay your fees and collect your license: Free zone processing runs 3 to 7 working days. Mainland applications through DET run 5 to 15 working days depending on the approvals involved.
Step 5, open a corporate bank account: Emirates NBD, Mashreq and RAKBANK all offer business accounts with workable timelines for consultancies. Have your license, MOA and shareholder papers ready, and expect 2 to 4 weeks for the account to go live.
Step 6, apply for visas: Investor and employee visas follow the standard GDRFA route, with a medical, Emirates ID registration and labour registration. Allow 2 to 4 weeks per visa.
No regulator sign-off
This activity counts as a professional service under UAE commercial law. You do not need approval from the Central Bank of the UAE or the Securities and Commodities Authority. A standard trade license is enough to trade.
The company law behind it
Business structures for professional services sit under UAE Federal Law No. 2 of 2015 on Commercial Companies. That keeps the compliance load light next to a regulated financial license.
Stay inside your scope
The moment you move into regulated financial services, you need a different license and possibly approval from the Central Bank or the Securities and Commodities Authority. Write your service list so it is obvious you are advising, not auditing.
Capital and visas
There is no mandatory minimum share capital for most free zone and mainland professional licenses, and Meydan Free Zone has no paid-up capital to fund at all. Investor and employee visas both apply, mainland or free zone.
Market Opportunity
The demand here is structural rather than seasonal. Dubai's construction pipeline, including Expo City legacy projects and the Dubai 2040 Urban Master Plan, keeps producing projects that need cost control. Developers and main contractors run into budget problems their own teams cannot always absorb.
On the risk side, ISO 31000 is being adopted across regulated industries in the UAE, and governance standards increasingly call for a formal risk framework. That turns one-off jobs into repeat mandates, which is a better business than chasing single projects.
The rates support it. Senior risk and cost professionals in Dubai bill between AED 3,000 and AED 12,000 a day depending on the sector and how complex the job is.
Both models work under this license: a retainer with mid-market SMEs, or project contracts with developers. The Dubai Statistics Centre reports that the professional services sector keeps growing in line with the wider push to diversify the economy.
Conclusion
Code 7020.85 is a clean, low-barrier professional license that matches real demand, particularly in construction, finance and project-heavy industries where cost overruns and risk land on the board's desk.
Whether you go mainland for access to government contracts or through Meydan Free Zone for speed and lower cost, the structure is workable and the timeline is predictable. Check your trade name, price the setup, and get the license in place.
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References
UAE Official Portal
