Let's Talk. Click here and get a call within 60 secs.
Fill in the form below and receive the call within 60 secs
A consultancy is a professional service firm that provides expert advice and assistance to businesses, organisations, and government agencies. Consultancies are typically staffed by experienced professionals who have a deep understanding of specific industries, business functions, or technical areas.
Consultancies under the business activity 7020.04 offer advice and help to businesses and public services in planning, organisation, efficiency and control, management information etc. These consultants work with clients to identify problems or opportunities for improvement, and then develop and implement strategies to address them. This may involve analysing data, conducting research, creating reports and presentations, and working with clients to implement new processes, systems, or technologies.
Planning services help businesses develop strategic plans that align with their long-term goals. This involves identifying the organisation’s strengths, weaknesses, opportunities, and threats, and developing a plan of action to achieve its objectives. Consultancies work closely with clients to understand their business goals and help them develop a comprehensive plan that considers all aspects of their business.
Organisational services help businesses optimise their organisational structures to improve performance and efficiency. This may involve redesigning the organisation’s structure, developing new policies and procedures, and implementing new technologies to streamline operations. Consultancies work with clients to understand their organisational needs and provide customised solutions that improve their overall performance.
Efficiency services help clients optimise their business processes to increase efficiency and reduce costs. This may involve analysing current processes, identifying bottlenecks, and developing new processes that are more streamlined and efficient. Consultancies help clients implement tools and techniques that improve their operational efficiency, reduce waste, and increase productivity.
Control services help businesses establish effective controls to manage risk and ensure compliance. This may involve developing internal controls, identifying and assessing risks, and developing policies and procedures to mitigate risk. Consultancies work with clients to develop a control framework that ensures compliance with laws and regulations and reduces the risk of financial loss.
Management information services help businesses make informed business decisions by providing accurate and timely information. This may involve developing management reports, analysing data, and providing insights into key business drivers. Consultancies help clients identify the information they need to manage their business effectively and provide customised solutions that meet their specific needs.
No third party approvals are required for this business activity.
Certain business categories must be managed or directed from within the UAE, keep a sufficient number of full-time employees there, create the majority of their income there, have enough assets, and incur enough operational costs there in order to pass the “Economic Substance Test” (EST).
Within a year of the fiscal year’s conclusion, this evaluation is reported through the filing of the ESR. For instance, businesses having a fiscal year ending on or before December 31st, 2019, and beginning on or after January 1st, 2019, must file the notification. If a newly founded business’s activities necessitates an ESR, it must be submitted the following year.
Business activity 7020.04 is not subject to ESR.
The Ministry of Economy has criteria that Designated Non-Financial Businesses And Professions must follow in order to prevent money laundering, financing terrorism, and other illicit activities. As a result of the awareness campaign which ended on April 30th, 2021, existing licensees have already registered for goAML. In order to avoid potential fines, new licensees must comply with the requirements after obtaining their license. The Ministry of Economy will issue fines for individuals who do not meet the requirements prior to the campaign deadline.
Business activity 7020.04 is not subject to AML regulations.