With its diversified economy and large, sophisticated public and private sectors, the United Arab Emirates is a great place to start a consulting business. So, if you have experience as a management consultant and an in-depth knowledge of your field, launching a consulting business in Dubai could be a very profitable move.
Like other countries in the GCC, the UAE’s public sector is the largest consumer of consulting services, and the country’s consulting industry turnover reached $1.2 billion in 2019. Research reveals that general management consulting is the most common business offering among small and medium-sized consulting firms, followed by data and technology, accounting tax and audit advisory, marketing and media, and people-focused consultancy. Management consultancies in Dubai help their customers to make their businesses more streamlined, efficient and productive.
If you would like to set up a management consultancy in the emirate, you will first need to apply for a management consultancy license for Dubai. To do so, you will need to complete various steps. In this blog, we will explore:
In this blog we will explore;
Steps To Get A Management Consultancy License In Dubai
If you want to start a management consultancy in Dubai, you must apply for a management consultancy license. This will legally allow you to provide consultancy services, recommend policies and procedures to streamline your customers’ operations and make proposals for how companies can restructure – among many other activities. The license will also enable you to set up your business office, apply for a visa, hire employees, and open a business bank account.
Here are five key steps to getting a management consultancy license in Dubai.
1. Select Your Business Activity
Meydan Free Zone permits businesses to choose from over 2000 business activities across various industries and subsectors. You must select a business activity from a list available on our website www.meydanfz.ae . For the vast majority of management consultancies, the most appropriate business activity group would be ‘consultancy’, which covers management consulting and marketing.
2. Choose A Trade Name For Your Business
You must choose a trade name for your management consultancy that follows Dubai’s business naming rules. When applying for a trade name, there are certain key things to bear in mind:
- It must not include any acronyms of your name (e.g. John Smith Consulting would be fine, but J.S. Consulting would not be permitted).
- The trade name must not include offensive terms or language that could be perceived as blasphemous.
3. Choose Your Business Location
Meydan Free Zone offers a premium business location situated inside The Meydan Hotel. Your business license comes with a flexi -desk overlooking the beautiful horse racing grounds. Choose from dedicated offices and spacious meeting rooms.
For many management consultancies, operating from a free zone brings significant benefits – including 100% foreign ownership, 100% repatriation of capital and profits, and 0% income tax and corporate tax.
4. Complete Your Application And Pay The Fees
Next up, you will need to complete your registration on Meydan’s customer portal as part of your management consultancy license process and pay all relevant fees online.
5. Receive Your License And Open A Business Bank Account
A final step in launching your management consultancy is to collect your business license and apply for a corporate bank account, allowing you to receive clients’ payments.
Activities of Management Consultant License in Dubai
As reiterated earlier, a management consultant license is highly diversified and allows for a plethora of opportunities. Here are some of the best activities you can pursue under a management consultant license.
1. Business Process Innovation
The profitability process is one that needs constant improvement and tweaks with the presence of technology, and in instances where a company is underperforming, turning to a management consultant is the best option. Your responsibilities will include suggesting solutions and alternatives to modify operations in the business.
2. Market Assessment
A firm would require a thorough analysis of a market that they are about to enter before penetrating into it. A business consultant will be able to provide clarity on entering complex markets whilst educating the client on customs, business culture, and inclusive knowledge.
3. Strategy Formation
Long term and short term strategies are particularly important to any business. As a management consultant, your job will be to formulate strategies on aspects such as financial policies, external, internal processes, and after sales services. Considering a business’s market segments, acquisition costs and team goals, you can assist a business.
4. Human Capital
Whether it be from the start-up stages or growth stage, the importance of human capital remains the same at every stage of the business development phase. As a consultancy firm, you will bear the tasks of advising the client on employees, regulatory framework on labour law, and employee appointment.
5. Service Excellence
Customer retention rates being maintained is one of the more challenging tasks faced by a majority of companies. The higher the competition, the more attention businesses have to pay to refining and improving their relationships with customers. As a consultancy firm, you will need to assist clients with technology assessments, customer segmentation, strategy maps and more.
Cost Of A Management Consultancy License In Dubai
Getting a management consultancy license in the Meydan Free Zone starts from AED 12,500. Contact us for an obligation-free quote today to get a precise cost for your management consultancy license with visas in Meydan Free Zone.
Documents Required To Get A Consultancy License In Dubai
If you are interested in applying for a management consultancy license in Meydan Free Zone, you’ll need to provide the following documents as part of the process.
- Passport copy
- Passport size photo (digital)
- Residence visa Copy (if applicable)
- Emirates ID copy (if applicable)
When you set up a management consultancy at Meydan Free Zone, we can support you with compiling all this paperwork to make the process smoother.
Why Choose Meydan Free Zone?
The Meydan Free Zone is located close to the centre of Dubai, near the airport and right next to the international racecourse and golf course, in eye-catching surroundings. If you choose the Meydan Free Zone as the base for your consultancy business, you will join many other professional consulting firms already operating successful businesses out of our premises.
Besides our impressive location and high-quality office spaces, launching your management consultancy from Meydan Free Zone provides:
- MOFA recognised business license.
- Quick and easy incorporation from an online portal.
- Zero paid up share capital.
- Unlimited number of visas depending on office size.
- Company documents issued within a day with instant IBAN.
- No Corporate or Income tax
- Exclusive community benefits with discounts.
Starting a consultancy at Meydan Free Zone couldn’t be easier, and we have extensive experience with all aspects of helping set up consultancies here. We can walk you through the entire process, helping you choose the best business structure, supporting you with all aspects of the paperwork and putting you in the best position to make a success of your consultancy.