The Benefits of Starting a Management Consulting Business in Dubai
Consultation is an area in business that grows at a rapid rate. With the accelerated growth of SMEs, and public and private companies, the need for assistance in formulating strategies and receiving external advice becomes increasingly stronger with larger-scale operations. Whenever a business wants a fresh and new viewpoint on how they conduct business, turning to the expert advice provided by a management consultant would be the most ideal. Within Dubai’s domain, management consultancy has seen vast growth, with its many Fortune 500 companies making far-reaching changes across the globe.
If you have the skills that can potentially help a business thrive in its operations, starting a management consulting business may be the right business venture for you. Dubai has the ability to nurture the best talent, and business leaders would be able to focus on problems or strategies at hand and leave the external issues to be solved by management consultants.
Read on to find out the benefits of refining your skills as a consultant, and learn about:
What is Management Consulting?
In simple terms, management consulting involves providing expert business advice on managing a plethora of business activities like information technology, banking, finance and credit services or long-term and short-term growth solutions. To have expertise in management consulting, it’s important to identify the valuable skill set you uphold, which includes strategic skills, analytical skills and communication skills.
Your activities would include providing clients with an audit of their current affairs and giving recommendations for further improvement with a detailed action plan that includes the steps to achieve certain objectives. You can also aim to specialise in one area of management consultancy, where a business may not have the facilities to find such expertise internally — this is where your talent comes into play.
In Dubai, it’s vital to obtain a professional business license in order to commence your operations as a management consultant. It’s inherently easy to obtain a business license in Dubai, regardless of whether you decide to locate in the mainland or a free zone; however, documentation processes and verification is done faster within free zone authorities like Meydan Free Zone.
What are the Steps to Becoming a Management Consultant in Dubai?
The journey to becoming a management consultant in Dubai isn’t strenuous. As mentioned earlier, the key step to thriving in your business would be to first obtain your professional license in services. Here are some of the mandatory steps you need to follow to obtain your professional license as a management consultant in the UAE.
Decide business activitiesAs a management consultant, there could be many activities left for you to pursue. For example, research analysis, business proposal preparation, and issue identification are only some of the activities included in the specimen of management consultancy. During this process, you would have to specify the business activities that define your consultancy venture — this is highly important when requesting approval from Dubai authorities.
Select a company nameIt’s vital that your business refrains from choosing a company name that contains any offensive language or abbreviations. This stage requires careful deliberation, as an unapproved name from the Department of Economic Development (DED) may halt the launch of your business. As a suggestion, including your business activity in the company name, may be favourable in getting verified as a business.
Decide your jurisdictionFree Zone areas such as Meydan Free Zone are highly accessible for successful startups, and depending on your business nature, it would be the better-suited economic jurisdiction. If the business plans on catering to a wider range of consumers, a free zone license and DET permit can cater to your needs. Moreover, if you decide to launch your business in an area like Meydan Free Zone, you would receive the utmost assistance from authorities with documentation processes, and other business support services would also be available on demand.
Apply for your business licenseThis is the time to apply for a professional license detailing the services you would like to partake in as a management consultant. Authorities like Meydan Free Zone are ever ready to help with filing procedures, discussing with governmental authorities about verification processes and more. The process is quite fast, and you can expect to receive your business license in 5-7 days after your application.
Apply for a bank accountIn order to conduct management consultancy activities, you will need to open up a business bank account so that tracking expenses and cash flow from the very beginning would be easier. Contact a few banks or financial institutions surrounding your jurisdiction and arrange a meeting with them to discuss financial capabilities.
Benefits of Starting a Management Consultancy Business in Dubai
There are several benefits that you can enjoy as a management consultancy agency in Dubai — ranging from being able to enter highly diversified markets with a plethora of opportunities to low set up costs depending on which economic jurisdiction you plan to launch your business in. Here are some of the many benefits that you should be aware of.
- Easily diversified
Management consultancy is not only limited to one certain industry but many that you can apply or transfer your skills to. You can opt for management consulting regarding marketing management, sales, market assessment, human resource management, and even areas like business process innovation. By developing a set of transferable and innovative skills, it would be possible to easily transition from one industry to another. There are many businesses looking to expand into different markets, like tourism, education, retail or manufacturing. That’s where management consultancy comes into play, where coming up with business solutions and set up instructions in your area of expertise.
- Revenue and financial growth
With massive demand in Dubai and globally, setting up your consultancy business with a minimum capital requirement may be the best option instead of compromising on higher administration and business registration costs. An affordable set-up cost can launch your business into a strong start with more expenses that can be allocated to growing the business and employing human capital.
Also, by setting up your business in an area like the Meydan Free Zone, you can make the most of zero tax concessions and 100% profit repatriation.
Working hours are more likely to be flexible as a management consultant, as you get to decide the amount of work you are ready to undertake.
Why Meydan Free Zone?
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 and skyscraping buildings. If you choose the Meydan Free Zone as the base for your consultancy business, you will be joining many other professional consulting firms already operating successful businesses out of our premises; hence, healthy competition can be a great factor in helping you thrive.
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 personal income tax.
- Exclusive community benefits with discounts.
Starting a management 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 business. The industry is deemed competitive, although, with Meydan Free Zone’s world-class facilities, reaching heights in your consultancy career will be a closer goal than you’d imagine.
Contact our panel of expert consultants to find out more!