Dubai has grown into a major business hub of the Middle East. Many of the Global players have their headquarters and business operations in Dubai. Due to the virtue of its location, Dubai has become a major business and tourist location for global travelers.
The business landscape of Dubai is very competitive with innovative companies gaining presence in the largely diverse market. Dubai, as a business market has a huge potential audience reach as the expat population of Dubai, is always on an increase.
Business Scope of Management Consultancies in Dubai
Management Consultancy in Dubai forms an integral part of the business ecosystem. They assist their clients in effectively leveraging their resource and achieve business goals.
With the aid of Management Consultancies, ambitious business leaders of large companies transform their organization. The Management Consultancies will devise solutions that help the business to adapt to the latest market trends and technology.
In the current business scenario of Dubai, the scope for Management Consultancy is enormous as the number of businesses getting registered in Dubai is on the upward trajectory.
These new businesses require robust business support and strategy building to efficiently execute business activities to gain maximum business growth.
Management Consultancy License in Dubai
License Name: Management Consultancy
License Activity Code: 741 405
License Activity Group: Consultancy – D- Management, information as well as Marketing.
License Type: Professional
- Management Consultancy license in Dubai allows for various activities mentioned below.
- Provide administrative consultancy
- Study organization performance and devise improvements
- Prepare a business plan for streamlining business operations
- Preparing internal policies and procedures for companies
- Restructure and develop a strategic plan for the organization
Management Consulting fall under the Profession Trade License category in Dubai, UAE.
A professional Trade license enables entrepreneurs to legally set up their business office, hire employees, apply for a visa, transact with clients, etc.
Broad classification of the Licenses available in Dubai
Selecting a business license is critical. It will help you determine the options regarding the legal form of the company and the parties associated with the business entity.
Business Licenses in Dubai are broadly categorized into:
1. Commercial (Trading) License
2. Professional (Vocational) License
3. Industrial License
8 Steps to obtain a Professional Trade license in the Mainland of Dubai
1. Select Business Activity
Choosing a business activity is a critical step in a business setup. There are more than 2,100 business activities across different groups such as industrial, commercial, professional and tourism activity.
Business must also choose their business types also before they select the legal application form.
Common Business Types in the Mainland of Dubai
1. Joint Liability Company
2. Sole Proprietorship Company
3. Limited Liability Company (LLC)
4. Public Joint Stock Company (PJSC)
5. Private Joint Stock Company (PrJSC)
6. Civil Company
7. Branch Offices
2. Select Legal Form
Based on the selected business type, business activity, nationality of owners, and the ownership options you can choose the legal form.
3. Select a Trade Name for your Business
The general trade name guidelines must be followed while choosing a name for your business in Dubai. It requires payment for processing your application for the tradename. Once the trade name is selected, the application must be submitted to the Department of Economic Development (DED) for Approval.
4. Apply for Initial Approval
An initial certificate with a non-objection to start a business is obtained from the Dubai DED. With the initial approval, you can apply for the trade license. The initial approval records partners, legal type and activities of the license.
5. Prepare MOA & LSA Agreement
Based on the legal structure of your company, a Memorandum of Association (MOA) is to be prepared.
In certain cased the company has to sign a Local Service Agent (LSA)/ Corporate Agent agreement with a UAE national. The licensing and compliance will be looked after by the UAE national.
6. Establish a Business Location
All businesses in Dubai must have a physical address. The Ejari has to be registered using your initial approval certificate and other documents required by the Real Estate Regulatory Authority (RERA). It is then further forwarded to Dubai DED to proceed with the process of issuing the trade license.
7. Get Licensing Approvals
In the case of Management Consultancy, there are no additional licensing or approvals required other than the one issued by DED.
For certain business activities like healthcare, transportation, etc., requires special licenses.
8. Collect Business License
Once all the paperwork’s and required approval are completed, you will receive the company trade license all approved from DED. Now you are legally entitled to start doing business in UAE.
The next important step after obtaining the business trade license is applying for a bank account opening and Visa processing for a residency visa.
For setting up of Management Consultancy, the Freezones of Dubai is a prospective option as it offers a host of benefits to the investors. Especially if you are looking for a 100% foreign investment, a tax-free environment, quick registration, etc., the Free zones are the best choice.
Read more to know about the Freezones of Dubai here: 4 Cost Effective Freezones in the UAE