In the recent years, a large number of people have been managing their money smarter, more aware about the taxation rules and regulations, making better decisions while opting high-risk instruments like loans, mortgages, credit cards etc. Companies have been efficient in managing finance and business operations. Financial consultants play an active role in guiding their clients to achieve financial targets. They help clients make better decisions when it comes to finances.
Dubai, as one of the financial capitals of the world, is home to regional centres of many global banks and financial institutions. The Emirate of Dubai presents many business opportunities which have attracted companies worldwide to set up business in Dubai, thereby taking advantage of the perks offered by the Government. Financial consultants can explore many opportunities to provide services to companies and individuals.
Who are Financial Consultants?
Financial consultants are certified professionals providing services to governments, large corporations and individual clients regarding financial matters. Financial consultants provide advice about financial planning in the long and short terms, investments, risk management, account management. Many organisations and individuals require sound financial advice from the experts that are crucial in achieving the financial goals of the business.
A Certified Financial Consultant (CFA) is a certified consultant from the Institute of Financial Consultants (IFC). The Institute will award the certification only after acquiring specific qualifications defined by the Institute and clearing the exam conducted by the Institute. Financial consultants are required to know the latest rules & regulations and financial practices in the industry by completing various courses.
Types of Financial Consultants
There are two types of financial consultants who can provide financial advice based on the requirement:
Business Financial Consultants
They primarily work with companies. Many organisations require the help of professional consultants to carry out the financial planning - plan & cut the company expenditures and allocation of the financial resources based on the priorities. The services for businesses include accounting, tax planning, resource planning and risk management.
Personal Financial Consultants
They mainly work with individuals. The consultants can work as freelancers or be part of Portfolio Management Service companies. The financial consultants closely work with the individuals in assisting money management and long-term planning. The services for individuals include tax planning, investment advice & portfolio management, tax planning if applicable and income management.
Financial Consultants in Dubai
There has been a growth of financial consultants in Dubai who serve many clients, adding value in reaching their financial goals. The financial consultants will have access to many companies and high worth individuals to provide their expertise. The business-friendly policies of the Local Government of Dubai allow financial consultants to set up the business with minimal hassles. There are many factors which are contributing to the growth of financial consultants.
Companies and Expatriates
There are thousands of national and international companies operating in Dubai and more than 40 free zones. The economy of Dubai is highly diversified, and many sectors make a significant contribution to the economy of the Emirate. The companies employ talented personnel from the UAE and across the world. Dubai has been providing world-class infrastructure to accommodate people from everywhere. These have attracted many foreign nationals to relocate and work in companies with fat pay-checks. Financial consultants can explore many opportunities to provide services to clients and help them in making sound financial decisions.
Dubai International Financial Centre (DIFC) is a Free Zone dedicated to the financial sector. It is in the centre of the growth of all the economic activities and sustaining Dubai’s image as a leading financial centre in the world. The free zone provides access to the fastest-growing markets of India, MENA and Central Africa. DIFC provides many free zone benefits to companies operating from the area. There are more than 1800 companies registered in the DIFC free zone offering many services to client around the UAE and worldwide.
More than 60 insurance companies are operating in Dubai. The types of coverages available as per the UAE law are life insurance, health insurance, Takatful Islamic insurance, property insurance and liability insurance. The companies operating in the Mainland as well as the free zones compulsorily required to provide life and health insurance benefits. These provide an enormous opportunity for insurance companies and the financial consultants catering to companies and clients to make the right choices.
Financial consultants contribute significantly towards maintaining the liquidity in the market through encouraging investments in different asset classes. The flow of cash is very crucial for the economy and Dubai to hold its place as a financial centre and compete with other major financial centres in the world. The Government of Dubai has taken steps to encourage investments in the markets, and financial consultants can benefit from these measures.
We at Commitbiz are actively assisting clients from all over the world to set up business in Dubai and other Emirates of the UAE. Our experts have years of experience in understanding the client requirements and helping them with the process of business setup. Please contact us for answers to your queries. We are happy to assist!