Dubai, a former Trucial state and a member state of the United Arab Emirates. Dubai is one of the well known trading hubs since the late 20th century with connections to Indian sub-continent, Iran and the deeper Middle East region. It is also the most populous city in the UAE with expatriates from different countries all around the world.
Why Invest in Dubai?
Dubai provides a stable government under the leadership of Sheikh Mohammed bin Rashid al Maktoum, the ruler of Dubai since 2006. Dubai has a tolerant and open society and is one of the top 10 safest cities on earth with a very low crime rate. The economy of the Emirate of Dubai is highly diversified with less contribution from crude oil where its limited resources are continuously depleting over time. The other industries contributing to the economy are tourism, trade, real estate, aviation, logistics and financial services. Dubai is also the most diversified economy in the UAE where the other Emirate states are still very much oil-dependent economies. Many multinational companies are working based out of the Dubai Internet city.
Who are Business Consultants?
Business consultants are subject matter experts with extensive working knowledge of their domains in business organisations. They are basically expert problem solvers with skills acquired by refining their subject knowledge. Business consultants advise their clients to implement Best practices which are successfully tested and implemented over several projects. They add value to their client companies by providing the necessary business models based on the requirements of the clients. They can be vital in streamlining various resources and costs to the benefit of the company.
Types of Business Consultants in Dubai
The below mentioned are the types of consultants who play a crucial role during the process of business setup in Dubai and the later stages.
Business Setup Consultants
There are three zones in Dubai where the companies can be set up- Mainland, Free zone and Offshore. Businesses will receive various perks in depending upon the Zone. Each Zone has its own set of rules and regulations applicable. Multiple agencies are involved in the process of company registration which needs the expertise to avoid delays. Although the Government has relaxed the rules in order to encourage the investments, the process can sometimes be tedious if not done correctly. Business setup consultants will provide companies with the required awareness to make the right decisions. Based on their requirements, Business setup consultants assist them to setup business in Dubai without any worries about the red tape.
Accounting & Tax Consultants
The Government of Dubai provides many tax soaps to companies operating in the Emirate. In fact, there are no corporate taxes on most Business except for companies in the oil sector and International banks with branches operating based out of Dubai. However, all the countries in GCC have started levying VAT (Value Added Tax) which is currently set at a flat 5%, although there is an exception on many basic goods since January 2018. There are also other Zone-based tax advantages that companies can explore. UAE has signed Double Tax Treaties (DTT’s) with many countries which is another advantage in the repatriation of funds. The tax and accounting consultants will be able to guide companies on these accounts.
The role of IT consultants is to advise the companies to set up the right IT infrastructure and guide them about the use of Information technology in reaching out to the client and meeting their objectives. With the company based out of Dubai, which is one of the major metropolises in the world, with the right advice companies procure the right IT infrastructure and reach out to global audiences with right IT tools and optimise their internal mechanisms to operate more efficiently.
Dubai is a significant trade hub in the MENA (the Middle East and North Africa) region. Due to its strategic location, which favours logistics and trading friendly policies, it acts as a supplier base for more many Middle East and African countries. The market consultants play a significant role in providing market insights for companies who plan to expand their reach to farther customers. There are many market consultants based out of Dubai who can advise the companies to improve their marketing and sales.
Staff Sourcing Consultants
During the last few decades, there was a significant inflow of expatriates relocated to Dubai to work in major industries like Infrastructure, tourism, manufacturing and other service sectors. Dubai’s expatriate community is one of the biggest in the Middle East. The society is more tolerant and open in welcoming foreigners. There is no income tax for individuals working in Dubai and easy to repatriate the funds, which further attracts talent worldwide. The sourcing consultants will assist the companies in recruiting the right talent, which benefits the companies to increase their productivity to reach their set targets.
As in any other country, the companies in Dubai governed by a well-defined, robust and dynamic set of laws. Dubai’s legal system which is founded based on Civil principles and Shari’a law. The law has clear structure and licensing requirements, Business-friendly Corporate Governance rules for international Business to operate in Dubai. The codes are strictly enforced in Dubai and companies require strict adherence to them. Legal consultants, who are experts in this domain will be handy in guiding the companies about the legal aspects while making decisions about the company’s operations. They are the reason why it is vital to take assistance for the consultants.
Need for Business Consultants in Dubai
International companies need business consultants in Dubai both to setup their businesses and run them smoothly without any hassles. Expert guidance from Business consultants ensures compliance with all legal prerequisites and adherence to the different rules and regulations of the Dubai Government. The year on year growth in the GDP rate and the Government’s renewed push for reforms to further diversify the economy and increase the growth rates of sectors like tourism, manufacturing, logistics has resulted in increased interest from the international community to enter the UAE with Dubai as its Gateway.
Business consultants act like friends in need for companies who they can rely. Many businesses who do not have sufficient knowledge of the affairs of the Middle East and rules will require assistance to save the time and effort to set up Business in Dubai. Like in other countries, there will be many changes in rules and regulations depending on the global scenarios to finetune their economies. Business consultants will possess ready knowledge about these continually changing rules and allow the companies to benefit from these changing legislatures.
Dubai World Expo 2020
In 2013, Dubai won the bid to host the World Expo 2020, which is conducted between October 2020 and April 2021. This event is expected to bring in a large flock of foreign tourists along with generating billions of dollars in revenue. A substantial portion of the Government’s budget is allocated for the event to develop Infrastructure and other facilities to prepare for the year 2020. The event has created a golden opportunity for many industries which can take advantage of the event to their benefit. Business consultants can swiftly help businesses to set their shops so they can be in the right place at the right time.
Benefits of hiring Business consultants
- Guidance on the benefits of setting up companies in each sector of the economy.
- Knowledge of rules & perks associated with the different locations (Mainland, Free Zones and Off-shores)
- Supporting hiring resources like workforce, IT, legal etc.
- Prior Work experience with the Government agencies to set up companies.
- Market Insights & information on Middle Eastern affairs will be helpful.
We at Commitbiz – as the name suggests are thoroughly committed and engage with our global clients to successfully set up Business in Dubai. Our experts also assist companies with all aspects in pre and post-part of the Business set up. Please contact us and we will be happy to help you.