Dubai is regarded as a hard-working, difficult-to-play destination worldwide. And this is clearly illustrated by the emirates' love for sports.
More than one million people are expected to watch sporting events every year in Dubai, with the Dubai Horse Racing World Cup attracting over 80,000 in-person fans.
A wide variety of other sporting activities, including football, tennis and cricket, are also held in Dubai. Each year, nearby Abu Dhabi also hosts its own Formula 1 Grand Prix.
This sports passion converts to big business. Expenditure related to sports is expected to reach USD 1.76 m per year. It is not surprising that Dubai is home to an increasingly growing sports business climate, with sports management at its heart, an industry worth more than USD 50 billion globally.
And it does not have to be a complicated procedure to enter this vibrant marketplace. You can start a sports management company in Dubai in just five simple steps when you work with a UAE company setup expert.
How to Set Up a Sports Management Company in Dubai?
1. Select your Company Name
Selecting your business name is the first move. At this point, there are a few main points to bear in mind, many that would not apply anywhere else in the world.
Be mindful that you have to abide by a specific collection of conventions for naming. Some offensive or blasphemous words you should stop. When naming your business after yourself, avoid the names of well-known companies and avoid abbreviations.
Our business setup agent can check that your preferred name is available before your name is registered.
2. Select your Ideal Setup
Deciding whether to be formed on the mainland or in a free zone is crucial in the UAE company forming process.
You are free to trade directly with the UAE without a third party’s services if you decide on a Dubai mainland business setup. You can also set up and pitch for government contracts anywhere in the emirates.
The most cost-effective solution is typically the setup of a company in a Dubai free zone. And, if you're searching for the most economic free zone setup, looking outside of Dubai is a smart idea.
For example, free zones such as Fujairah Creative City offer advantages such as a fast and easy integration process, ongoing business support, and financial incentives such as tax exemptions and zero currency restrictions.
3. Applying for your License
You should apply for your trading licence once you have determined where you are going to set up. The application is submitted to the Department of Development of Dubai (DED) in emirate if formed on the mainland.
You may also directly apply your application to a free zone. You can work with a company set up a specialist in both situations to handle the application for you.
You will usually be required to submit:
- Completed application form
- Passport copy of the proposed owner or owners
- Two colour passport size photos.
4. Making your Visa Applications
You'll need a visa to live and work in the UAE. Once again, with the correct instructions, the visa application process can be straightforward. The majority of company formation agents will assist you with this point, as well as your licence application.
As the holder of a UAE business permit, you can support others for their visas, too. It could be a partner, a parent or child, or, for example, a domestic worker, a housekeeper.
The maximum number of visas you can apply for depends on your company’s size, the setup you have selected, and your income for dependent visas.
5. Opening your Corporate Bank Account
You will need a corporate bank account to do business in the UAE.
Before making your application to find one that is best suited to your business needs and most likely to provide you with corporate banking services, you should first familiarise yourself with several financial institutions. With your company set-up representative, you can help with this process.
Keep in mind:
- To open a corporate bank account, you must have a UAE business licence.
- Some banks need a citizenship visa from shareholders.
- A minimum balance of anywhere between AED 10,000 and AED 150,000 is expected for most accounts.
Your account will generally open within two to four weeks if your application is successful.
Dubai Sports Management License Cost
There is much more to consider when starting a sports management company in Dubai, UAE, than just the licence cost.
You must also take into account premises, personnel, ads and other administrative expenses that may occur.
However, the licence itself is comparatively inexpensive. In the area of AED 10,000 to AED 20,000, you can expect to pay.
Are You Ready to Start your Sports Management Business in Dubai, UAE?
Hopefully, this guide has made clear that establishing a sports management agency in Dubai doesn't have to be unnecessarily complicated if you're armed with the right information.
However, a degree of previous process knowledge is needed. Furthermore, it is essential to remember that the application process is only apparent if the application for a licence is complete and free of errors at the time of the request.
It's an excellent opportunity to work with a business creation specialist like Commtbiz while forming a new company in the UAE to help you ensure that this is the case.
We are a team of specialists in business registration who are passionate about bringing to life the dreams of young entrepreneurs and SMEs.
Commitbiz will also assist with opening corporate bank accounts, managing your licence application, and advising on the most suitable financial institution to meet your particular needs.
We do provide visa and immigration services, and it is possible to manage all government formalities, licences, work permits and visa applications required for UAE trade.
In short, our experts will set up your business on your behalf, apply for your licence and visa, and take care of all the required administrators, leaving you free to run your business.
Commitbiz Consultants is one of the top UAE business consultants who have helped many entrepreneurs and professionals to integrate their business fields. We take care of all the basics, ranging from integrating to defining essential foundations such as accounting, taxation, legal, VAT.
It has never been more uncomplicated or more comfortable to set up your own company in Dubai or the rest of the UAE. Commitbiz takes care of all the tedious info to concentrate on what counts, making your business dream a reality!
Our business experts are well-experienced and provide tailored solutions meeting the business essentials to start a business in the UAE. If you want to set up a Dubai warehouse, do contact us-we’d be glad to assist.