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.
You can start a Dubai sports management company in just five simple steps when you work with a UAE company setup expert.
How to Set Up a Management Company for Sports in Dubai?
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.
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 of 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 Dubai Freezone Company Formation.
And, if you're searching for the most economically free zone setup, looking outside of Dubai is a smart idea.
3. Applying for Your License
You should apply for your trading license once you have determined where you are going to set up. The application is submitted to the Department of Development of Dubai (DED) in the emirate if formed on the mainland.
You may also directly apply your application to a free zone. You can work with a company to set up a specialist in both situations to handle the application for you.
You will usually be required to submit the following:
- Completed application form
- Passport copy of the proposed owner or owners
- Two color 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 license application.
As the holder of a UAE business permit, you can support others with their visas, too. It could be a partner, a parent or child, or, for example, a domestic worker or 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 the following in mind:
- To open a corporate bank account, you must have a UAE business license
- 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.
License Cost for Starting a Sports Company in Dubai
There is much more to consider when starting a sports management company in Dubai, UAE, than just the license cost. You must also take into account premises, personnel, ads, and other administrative expenses that may occur.
However, the license itself is comparatively inexpensive. In the area of AED 10,000 to AED 20,000, you can expect to pay.
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. Our business experts are well-experienced and provide tailored solutions meeting the business essentials for a business setup in UAE.
If you want to set up a Dubai warehouse, do contact us-we'd be glad to assist.
How is the sports audience in Dubai?
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.
Apart from horse racing, what are the other sports that take place in Dubai?
A wide variety of other sporting activities, including football, tennis, and cricket, are also held in Dubai.
What is the worth of the sports industry in Dubai?
It is more than USD 50 billion globally.
Which authority issues the license for a sports management company in Dubai?
Department of Economic Development.
What is the license cost for starting a Dubai sports management company?
It is around 10,000 AED – 20,000 AED.