Every business, irrespective of the field in which it functions, should explore the option of promoting its activities. Marketing campaigns or ads may help them reach a broader audience and make their brand noticeable on the market. In several cases, businesses are seeking professional assistance from a consulting firm to promote their product.
In contrast to the oil and gas business, consultancy agencies are also rising significantly in Dubai. International investors who are in desperate need to get the publicity they need for their company and have more public engagement can support such agencies.
The concept of consulting business has encouraged the business process to a large extent. In the complete scenario, a third-party company is responsible for delivering services such as leading the correct business solutions based on industry, recruiting and supplying the workforce based on a business organization’s particular expertise.
Dubai has become a business forum that attracts millions of businesspeople to introduce their business ideas, encourage business companies’ development, and recruit full-time employees is a challenging method. To ease the same, a consulting company comes into the picture, which paves the way for companies and business investors to set up a consulting business.
Now, one must also have a valid license to start a consulting company. To do this, local and foreign companies must comply with specific rules and regulations so that the process can be smooth and straightforward. A special license, referred to as a consulting license, must be acquired in the process of company incorporation. In this article, you'll get an accurate picture of how to obtain the same.
Services Provided by Consulting Firm in the UAE
Every business needs a consultant to guide them to establish their business in Dubai. The consultancy firm may include advertising, marketing, media & entertainment, finance, human resources, etc. Bearing in mind the customer’s importance, the advertising budget, and the consistent message, these companies intend to be number one. Their services differ depending on the form of consultancy that the company offers.
For instance, the Knowledge and Human Development Authority (KHDA) offers the following means of advertising promotion:
- Print advertising
- Television and Radio Advertising
- Multimedia Ads
- Ads by email
The tasks of the financial consultant are:
- Financial data and analysis of performance
- Market research, review, price dynamics, and forecasting
- Studies on feasibility
- Advising on securities, assets, and related contracts
- Modeling fund portfolio
- Credit consultancy services
- Financial planning
- Investment consultancy
Similarly, each consultant has a series of tasks to be carried out within a specific domain. The Knowledge and Human Development Authority has also set out a range of necessary guidelines to be enforced by these organizations under all circumstances. They are:
- They have to show respect for religious practices.
- They must maintain the privacy of people.
- They should not be aggressive.
- They must have the name of the organization that produced them.
- They have to be neutral.
- They must provide reliable details.
How to Start a Consulting Firm in Dubai?
To start a consulting business in Dubai is a simple process; however, while researching it, one must look into the advertising requirements published in the UAE Official Gazette. They must comply with the provisions laid down by the KHDA in Dubai and allow all such agencies to submit their advertisements to the Commission of Regulations and Compliance with the Authority.
The process of obtaining a license for a consulting firm is the same as any other company form. The development and follow-up of the necessary documentation is an essential step that needs to be followed.
These consultants offer a range of services such as Plan Building, Logistics, Financial Consultancy, HR Services, Risk and Compliance, Manpower, etc. Every consultancy needs to conduct individual tasks based on their core services.
Legal Structures Available for a Consulting Firm
A consulting firm can be formed by selecting any of the following business entities:
- Sole Proprietorship
- Limited Liability Company
- Branch of a Foreign Company
- Free Zone Company
Requirements for Setting up a Consulting Company
- Must have a local sponsor if you intend to set up your business in Mainland
- Must obtain an authorization for office space from DED (if Mainland) or Free Zone Authority
- The owner or investor of the company must have a valid passport.
- Must receive a certificate with no objection from the government security authority
How to Obtain the License for a Consulting Business in Dubai?
The steps to start a consulting company are very easy. The initial step is to precisely identify the tasks that will be undertaken by your consulting service. Defining the operation would take you to the next step: to receive the Department of Economic Development (DED), which will manage all the licensing activities. You must also reserve a company name (pay a fee for the same) and then send all the required documents to DED for approval.
Documents Required to Obtain the License for a Consulting Firm in Dubai
- An application form from the DED
- For expatriates establishing a company, clones of the passport of the owner and the partners (if any)
- Initial authorization by the authorities (Municipality, Roads and Transport Authority (RTA), National Media Council, etc.) depends on the consulting company.
- No-Objection Certificate (No-Objection Certificate) from international partners’ sponsors, if the expatriate is already on an employment visa.
- If the investor is on a visa trip, a Unified Number (UID No.) is necessary.
- If it is an advertising consultancy, the business must seek the competent authorities to display banners, pamphlets, and other such promotional sources.
Procedure to Obtain the License for a Consulting Business in Dubai
- Fill out the application form and attach the documents referred to above to the DED after asserting the same for public notary services.
- Draft a Memorandum of Association (MOA) with its local sponsor, where the company falls under mainland authority.
- Get the municipality's consent for a lease agreement if the office is approved under a lease contract.
- Send all forms with a certificate.
- Send passport copies of the owner/partner and the NOC to the expatriate owner/partner (if any) at any DED branch.
- Pay at the counters and receive a license; a transaction voucher is given at the same time.
In short, we can claim that the consulting company’s whole set up process requires documentation and, at the same time, ethical requirements are required to be followed. If not, there could be a hindrance to the establishment process.
Instead of taking a risk and starting the process in-house, business owners and entrepreneurs prefer the smart option of outsourcing the company to set up a framework for experienced experts with substantial experience in this field.
It will take about 5-6 working days to get authorization from the DED, and it's ideal for you to start your consulting company in Dubai. Although there is heavy competition in this sector, there is a high demand for consulting services, and, more significantly, customers are willing to pay accordingly.
We at Commitbiz offer the same support to our clients. We cover everything from corporate incorporation to post-incorporation services, including Accounting, Bookkeeping, Visa Services. We give our clients a one-stop business solution that makes us one of the UAE’s best business consultants.
If you're looking to integrate your consulting business into the UAE, we're here to help you through the incorporation and licensing process. If you have any queries about establishing your company, please contact us; we would be happy to help.