Every company, regardless of the field in which it operates, should consider the possibility of promoting its activities. The marketing strategies or advertisement may help them reach a wider audience and thereby make their brand visible in the market. In numerous cases, companies seek professional help from a consultancy firm to market their product. Apart from the oil and gas sector, consulting agencies are also making a noticeable growth in Dubai. Foreign investors who are in dire need to obtain the desired attention for their business and have a more public outreach can get the help from such agencies.
Now, for starting a consulting business, one also needs to have a valid license. In order to do this, both the local and foreign enterprises must comply with certain rules and regulations so that the process can be smooth and easy.
Services Offered by Consulting Businesses in Dubai
Every business needs a consultant to help them in setting up their company in Dubai. A consultancy business may be of advertisement, marketing, media & entertainment, finance, human resource, and so on. Keeping in mind the client value, promotional budget, and a clear message, these companies execute their plans to be number one. Their services vary depending upon the type of consultancy a company provides.
For example, the Knowledge and Human Development Authority (KHDA) provides the following means of promoting advertisements:
The activities of a financial consultancy are:
- Financial statements and performance analysis
- Market research, analysis, price trends and forecasts
- Feasibility studies
- Consulting on securities, commodities and related contracts
- Investment portfolio modeling
- Financial advisory services
- Financial planning
- Investment consulting
Similarly, each consultancy has a set of activities to be performed under a particular domain. Also, the Knowledge and Human Development Authority (KHDA) has mentioned a few rules that are mandatory to be followed by these agencies under any circumstances. They are:
- They must show respect for the religious beliefs
- They must respect people’s privacy
- They must not be offensive
- They must contain the name of the agency creating them
- They must be impartial
- They must present accurate information
How to Start a Consulting Business in Dubai?
Business setup in Dubai in order to start a consulting business is an easy process; however, while researching it, one has to look out for the advertising standards published in the UAE Official Gazette. They have to comply with the standards issued by the KHDA in Dubai and require that all such agencies file their advertisements with the Regulations and Compliance Commission with the Authority. The process to get the license for a consulting agency is same as any other business type. Producing the required documents and following the process is the basic step one needs to follow.
How to Get the License for a Consulting Business in Dubai?
The steps to start a consulting business are simple. The initial step is to clearly define the activity that shall be undertaken by your consultancy service. Defining the activity will then take you to the next step which is to get an initial approval from the Department of Economic Development (DED), which handles all the activities related to licenses. Apart from this, you have to reserve a name for the business (pay a fee for the same) and then submit all the necessary documents to DED for the approval.
Documents Required to Get the License for a Consulting Business in Dubai
- An application form from the DED
- For an expat starting the business, passport copies of the owner and the partners (if there are any)
- Initial approval from the authorities (Municipality, Roads and Transport Authority (RTA), National Media Council, etc.) depending upon the type of consultancy firm
- A No-Objection Certificate (NOC) from sponsors for foreign partners, if the expat is already on an employment visa
- If the shareholder is on a visit visa, then their Unified Number (UID No.) is required
- If it is an advertisement consultancy, the company has to take permission from the relevant authorities to display banners, pamphlets and other such sources of promotion
Procedure to Get the License for a Consulting Business in Dubai
- Fill the application form and submit the above-mentioned documents to the DED after attesting the same from a public notary service
- Draft a Memorandum of Association (MOA) with the sponsor if the firm comes under mainland jurisdiction
- Get an approval from the municipality for the tenancy contract, if the office is taken under a rental agreement
- Submit all the forms with attestation
- Submit passport copies of the owner/partners and NOC for expatriate owner/partners (if any), at any branch of the DED
- Make payment at the counter and get the license; a payment voucher shall be issued at the same time
It will take around 5-6 working days to get approval from the DED, and you are good to start your consultancy business in Dubai. Even though there is strong competition in this field, the demand for consultancy services is high and, more importantly, customers are willing to pay in accordance. Do contact us if you are looking to set up a consultancy firm in Dubai; we’d be happy to help.