In the process of company formation, a specific license needs to be obtained, referred to as a consulting license. In this article, you will get a complete idea of how to obtain the same.
Consulting License in Dubai
The concept of consulting business has eased the business process to a great extent. In the complete scenario, a third-party firm takes the responsibility of providing services like guiding the correct business solutions based on industries, hiring and supplying the workforce based on a specific skill set to a business organization. Dubai has been a business podium that encourages millions of businesspersons to come and implement their business ideas, which promotes the growth of business corporations, and hiring the complete staff becomes a troublesome process. To ease the same, consultancy business comes into the picture, which again paves out a way for entrepreneurs and business investors to set up a consultancy business. In the process of company formation, a specific license needs to be obtained, referred to as a consulting license. In this article, you will get a complete idea of how to obtain the same.
Consulting Business in the UAE
The consulting business is a hot cake in the UAE, and the entire sector is diversified into different segments targeting a different audience. These consultants provide multiple services like Strategy Building, Operations, Financial Advisory, HR Services, Risk and Compliance, Manpower etc. Each consultancy needs to perform specific tasks based on their core services. However, few rule are listed below and are required to be followed by the agencies.
- Respect the religious beliefs
- Respect people’s privacy
- They must not be offensive
- They are expected to be impartial
- Must present accurate information
Legal Structures Available for a Consulting Firm
A consultancy business can be established by considering any of the following business entities:
- Sole Proprietorship
- Limited Liability Company
- Branch of a Foreign Company
- Free Zone Company
Documents Required to Set Up a Consulting License in Dubai
- A completely filled application form issued by the DED
- Copies of passport and visa of the shareholders
- Copies of specific approvals from the respective government authorities depending upon the type of consultancy firm
- No objection certificate from the sponsors
- In case if the shareholder holds a visit visa, Unified Number is to be obtained
How to Set up a Consulting Firm in Dubai?
For initiating the company incorporation process for a consultancy firm, the following processes are to be followed accordingly:
1.Choose the Consultancy Type
This stands as the first task where you need to be clear regarding the consultancy type that you want to start with. As mentioned earlier, the consultancy firms have a wide portfolio involving themselves in different services, so you need to be clear in your domain and then move forward.
2.Determine the Company Structure
One of the initial tasks that you should be clear about is to select the company structure out of the earlier mentioned structures. Select the one that suits your company needs.
3.Select a Location
In the next step, you need to choose a strategic location that has a demand for your business. As we know that consultancies vary based on the services they provide, it becomes to analyze and then select the preferred location as per the service demand.
4.Register the Trade Name
Next move is to get your trade name registered with the Department of Economic Development and to get your name registered in the books of Company Registrar.
5.Obtain the Necessary Approvals
As per the services your company would be providing, certain approvals are to obtain from the respective government authorities.
6.Open a Corporate Bank Account
In the next step, you need to file and open a corporate bank account that will help you to manage your business finance in an efficient way. Moreover, that won’t lead to any confusion between personal and professional finance.
Getting your office premise legally registered is another essential task that gets included in the task pipeline. This will officially give recognition to your business premise and will help you in the employee hiring process.
8.Get Staff Visa
The last step is to avail the visa services for your employees. Being an employer it stands as your responsibility of hiring your employees by initiating the visa services from professional experts to carry out the process in a secure way.
In a nutshell, we can say that the entire set up process of a consultancy firm involves documentation and at the same time the legal standards are expected to be met. If not, there can be a hindrance in the establishment process. Instead of taking the risk and initiating the process in-house, business investors and entrepreneurs choose the smart option of outsourcing the company set up a process to professional experts who has good experience in this field. We at Setup Dubai Company are destined to provide the same to our clients. Ranging from company incorporation to post incorporation services like Accounting, Bookkeeping, Visa Services, we cover all. We offer a one-stop business solution to our clients that makes us one of the top business consultants in the UAE. If you are planning to incorporate your consultancy business in the UAE, we are here to guide you in the incorporation and license obtaining process. Do contact us for any query on setting up your business -we’d be glad to assist.