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How to Start a Consultancy Business in the UAE and is it an Excellent Investment?
The UAE has the second largest consultancy market in the Gulf region. In 2021, this market grew by 17%, reaching $736 million. This shows that the consultancy business in the UAE will only get better in the future, as 59% of organizations surveyed in 2022 across the gulf region said they are likely to increase their expenditure on consultancy services than in the previous years. Here, we unveil every detail an investor needs to know about how to start a consultancy business in the UAE and why it can be an excellent investment decision.
What is a Consultancy Business?
Consultancy business is a company that majors primarily in providing consultation services to organizations and private individuals in various fields. Companies often seek professional guidance from consultancy firms for technological, commercial, legal, and economic matters. The primary goal of consultancy businesses is to scrutinize and solve challenges faced by companies that hinder their growth.
How to Start a Consultancy Business in the UAE?
It is an easy process, whether starting a consultancy business in the UAE’s Free Zones or the Mainland. Choose UAE can help you complete the due process and get you ready to enjoy the benefits of this fast-growing industry.
1. Choose your business activity: Choose the activity and field your consultancy company will address before applying for your trading license.
2. Choose your company name: Choose the name of your consultancy business according to the UAE’s naming conventions. The name must be available to register and should not have abbreviations or potentially offensive words.
3. Apply for your professional license: You can apply for a license in the UAE with the help of our Company Formation Specialists, who will give you solid and valuable advice on setting up your consultancy business. They will be able to facilitate the process depending on the jurisdiction of your choice. You need to provide several documents during the license application process, including:
- Passport copy of owner,
- Copy of shareholders’ passports (if any),
- No Objection Certificate (NOC) from sponsor (if applicable).
Choose UAE can help you with your business setup in Dubai Mainland or UAE Free Zones; we provide impartial business setup advisory centered on your needs as an entrepreneur. Contact us if you have more question about how to start a consultancy business in the UAE.
Benefits of Starting a Consultancy Company in the UAE.
A consultancy company in the UAE presents numerous opportunities for emerging and startup businesses. Starting a consultancy service firm can be profitable thanks to the many well-established companies that often need professional help with various business aspects. Here are several benefits you will accrue from starting a business in the UAE.
Numerous Growth Opportunities: The number of developing companies in the UAE is high. As a result, there is an increasing demand for consultancy businesses. More companies outsource their planning and strategies, going for consultants who provide crucial and insightful advice on various aspects. This creates high growth opportunities for consultancy companies in Dubai.
Financial Growth: The massive demand for consultancy services in the UAE implies that setting up this type of business can be highly profitable. The emirate is recognized for the luxurious lifestyle it supports. Creating your consultancy business is a great starting point for your financial journey.
Diversity: The UAE is a multi-industry economy featuring various sectors like engineering, healthcare, tourism, and entertainment. Therefore, you can set up a wide range of business consultancy services based on your area of expertise. Thanks to the UAE’s streamlined process of starting businesses for locals and foreign investors alike, you will likely work with international clients.
Types of Consultancy Services You Can Offer in the UAE
Consultancy businesses are masters in what they do and have vast exposure to such challenges. As a result, the client company hires them to help address the issues they fall short on. Here are some of the activities that are prominent in the UAE:
- Information technology
- Tax consultancy
- Business consultancy
- Petrochemical consultancy
- Strategic management and building
- Human resources
- Project management
Setting up a consultancy business in the UAE can be highly profitable and presents numerous growth opportunities. Get started by following the proper process to enjoy the unlimited benefits associated with your investment.
License Costs: How to Start a Consultancy Business in the UAE
Trade license costs differ with each jurisdiction. If you opt for a Free Zone license– the Sharjah Free Zone license cost is at AED 6500 while the Dubai Free Zone license cost is at AED 12500, and a Mainland license starts from AED 14500.
How Can Choose UAE Help
We help provide professionals with a competitive edge in their business setup in Dubai and the UAE. Get efficient, end-to-end company incorporation of your consultancy business with our dedicated team of professionals who will assist you in obtaining your professional license in either Dubai Mainland or Free Zone.
We can also assist you in finding the right Local Service Agent (LSA) for your business, should you opt for a Mainland business setup. Enjoy a fast and hassle-free company formation with Choose UAE. Schedule a free consultation today.