For investors who are looking to set up a business, the UAE has become their favorite location. There is a high demand for various types of consultancies in Dubai because a lot of people move to UAE to start their businesses. Since it is a major financial and trade hub of the Middle East, a financial consultancy company is a noticeably booming business in the country. Due to the high increase in the businesses being established in the emirate, there is a high demand for aid in financial advisory. This blog provides a detailed guide on starting a financial consultancy company in Dubai free zone
Steps to Start a Financial Consultancy Company in Dubai Free Zone
Developing a strategy that meets the needs of financial goals can be assisted with the help of a competent financial consultancy firm. They also help in generating great returns while the risk is minimal. Moreover, a financial consultancy firm would be available even after the completion of the project for further consultations. There is a constant demand for financial consultancy services as the commercial sector in Dubai is always expanding and financial advisory helps businesses to ease the process.
It is relatively easy to process to start a financial consultancy company in Dubai free zone. The following are the steps needed to start a financial consultancy company in Dubai free zone:
Selecting the Preferred Free Zone
Selecting the most suitable jurisdiction to fit the business needs of an individual is the first major step in starting a financial consultancy company in Dubai. Depending on which available activities are the most suitable for their business, the business person can pick one from the numerous free zone options available. Since a lot of free zones are scattered all around the country, each of them caters to different types of businesses.
Register a Trading Name
Businesses need to keep a few guidelines in their mind when they are trying to register a trading name for their business. When selecting the trade name for their company, those guidelines must be followed which are set by the concerned authorities. Since it includes some mandates, the business person is forbidden from keeping names containing racial or religious slurs. The name must be available to register and must be unique within the country.
Obtain an Office Space
Obtaining an office space is one of the crucial tasks in setting up a company in Dubai. Since tenancy contracts and Ejari are mandatory, an entrepreneur needs to obtain office space for their financial consultancy company in Dubai. To fulfill the requirement of business setup in UAE, the business person can either lease or rent an office space. The factors that depend on the type of office premises are the kind of business activity that the company is planning to undertake. It is also dependent on the number of employees the company wants to keep on its payroll.
Submit Application Form and Required Documents
The business person must fill out an application form after collecting it from the respective free zone authority. During this process, the location of the company should also be finalized by the business person.
A few documents should also be submitted to the free zone officials. The document such as the completed application form, business plan, a copy of the business license or registration certificate, passport copies of the company’s shareholders, letter of intent, etc must be submitted to the concerned authority for initial approval. They should also submit the Memorandum of Association, the tenancy contract, and Ejari.
Depending on the business activities chosen by the business person, the documents that they need to provide would vary. All those documents specified by the authorities are necessary to perform a financial consultancy company in Dubai. In case of any disputes in the future, the documents that an entrepreneur provides will identify them as the owner of the company and they can seek legal assistance easily.
Complete the Visa Application Process
The business owner can complete the visa application process and go ahead once their business is registered in the UAE. Depending on the size of their office space, the entrepreneur can also sponsor visas for their employees, spouse, and children.
Open a Corporate Bank Account
To ease the process of running a business, having a corporate bank account is adequate. The business owners would be able to calculate tax liabilities smoothly and keep track of their company’s finances such as expenses. Most importantly, it would help them to regulate cash flow more successfully. Moreover, having a corporate account can be a one-stop solution for the business person for all their financial needs and not have to complicate their business finances.
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Business Activities Permitted Under Financial Consultancy License in Dubai
A series of business activities can be provided by the entrepreneur for their clients under the financial consultancy license. Activities such as financial statements and performance analysis can be carried out by the company. They can arrange feasibility studies and can go for price trends, analysis, market research, and also future forecasts.
A financial consultancy license in Dubai allows financial planning, advisory, financial statement, contract assessment, evaluation, and investment consulting services. Providing investment consultant services to clients is allowed for the company under the license. To companies and personal investors with high net worth, the financial consultancy provides ample support in diversifying their assets and in financial planning. For companies to grow their finances effectively, the financial consultancy license offers advisory services and solutions.
One of the most opted choices for entrepreneurs all around the globe is setting up a company in Dubai’s free zone due to its exceptional tax benefits. The business setup consultants in the UAE help with the company formation in Dubai by helping investors from all around the world to run their businesses successfully. They help with business setup any of the investor’s desired locations and make their procedure in the country easy and quick.
