The United Arab Emirates (UAE) has established itself as a preferred destination for entrepreneurs looking to establish their businesses. Within the UAE, one sector that has experienced remarkable growth is financial consultancy.
Dubai, in particular, has evolved into a prominent trading hub in the Middle East, attracting numerous multinational corporations to establish their headquarters and operations in the city. By obtaining a financial consulting license in a free zone in Dubai, businesses can offer a wide array of services to organizations of all sizes, ranging from small businesses to multinational corporations. These services encompass budgeting, debt management, fund-raising, and financial advisory services. As a result, the demand for financial consultancy companies in Dubai’s free zones is significantly high.
A financial consultancy company in Dubai free zone will do exceptionally well for a couple of reasons. First and foremost, there is a high demand for financial consultancy services because of the numerous startups and companies that are always looking to raise more funds for expanding their businesses in the UAE.
If you’re considering launching your own business, this guide will provide you with comprehensive information on establishing a financial consultancy company in a Dubai free zone.
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Benefits of Starting a Financial Consultancy in Dubai Free Zone
Here are the benefits of starting a financial consultancy company in Dubai free zone:
- Strong Market
- Tax Benefits
- Modern Infrastructure
- Full Profit Repatriation
- Full Foreign Ownership of Business
- No currency Restrictions
- Convenient Registration
- Time- Efficient Process
- Range of Business Activities
- Global Connectivity
- Strategic Location
Procedure to Start a Financial Consultancy Company in Dubai Free Zone
Starting a financial consultancy business in Dubai’s free zone is a relatively straightforward process. Here is a step-by-step guide:
1. Choose the Appropriate Free Zone:
Research and select the free zone that best suits your business needs and activities. Each free zone may have specific regulations and benefits, so consider factors like location, infrastructure, industry focus, and available facilities.
2. Submit Application Forms and Required Documents:
Complete the necessary application forms provided by the chosen free zone authority. Prepare the required documents, such as passport copies, proof of address, business plan, and shareholder/director details. The specific documents may vary depending on the free zone’s requirements.
3. Start the Visa Application Process:
Once your company setup application is approved, you can initiate the visa application process. This involves applying for visas for yourself and any dependents or employees you plan to sponsor. Provide the necessary documentation, such as passport copies, photographs, and medical fitness certificates.
4. Open a Bank Account:
Open a corporate bank account with a reputable bank in the UAE. The free zone authority will provide guidance on the banks available within the free zone and the required documentation for account opening.
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5. Obtain Necessary Licenses:
Apply for the required licenses and permits for your financial consultancy business. This may include a financial consultancy license and a trade license. The free zone authority will guide you through the license application process and provide you with the necessary information.
6. Comply with Regulatory Requirements:
Ensure compliance with any additional regulatory requirements specific to the financial consultancy industry. This may involve registering with relevant regulatory bodies or authorities and adhering to applicable regulations, such as anti-money laundering (AML) and know-your-customer (KYC) procedures.
7. Commence Operations:
Once all the necessary licenses and permits are obtained, you are ready to commence your financial consultancy business operations in the Dubai free zone. Advertise your services, network with potential clients, and ensure your compliance with all local regulations.
Documents Required to Start a Financial Consultancy Company in Dubai Free Zone
Some documents are required by the Department of Economic Development in Dubai when starting a financial company in Dubai free zone. However, you do not need to worry about this because these documents are very easy to procure.
Additionally, these documents will identify you as the owner of the company and you can easily seek legal assistance in case of any disputes in the future.
Here are the documents required for starting a financial company in Dubai free zone:
- Copies of the passports of all the shareholders.
- Copies of the visa pages of all the shareholders.
- Two passport-sized colored photographs of all the shareholders.
- The Memorandum of Association (MOA).
- The tenancy contract and EJARI
- A solid business plan.
Activities Permitted under the Financial Consultancy License
The following activities are permitted under this professional license:
- Economic and financial analysis and feasibility studies
- Forecasting and predicting current & future values of commodity prices
- Financial Planning, advisory, and investment consulting services
- Financial Statement and Contract assessment and evaluation
- Company performance analysis and reporting
- Price, volume analysis & decision making on financial investments, and more
How can I start a financial services business in Dubai?
Starting a financial services business in Dubai involves several straightforward steps:
- Legal Structure: Decide on the type of legal structure for your business, whether it’s a Free Zone company, Limited Liability Company (LLC), or a Branch of a Foreign Company.
- Trade Name Registration: Choose a unique business name and register it in compliance with the local naming rules.
- Initial Approval: Seek initial approval from the relevant authority, confirming that your business activities are permitted.
- Legal Documents: Prepare the necessary legal documents, such as a Memorandum of Association (for an LLC) or a Local Service Agent Agreement (for a Free Zone company).
- Government Approvals: If required, obtain any additional government approvals related to your specific financial services.
- Business License: Apply for the official business license, which allows you to operate legally in Dubai.
What is the cost of starting a financial services business in Dubai
Starting a financial services business in Dubai will typically involve a UAE financial services license, with costs commencing at AED 12,500. The total expenses are influenced by factors such as the number of required visas and office spaces.
How can Company Setup Consultants help you?
Setting up a financial consultancy company and obtaining a financial consultancy trade license in Dubai may appear intricate if you’re unfamiliar with the UAE’s business setup regulations and visa application procedures.
Company Setup Consultants is here to simplify the process and ensure a smooth business setup experience in the UAE.
When you choose Company Setup Consultants as your partner, we eliminate the risk of unnecessary delays or rejections, providing efficient solutions to streamline your business setup.
Our team of specialists will initiate the process promptly upon receiving basic details about your company and business activities. From there, you can relax while our expert team advises you and handles all the necessary tasks on your behalf.
To Speak with our Experienced Business Consultants for further information and assistance, call us at +971582595164. Send a WhatsApp Message for Chat Query on +971 582595164 or email us at info@companysetup.ae.
