Every organization, regardless of its industry, should think about how to promote its operations. Marketing strategies or advertisements can assist them in reaching a larger audience and, as a result, increasing the visibility of their brand in the market. In several cases, businesses seek specialized marketing assistance from a consulting company. Apart from the oil and gas industry, consultancy firms have seen significant growth in Dubai. Such agencies will assist foreign investors who are desperate to get the exposure their company deserves and expand their public reach.
Now, to start a consulting company, you must have a valid license. To do so, all domestic and international businesses must follow certain laws and regulations for the process to run smoothly and efficiently.
SERVICES OFFERED BY CONSULTING BUSINESSES
Every company needs a consultant to assist them in establishing their business in Dubai. Advertising, marketing, media & entertainment, banking, human resources, and so on are all examples of consulting businesses. These businesses carry out their plans to be number one while keeping in mind the importance of their clients, advertising budgets, and a consistent message. Their services differ depending on the form of consulting a firm offers.
A financial consultancy's services include:
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 collection of tasks that must be carried out within a specific domain. Besides, the Knowledge and Human Development Authority (KHDA) has outlined a set of guidelines that must be enforced by these organizations at all times. They are:
They must respect the religious values of others.
They have to be considerate of people's privacy.
They must not be provocative in any way.
They must have the name of the organization that produced them.
They must be impartial
They must have reliable data.
How to start a consulting business?
Starting a consulting company in Dubai is a simple process; however, while researching it, keep an eye out for the advertisement standards published in the UAE Official Gazette. They must adhere to the requirements set forth by the KHDA in Dubai, which mandates that all such agencies file their advertisements with the Authority's Regulations and Compliance Commission. The procedure for obtaining a consulting agency license is the same as for any other form of company. The first step is to create the required documentation and follow the procedure.
HOW TO GET THE LICENSE FOR A CONSULTING BUSINESS?
The steps to starting a consulting firm are straightforward. The first step is to identify the task that your consulting service will perform. After you've defined the operation, you'll need to get initial approval from the Department of Economic Development (DED), which oversees all license-related operations. Apart from that, you must reserve a business name and then send all relevant documents to DED for approval.
DOCUMENTS REQUIRED
An application form from the DED
Passport copies of the owner and partners are needed for an ex-pat starting a company (if there are any)
Depending on the type of consultancy company, initial approval from the authorities (municipality, Roads and Transport Authority (RTA), National Media Council, etc.) is needed.
If the ex-pat is already on a work visa, a sponsor's No-Objection Certificate (NOC) for foreign partners is required.
If the shareholder is on a visit visa, they must have their Unified Identification Number (UID No.).
If it is an advertising agency, the organization must obtain approval from the appropriate authorities to display posters, pamphlets, and other promotional materials.
PROCEDURE
Fill out the application form and apply it to the DED with the above-mentioned documents attested by a public notary service.
If the company is based on the mainland, prepare a Memorandum of Association (MOA) with the sponsor.
If the office is taken under a leasing arrangement, obtain local approval for the lease contract.
All forms must be submitted with attestation.
Submit the owner/partners' passport copies, as well as the NOC for expatriate owner/partners (if any), to any DED branch.
Make a payment and pick up your license at the counter; a payment voucher will be given at the same time.
After receiving approval from the DED, you will be able to start your consultancy company in Dubai in about 5-6 working days. Even though there is a lot of competition in this sector, there is a lot of demand for consulting services, and customers are willing to pay for them.
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