Starting a finance management business in the UAE offers an enticing prospect amidst the region’s flourishing financial sector. With projections indicating that the UAE’s Assets Under Management (AUM) could soar to USD 270 billion in 2024, accompanied by an anticipated annual increase of 10%, the demand for robust financial services is clearly on the ascent. 

Moreover, the UAE leads the charge in Fintech adoption across the Middle East, signifying a significant shift towards digitalization in the financial landscape. As the country embraces innovative technologies, there arises an ever-growing need for financial management solutions that seamlessly integrate with digital platforms. For entrepreneurs eyeing the establishment of a finance management business in the UAE, navigating this evolving landscape is paramount. It requires adeptly leveraging technological advancements while catering to the diverse needs of an expanding clientele. 

If you are an expert in money management, cost accounting and financial risk management, and want to set up a Finance Management business in the UAE, these are a few business activities you can choose:

6619.14 Financial Consultancy

This involves providing expert advice and guidance on financial matters. It includes activities auxiliary to financial services, such as investment advisory services, mortgage advising, and brokerage services. Consultants in this field assist clients in managing their finances, making investment decisions, and navigating complex financial transactions. Additionally, this class encompasses trustee, fiduciary, and custody services offered on a fee or contract basis.

This class excludes activities of insurance agents and brokers and the management of funds.

• Third-party Approval: Business activity 6619.14 requires third party approval from Central Bank of the UAE (CB) pre-issuance of the license. 
• Filing of Economic Substance Return: This business activity must meet ESR requirements.
• Anti-Money Laundering Compliance: This business activity is exempt from this requirement.

6619.20 Financial Advisory And Financial Analysis

This involves providing advisory services to clients on financial matters, including investment strategies, risk management, and financial planning. It also includes conducting financial analysis to assess the performance of investments, evaluate risks, and provide recommendations for optimal financial outcomes.

Excluded activities include those of insurance agents and brokers and fund management.

• Third-party Approval: Business activity 6619.20 requires third party approval from Securities and Commodities Authority (SCA) post-issuance of the license. 
• Filing of Economic Substance Return: This business activity needs to meet ESR requirements.
• Anti-Money Laundering Compliance: This business activity is exempt from this requirement.

6619.21 Financial Consultation & Financial Analysis

This combines the elements of financial consultancy and financial analysis. It encompasses providing expert advice and guidance on financial matters, along with conducting in-depth analysis to assess financial performance, risks, and opportunities.

This category excludes insurance activities and fund management.

• Third-party Approval: Business activity 6619.21 requires third party approval from Securities and Commodities Authority (SCA), post-issuance of the license. 
• Filing of Economic Substance Return: This business activity needs to meet ESR requirements.
• Anti-Money Laundering Compliance: This business activity is exempt from this requirement.

6619.22 Banking Consultant

This involves providing consultancy services specifically related to banking and financial institutions. Consultants in this field offer advice and expertise on various banking operations, regulations, risk management, and financial strategies tailored to the banking industry.

Activities excluded from this class are those of insurance agents and brokers and fund management.

• Third-party Approval: This business activity does not need third party approvals.
• Filing of Economic Substance Return: This business activity needs to meet ESR requirements.
• Anti-Money Laundering Compliance: This business activity is exempt from this requirement.

7020.03 – Design of accounting methods or procedures, cost accounting programmes, budgetary control procedures

This activity involves providing businesses and organisations with specialised advice and assistance in designing and implementing effective accounting methods and procedures. It includes creating cost accounting programs that help in tracking and managing costs, and establishing budgetary control procedures to monitor and control financial performance. These services are crucial for ensuring accurate financial reporting, efficient cost management, and effective budgeting processes. 

However, this class excludes the design of computer software for accounting systems. It also does not cover legal advice and representation, accounting, bookkeeping, and auditing activities, tax consulting, and other technical advisory activities.

• Third-party Approval: Business activity 7020.03 does not require third party approval.
• Filing of Economic Substance Return: This business activity is exempt from this requirement.
• Anti-Money Laundering Compliance: This business activity is exempt from this requirement.

7020.04 – Advice and help to businesses and public services in planning, organisation, efficiency and control, management information etc.

This activity focuses on providing comprehensive advice and operational assistance to businesses and public services. It covers a wide range of management issues, including strategic and organisational planning, financial decision-making, marketing strategies, human resource policies, and production scheduling. The goal is to enhance planning, organisation, efficiency, and control within the organisation. This also includes providing advice on public relations, communication, lobbying activities, and management information systems.

However, this class excludes the design of computer software for accounting systems. It also does not include legal advice and representation, accounting, bookkeeping, and auditing activities, tax consulting, architectural and engineering advisory activities, advertising, market research and public opinion polling, executive placement or search consulting services, and educational consulting activities.

• Third-party Approval: Business activity 7020.04 does not require third party approval.
• Filing of Economic Substance Return: This business activity is exempt from this requirement.
• Anti-Money Laundering Compliance: This business activity is exempt from this requirement.

Did you find what you were looking for? Explore the other guides in our Activity Hub for exploring unique business ideas in Dubai and navigate the essentials of business setup with ease.

You can also calculate your business setup costs easily using our handy cost calculator and choose from our customized company setup packages to find your perfect fit.

Get your business license in the UAE today and explore a world of opportunities waiting for you.