The UAE, with its robust economy and growing business landscape, has seen a corresponding increase in the demand for financial recovery services. This industry plays a crucial role in helping businesses and individuals recover debts and financial losses.
A primary focus of financial recovery services is to recover outstanding debts owed to businesses and individuals. This involves various strategies, such as negotiation, litigation, and debt collection agencies. For businesses facing financial difficulties, financial recovery services can assist in restructuring debts, negotiating with creditors, and developing repayment plans.
In cases of bankruptcy or insolvency, financial recovery professionals help to identify, protect, and recover assets. Financial recovery firms may also specialize in fraud investigation, uncovering financial irregularities and recovering losses.
The increasing number of businesses and individuals operating in the UAE creates a steady demand for financial recovery services. Economic downturns can lead to increased debt and financial distress, driving demand for recovery services.
For entrepreneurs who want to enter this thriving industry, here are the business activities you can choose under your business license.
8291.00 – Collection Agencies And Credit Bureaus
Collection agencies and credit bureaus play crucial roles in the financial landscape, managing debt recovery and credit reporting. They work together to ensure the efficient functioning of credit markets. They employ various strategies to collect overdue payments, including negotiation, litigation, and debt collection agencies. Key activities include debt purchase, debt validation, communicating with debtors, legal action, and compliance.
8291.01 – Collection of payments for claims and remittance of payments collected to the clients, such as bill or debt collection services
This business involves the collection of payments on behalf of clients, typically for claims or debts, and the subsequent remittance of those payments to the respective clients. It’s a crucial service that helps businesses and individuals recover outstanding debts. Key activities include claim verification, debt collection, payment processing, remittance, reporting, and compliance.
8291.02 – Payment Services Provider
A payment services provider (PSP) is a company that offers a range of payment processing services to businesses and individuals. They act as intermediaries between merchants and payment networks, enabling transactions to be made securely and efficiently. Key activities include payment gateways, merchant acquiring, payment processing, risk management, customer support, reporting and analytics, and compliance.
8291.03 – Legal Consultants, Business Consultancy and Debts Collection Services
This business model combines three distinct services: legal consultancy, business consultancy, and debt collection. By offering these complementary services, it can provide comprehensive solutions to a wide range of clients. This can include legal consultants, business consultants, and debts collection services.
8291.94 – Debt Collecting
Debt collection is the process of recovering overdue payments from individuals or businesses. It’s a vital service that helps businesses maintain their financial health and improve cash flow. Key activities include debt purchase, debt validation, communication with debtors, negotiation, litigation, compliance, and reporting.
8291.95 – Tax Reclaim Services
Tax reclaim services specialize in helping individuals and businesses recover overpaid or underutilized taxes. They work to identify potential tax refunds or credits and assist clients in filing the necessary claims. Key activities include tax assessment, claim preparation, negotiation, representation, and compliance.
8291.97 – Medical Billing Services
Medical billing services play a crucial role in the healthcare industry by ensuring that healthcare providers receive accurate and timely payments for the services they render. These services involve a complex process of coding, billing, and claims submission. Key activities include patient insurance verification, medical coding, claim preparation, claim follow-up, and payment posting.
Third-party Approval: These business activities do not require third-party approval.
Filing of Economic Substance Returns: This requirement does not apply to the business activities mentioned in this article.
Anti-Money Laundering Compliance: This requirement does not apply to the business activities mentioned in this article.
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.
