Post pandemic, many have shifted towards mindful living, which has resulted in increased opportunities for ‘lifestyle consultants’. These consultants help their clients manage different aspects of their lives such as relationships, fitness, style, nutrition, and so on. They completely focus on their clients’ lifestyles, and help them make the necessary changes to move towards one that that is positive and aligns with their overall goals. This is a relatively new industry that has become a lucrative opportunity for those who wish to start a business in UAE.
The UAE is unique in its structure of individuals, with approximately 90% of those within the country being foreign nationals. This unique landscape of people has created a diverse portfolio of different lifestyle and individuals, which makes for a diverse market that can only get better. In this article, we explore how you can start your own lifestyle consultancy business and capitalize on the opportunity to start the business of your dreams.
1. Select your company name
Since you’ve already chosen the exact line of business activities your firm will be engaging in, the first thing you will need to do is select a name for your business. This is quite important since the name of the business is quite literally representative of its identity as a brand. Do note that the name you select must be in accordance with the rules set by the UAE authorities and should not be offensive, contain aspects related to the emirates, the government, and religion.
2. Select your location
The next step in this process is to select an appropriate location to begin your operations. There are two main locations you can operate from, which is the free zone as well as mainland. Each have their own perks and advantages. Mainland locations offer direct access to the market, whereas free zone locations provide ease of access in terms of business set-up, lower financial costs, easy applications, diverse licensing perks and much more. Selecting the appropriate location will seal the deal in terms of really turning your business dream into a reality.
3. Select your business’ legal structure
The legal structure your business will undertake is based on the location you choose to conduct business in. Mainland businesses have access to an LLC legal structure that allows for partnerships, or sole proprietorship in some cases for foreign nationals. Free zones however give entrepreneurs 100% ownership regardless of nationality and business activity. They can register their company as a Free Zone Establishment (FZE) or a Free Zone Company (FZC), the primary difference being the fact that FZEs require only one shareholder, whereas FZCs require two or more to be present.
4. Apply for your trade license
One of the most important steps to starting a lifestyle consultancy business is acquiring the required license. A trade license enables its holder to legally engage in business activities in the UAE. This is a document that is mandatory for every entrepreneur. For a lifestyle consultancy business, you will have to apply for a consultancy license where you can specify the scope of your activities, that is, lifestyle coaching.
If you choose to apply for the license normally, you will need to submit your documents to the relevant government authority of the emirate you will conduct business in. If you apply for a free zone license from free zones like SPC Free Zone, you will need to submit your documents to the relevant free zone authority.
5. Documentation and paperwork
This is a crucial step that needs to be done to ensure that the business is set up smoothly and that the entrepreneur and the firm are compliant with the laws and regulations set by the UAE. Once this step is complete, you are legally allowed in all aspects to commence operations.
Starting a lifestyle consultancy business doesn’t have to be daunting. Our experts at SPC Free Zone can help you set up the business of your dreams with no hassle! Contact us at 800 SPCFZ to bring your entrepreneurial dreams to life in just a day.