Globally the trend of establishing a business in the events industry has been escalating. With corporate events and trade shows in the limelight, entrepreneurs are increasingly interested in event planning services.
Globally, the UAE is at the forefront of becoming the events capital of the world. The country’s zest is magnified with emirates like Dubai and Sharjah hosting events annually.
Establishing an events business specialising in international trade fairs, business-to-sports events, corporate-associated functions, training sessions or conferences is a viable option.
If you are an entrepreneur looking forward to establishing an events industry business, read on. In this article, we will talk about the following;
- Benefits of starting an events business
- Steps associated with starting an event management business
- Cost of the business
- Why choose SPC Free Zone?
Benefits of start an events business in the UAE?
Establishing a business in the event industry offers many lucrative benefits. The UAE’s streamlined business regulations and laws make the startup a viable and straightforward option.
The UAE is a haven for investors and entrepreneurs as business setup in Sharjah and Dubai are easy and affordable. The country does not confine business owners to paying personal or corporate income tax.
Moreover, the location is extremely attractive for tourists and travellers alike. As a result, the country offers one of a kind opportunity for event management business owners.
The notion of office setup is among the vast array of benefits associated with establishing an event management business. Whether a company will need an office setup depends on the location of the business.
In the case of a free zone company setup, office space is often not required. However, a business person can establish an office if they prefer. Businesses on the mainland, however, require office space.
Steps to starting an events business
To start an events business in the UAE, all companies need to adhere to specific setup, structure, company naming and business activity regulations.
Step 1: Determine business speciality
In order to obtain an event management business licence in the UAE, an entrepreneur has to outline the company’s business activities. An event management licence allows a company to carry out several activities. This step is pivotal since failure to list all business activities may lead to heavy penalties.
Step 2: Choose an appropriate business structure and jurisdiction
The UAE has created innovative business zones, each with its regulations to support specific niches of industries. Two main types of business zones include Mainland Companies and Free Zone companies.
A Mainland Company structure would confine an event management company’s trade to the UAE. In this regard, it is essential to remember that before June 1 2021, a foreign national had to partner with an Emirati to set up a mainland company. Today, a mainland company can be owned 100% by foreign nationals.
A free zone company is owned 100% by entrepreneurs or investors. A free zone company can be registered in the free zone area of a respective emirate. It offers profitable avenues to foreign investors and entrepreneurs like startup incubation services, support systems, and more. Setting up an event management company within a free zone is one of the most cost-effective and straightforward manners.
Step 3 – Choosing a name for the company
An event management company must choose and register a company’s name with the UAE’s Registry Office. The business name must adhere to UAE’s naming policies, including a business name that cannot include profane, offensive language or reference to any religion.
Step 4 – Licence application for business
The final step in obtaining an event management licence is to apply. Some documents will need to be submitted. These include;
- Copies of passports of all partners and shareholders of the business
- Two colour passport-sized photographs of the partners and shareholders of the business
- A filled application form
Step 5 – Application for visa and corporate bank account
Once the application for a business licence has been submitted, the next step is applying for a visa and opening a corporate bank account. With the help of a visa, a business owner can sponsor dependents for their visa applications. Dependents include family and domestic staff.
An event management licence also allows for an employee’s visa application. The number of visas that can be obtained for this specific purpose varies according to the business setup package chosen by the owner.
Costs To start an event business company in the UAE
Calculating the exact cost of operating an event management company in the UAE is a complex procedure. The prices of an event management licence in the UAE vary depending on business location, business activities and company structure.
In emirates like Dubai and Sharjah, operating an events company in a free zone and mainland location is affordable, but the precise costs tend to differ. The expenses of free zone business licences vary depending on business activities and the required number of visas. The costs for a mainland business licence are determined by the legal category of the licence application.
At SPC Free Zone it costs AED 5,750 to get a event management business licence with no visas.
Why choose SPC Free Zone?
SPC Free Zone offers an expert opinion on company formation within Sharjah. Our fast and flexible business setup guidelines in the UAE conveniently facilitate entrepreneurs in the heart of the emirate. Entrepreneurs benefit from unrivalled connectivity just 15 minutes from Dubai International Airport and seven minutes from Sharjah International Airport.
SPC Free Zone offers services like on-site immigration, which means you can get company documents issued within a day and the licence issued in 45 minutes. Moreover, you can choose from more than 1500 business activities and maximise your profits with 0% corporate and personal income tax, zero paid-up share capital, and a host of affordable setup packages.
With SPC Free Zone, each licence can include up to 100 visas. Entrepreneurs can also enjoy dual-licence options that offer both mainland and free zones on the same licence.
Ready to start an events business in Sharjah? SPC Free Zone is ready to help you make it happen.