Located at the southwest end of the Persian Gulf, the United Arab Emirates (UAE) has garnered attention globally for its lucrative business environment. Foreign investors, business people, and entrepreneurs are increasingly interested in establishing businesses in the UAE.
The UAE has established three significant jurisdictions across its various emirates. These include Mainland, Free Zone and Offshore. Each area has its specific set of differences in terms of ownership, the scope of business, visa eligibility, and office space, to name a few.
A UAE Mainland Company is registered under a governmental authority of a specific emirate. A Free zone company, on the contrary, is formed in a special jurisdiction in a particular emirate.
Free zone business setup packages in the UAE hold high-end potential for investors and business persons.
As a result of which, most businesses prefers SPC Free Zone an ideal choice for consultancy businesses.
With SPC Free Zone, businesses can obtain a dual mainland and free zone licence. Other potential benefits include trade licences and custom-tailored business packages.
As a businessperson, if you are looking forward to setting up a business in Sharjah, then read on. In this blog, we will explore.
- UAE Business Potential
- Consultancy Business in the UAE
- Steps to operate a consulting business in the UAE
- Why choose SPC Free Zone?
UAE Business Potential
The UAE takes pride in being the economic epicentre of the Middle East. With a population mosaic of different nationalities, the UAE is home to individuals from different walks of life.
55% of the total gross domestic product generated within the UAE comes from its industrial sector. The UAE has emerged as a global trade centre with an extensive trade surplus in the past few years.
The economy is forecasted to grow at an average rate of 3.8% annually in the next five years. The rise in investment flow and private consumption have played an integral role in this regard. The country’s free trade zones have played a pivotal role in attracting foreign investors.
The overall GDP growth of the UAE is expected to increase with the growing number of construction investments and infrastructure. Given the government fiscal stimulus, robust growth in investments is also projected.
Consultancy Businesses in the UAE
The consulting services sector has expanded relatively quickly in the past years. The consultancy business in the industry is a fairly colossal one. Regions like North America, Europe and the UAE represent the most prominent regional markets for consultation business worldwide.
Numerous reasons are associated with the need for organisations to hire consultants. Seeking business advice and developing robust plans to improve performance are always the priorities.
Businesses need to know about emerging trends and changes to prepare for the future. Consultants with strategic knowledge of business administration and business development help companies grow. Expertise in clients’ operations and technological developments also play an integral role. As a result, consulting businesses are becoming a global choice.
In the UAE, the industry is growing at a rapid pace. The Gulf Cooperation Council (GCC) management consultation market has been estimated to be worth around USD 2.8bn.
Industries like food, hospitality, healthcare, tourism, retail and technology have been ascending in terms of consultancy services. Professional consultants hold the potential to help these sectors expand.
The most high-end advantage of establishing a consultancy business in the UAE is that applying for a trade licence for this business is incredibly straightforward. A consultancy business has two options in terms of the licence. These include professional or commercial licences.
Steps to operate a consulting business in the UAE
Following are the steps that need to be followed to start a consulting business in the UAE.
#1 – Establish business activity
Across the majority of industries, a consultancy licence is a suitable choice. However, stipulating the exact nature of work is extremely important. Depending on the type, the business activity may include marketing consultancy, business consultancy, and accounting consultancy, amongst others. This specification must be clearly stated on the licence application.
In order to ensure that every activity has been accurately listed and avoid potential regulatory difficulties, it is a fine choice to work with business formation companies. Working with SPC Free Zone can ease your journey of obtaining a licence and visa. At SPC Free Zone, we ensure that entrepreneurs are provided with updated knowledge about rules and regulations with customised and affordable business packages.
#2 – Choose a company name
Before establishing a consultation business, a name must be decided upon. The UAE has a strict but easy-to-follow naming convention. Once again, SPC Free Zone can help you choose to adhere to the rules.
Among various rules, the notion is to avoid offensive or blasphemous language. Names of well-known organisations and abbreviations should be avoided if a company is named after the entrepreneur. Moreover, the chosen name should be available for registration.
#3 – Apply for a trade licence
You may apply for a commercial or professional licence depending on the business type. At SPC Free Zone, we aim to provide tailored services for businesses such that the methodology of obtaining licensing is eased.
The Sharjah Free Zone company setup option is amongst the easiest ways to obtain a consultancy licence. The application can be made directly to the free zone or through a company formation expert like SPC Free Zone. Choosing the latter option would imply that SPC Free Zone on your behalf will handle the application process.
Why choose SPC Free Zone?
In times today, establishing a consultancy business is a viable option, especially in the UAE. Why SPC Free Zone an ideal choice for consultancy businesses, we understand the dilemmas that impede the development potential of entrepreneurs.
Located in the heart of Sharjah, at SPC Free Zone, our goal is to ease entrepreneurs in their journey. We understand how setting up a business that aligns with regulations can seem overwhelming. We offer fast and flexible business setup packages to ease the journey for entrepreneurs.
With SPC Free Zone, you can choose from more than 1,500 business activities and take advantage of up to 100 visa quotas. Our customers benefit from a whole string of benefits like zero paid-up share capital and 0% corporate and personal income tax. With immigration services on-site, you can also get your licence issued in less than 45 minutes.
Moreover, we provide entrepreneurs opportunities like obtaining dual licences for mainland and free zones. Our packages are highly cost-effective and start from AED 5,750.
Ready to set up your consultation business in the UAE? Reach out to our friendly team for a quick and easy setup service.