The UAE is home to one of the most vibrant and thriving business environments on the planet. From entrepreneurs to vast multi-nationals, organisations of all sizes are seeing success in this part of the world.
Whether working in the arts, healthcare, hospitality, technology or travel, each of these businesses has something in common. They must all keep a close eye on the books. As well as helping to support and guide your enterprise, smart financial planning also helps with everything from compliance and tax to auditing and seeking investment.
However, even the most successful of organisations need support in this area. That’s where financial advisory businesses in Dubai come in. By handing over your books to the experts, you can focus on what you do best day to day.
What does a financial advisory business do?
In short, a financial advisory business offers advice and guidance on all matters relating to money. This could be monitoring or forecasting cashflow, helping to prepare your business for expansion or investment, or ensuring that day to day matters like payroll and procurement are undertaken as efficiently as possible.
Many financial advisories can also advise on tax planning and strategy, helping to reduce costs and ease the process of filing and auditing.
Benefits of starting a financial advisory business in Dubai
Global hub
Dubai is home to businesses and entrepreneurs from around the world. So when you work out here, you gain a presence that makes it much easier to expand internationally. Not only this, but any expertise in multi-jurisdictional and international business practices will usually see your services in high demand. With so many expatriate workers, expertise in repatriation and other related employee benefits is another key selling point.
Financial benefits
With the right support, setting up a financial advisory business in Dubai can be both fast and affordable. If you are starting up on your own, overheads are also minimal. What’s more, the UAE continues to levy 0% tax on personal income and a flat rate of 9% of taxable profits over AED 375,000. Any income below this threshold is also taxed at 0%.
Strong, simple frameworks
As a globally respected financial hub, Dubai’s businesses are governed and guided by best practice international frameworks. This offers your clients peace of mind that they are complying with robust, secure and transparent regulation when handling their financial affairs.
High demand
Tens of thousands of businesses set up in Dubai every year, joining the masses of enterprises, large and small, that call the emirate home. This means a near constant stream of new customers, evolving requirements and need for ongoing support. If you have the skills and experience to offer financial advice, you’ll find a large and growing audience waiting for your guidance.
World-class infrastructure
Dubai is built to help businesses thrive. As well as world-leading facilities, infrastructure and support, it’s also home to numerous incubators, accelerators and funding initiatives designed to spur growth and ongoing success.
How to start a financial advisory business in Dubai: Step-by-step
When you work with the team at Creative Zone, we’ll help you launch your financial advisory business in Dubai in just four simple steps.
Step 1: Outline your business activities
The first step when starting a business anywhere in the UAE is to outline your intended activities. Failure to do so can cause issues further down the line and carrying out unlicensed activities may lead to fines or even license revocation.
Your stated activities must be chosen from the official list published by Dubai’s Department of Economic Development (DED). This should be a relatively straightforward step when starting a financial advisory business. But you must still ensure that your activities accurately match your license.
The team at Creative Zone will help ensure that you have the correct approvals to run your business.
Step 2: Choose your company name
The second step is equally important: choosing a company name. There are a few key things to keep in mind at this stage – many that would not apply anywhere else in the world.
Be aware that you must abide by a strict set of naming conventions. In short, you should avoid any offensive or blasphemous language. Avoid names of well-known organisations and avoid abbreviations if naming your company after yourself – i.e. Dave Mann Consulting, rather than D Mann Consulting. You must also check that your chosen name is available to register.
Step 3: Making your license application
You will require a trade license to start a financial advisory business in Dubai. This is issued by the Dubai Department of Economic Development or your chosen free zone. Once again, the Creative Zone team will guide you through this process. Get in touch to find out more.
Step 4: Making your visa applications
Finally, you’ll need to organise your visas. With the right guidance, the visa application process can be incredibly straightforward. As well as making your application, you’ll be required to submit biometric information and undergo a medical fitness test.
As the holder of a UAE business license, you can also sponsor others for their visas too. This could be a spouse, parent or child, or a domestic worker such as a housekeeper. The maximum number of visas you can apply for will depend on the size of your company, your chosen setup and, for dependant visas, your personal earnings.
Financial advisory business license – Documents required
When applying for your trade license to operate a financial advisory business in Dubai, you will be required to submit the following documents:
- Copy of passport
- Emirates ID copy
- Signed Memorandum of Agreement (MOA)
- A No Objection Certificate (NOC) from your employer (if applicable)
You may also need to demonstrate your relevant skills and qualifications in the area and may be asked to submit a company credit report.
Start your financial advisory business with Creative Zone
Starting a financial advisory business in Dubai can be a complicated process – particularly if you’re new to working in the UAE.
That’s why selecting the right partner is a critical step when looking to launch or grow a business out here. As the most trusted business setup advisor in the Middle East, Creative Zone has been empowering entrepreneurs and SMEs with comprehensive support since 2010. With a strong reputation for assisting businesses locally and globally, we offer a complete range of solutions for all your business setup needs.
When you work with us, you get fast, reliable and unbiased advice on your unique business setup requirements. We can help you choose the right kind of license for your business activity and take you through the entire process from start to finish.
We’re here to assist every step of the way. No matter your chosen activities, legal entity or visa requirements, we’re on hand with support, guidance and expertise. So, if you’re looking to lay the foundations for life in the UAE, Creative Zone is your ideal starting point.
Contact us today to kickstart your business in Dubai.
