Start a financial consultancy in Dubai: Step-by-step

Dubai is the go-to destination for entrepreneurs and investors. The United Arab Emirates’ diverse economy and business activities mean financial consultants are in high demand.

Financial consultancy businesses offer expertise in accounting, debt management, insurance, financial planning, compliance, fundraising and more for individuals, small to medium businesses and large organisations.

To open a financial consultancy business in Dubai, you’ll first need to get a financial consultancy license in Dubai. This article will help you, covering the following areas:

  • Advantages of starting a financial consultancy in Dubai
  • Steps to start a financial consultancy in Dubai
  • Cost of starting a financial consultancy in Dubai
  • How to market your consultancy in Dubai
  • Working with Trade License Zone

Advantages of starting a financial consultancy in Dubai

Starting a financial consultancy company in Dubai is a lucrative business. There is high demand for financial experts in the UAE, all needing financial consultancy support to grow and scale.

There are numerous advantages to starting a financial consultancy in Dubai, with significant tax benefits (such as zero taxation on personal and corporate incomes), streamlined business setup regulations and simplified visa categories and processes for foreign nationals.

Dubai boasts a high standard of living for its residents, with world-class infrastructure, a strategic location for business in the Middle East, and an economy with a wide range of companies and industries.

Steps to start a financial consultancy in Dubai

All companies trading within the UAE must adhere to the country’s business setup, company formation and municipal regulations. The most crucial step is to get a financial consultancy trade license.

For this, you must hold a certification and special approval from the SCA (Security Commodity Authority). This section will give you the steps to start a financial consultancy in Dubai.

Step 1: Partner with Trade License Zone

The process of opening a financial consultancy in Dubai starts when you partner with Trade License Zone. Our expert business setup services manage all aspects of your company’s registration and company formation processes, and we guide you on the various governmental and municipal trade regulations for a financial consultancy trade license in Dubai.

Step 2: Choose a name for your financial consultancy business

Trade License Zone will help you choose and register your financial consultancy company’s name with the UAE’s Registry Office. You can use your name in the company’s title, but you must use it in full, not just surname or initials. The business name must adhere to the UAE’s naming policies, and a business name cannot include offensive or blasphemous language or references to Allah or Islam.

Step 3: Choose your business activities

Choosing your company’s business activities is essential for your financial consultancy trade license in Dubai. The license enables you to carry out several activities under local laws, but failure to list all your business activities may result in penalties. That’s why it’s best to partner with a company formation expert such as Trade License Zone to ensure your license application and business activities are aligned.

Step 4: Select the business structure

The UAE’s recently streamlined business laws created two main types of business zones in Dubai: Mainland and Free Zone companies. You can choose either of these business structures as a financial consultancy, but it is important to understand the differences to make the best decision for your business.

Mainland companies can trade within the UAE, but a foreign national investor or entrepreneur is limited to holding 49% of a business’s shares. UAE law requires that a UAE national owns 51% of the shares in a partnership with foreign-owned mainland companies.

A Free Zone Company can be 100% owned by a foreign entrepreneur or investor. They can register it in one of over 40 special trade zones in Dubai that offer benefits to foreign business owners. These services include startup support structures, business incubators, and financial support.

If you’re unsure whether to choose between a Mainland or a Free Zone Company, our expert business advisors at Trade license Zone can help you decide.

Step 5: Choose an office space

You must rent an office space to obtain a financial consultancy trade license in Dubai. There are many office space solutions, from hot-desk setups to co-working spaces, office-share solutions and executive offices.

Trade License Zone will guide you in securing the proper office setup according to the trade license requirements and your budget.

Step 6: Apply for your financial consultancy trade license

A financial consultancy trade license is approved and issued by Dubai’s Department of Economic Development (DED). Before submitting your trade license application to this agency, let company formation experts such as Trade License Zone help you to ensure you don’t make costly mistakes.

Step 7: Apply for your visa and open a corporate bank account

After you’ve applied for your financial consultancy license in Dubai, you need to apply for your visa and open a corporate bank account for your company.

The process can be complicated, so contact the specialist team at Trade License Zone for help.

Cost of starting a financial consultancy in Dubai

The cost of starting a financial consultancy in Dubai varies significantly. The costs depend on the type of business setup, trade license, office space, staff, government fees, and more.

A financial consultancy trade license costs AED 12,000 to AED 30,000. If you’d like an accurate quote, please contact the team at Trade License Zone.

How to market your consultancy in Dubai

To grow your financial consultancy in Dubai, we have a few Pro Tips to share with you:

Pro Tip #1: Branding

Present your branding to be memorable and consistent with your image. This includes setting up a website to showcase services, but more importantly, it is about sharing your brand with the world.

Pro Tip #2: Networking

Networking is essential for a financial consultancy company owner in Dubai. Attend conferences and industry-specific events. Meeting companies’ decision-makers helps you engage with them to identify any opportunities for providing your services and skills.

Pro Tip #3: LinkedIn

LinkedIn is one of the fastest-growing business platforms. It takes networking to a new dimension as you can connect with a huge number of people. However, you need to grow your reputation and communicate your brand through every interaction on LinkedIn. Join groups and discussions to raise your profile as an expert or a thought leader – that way, you’ll establish yourself as a trusted financial consultancy company in Dubai.

Working with Trade License Zone

Starting a financial consultancy company and getting a financial consultancy trade license in Dubai can seem complex if you’re unfamiliar with the UAE’s business setup regulations and visa application processes.

When you partner with Trade License Zone, we’ll save you from unnecessary delays or rejections and streamline your business setup in the UAE.

The specialists at Trade License Zone can get started as soon as you provide us with a little background information about the nature of your company and business activities. Then, please sit back and let our team advise you and take care of everything.

We’ll manage your financial consultancy business license and visa applications, liaise with all the relevant government and local authorities, and report back when you’re ready to trade. It really is that simple.

Contact us to get a personalized quotation based on your business activity

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