The UAE has one of the world’s largest and fastest growing pool of entrepreneurs. At least 20,000 new businesses begin operations annually in Dubai alone. When a business community thrives at that rate, it is sure to require business support services such as legal consultancy. The strong connection between the UAE and the international market, alongside other benefits such as zero tax rate and easy incorporation process also stand as benefits to be enjoyed.
There is no doubt as to whether the UAE is the right place to start such a business. But there are important factors to consider if you want to start a legal consultancy business in Dubai.
The very first step is to decide on what to choose as your company name. This should be done while bearing it in mind that the UAE has a few rules guiding the business naming process. Your chosen company name must not contain any offensive or blasphemous language or refer to any popular organization. If the business name has your personal name in it, you must make sure that is without abbreviations of any sort. Also, the name must have been confirmed to be available for registration. However, all of that can be done for you by a company formation expert.
After choosing a name for your company, you must decide whether to establish your business on the mainland or in one of the free zones in the UAE. If you setup your business in the mainland, you are allowed to trade directly with the local market, without needing a local agent. You are also allowed to bid for government contracts. Alternatively, if you setup in a free zone, you enjoy benefits like 100% exemption from customs tax, zero currency restrictions, and the freedom to repatriate your capital and profit made.
To set up a legal consultancy business in the UAE, you have to first apply for a trade license. If you have chosen to setup in a free zone, you have to apply to the authority in charge of your chosen zone. Also, If you have opted for mainland then you can apply to the Dubai Department of Economic Development or any office charged with that duty. Both cases are similar in some ways as you’re required to submit a few relevant documents including a completed application form, passport copy of the proposed owner or owners and two color passport size photos.
After this, you must register your business with the relevant authorities in charge of your chosen industry. For example, a legal consultancy business must prove their mettle to the Dubai Legal Affairs Department as part of the process. Here, you must submit a little documentation which includes a copy of your professional license, a copy of your current practicing certificate, a letter of good standing issued by the relevant authority and passport copies for each lawyer or legal professional in your team.
If, in any case, you decide to set up in a free zone, it is best that you ensure to set up in the best one available for your kind of requirements. The Fujairah Creative City has a set of business services that can help you get running. Their concierge team can help out with visa applications, document attestation and bank account opening. They also offer suitable packages on office space and budget-friendly license packages.
However, the overall cost of starting a consultancy business in Dubai depends on some factors including size of the business and the location. But the Fujairah Creative City has their cost ranging between AED 22,000 – AED 24,775.
With all that is necessary being said, setting up a legal consultancy business in Dubai requires a prior level of knowledge as the application process is best done without any avoidable mistakes. This is why it makes perfect sense to employ the services of proven company formation specialists like Business Incorporation Zone to do the heavy lifting for you. This takes all the stress away and lets you concentrate on other important aspects.