Starting a Consultancy Business in UAE – An Introduction
Are you thinking about becoming a consultant? The way the UAE is today is a contract business sweet spot; so much is happening, and not only is the UAE an awesome place to experience, it’s an awesome place to innovate and build your consultancy business. Given that the UAE features an open business environment, large market to grow, is positioned strategically, it has tons of opportunities for aspiring entrepreneurs like you.
This is the reason you should able to set up own Consultancy Business in UAE?
Boom market and geographical position
As the UAE sits in the centre of Europe, Asia and Africa, it is a perfect hub between many markets. Expansion of demand for specialized consultancy services has been made possible due to the impact of robust economy, manifold industries and extensive development programs.
Experience Business Friendly Environment, Policies.
The UAE is well known for their pro business environment with dos lovable laws, tax incentives and government support. Yet the country has never scored badly on global ease of doing business indexes, and continues to attract international investors and produce entrepreneurs.
How to establish a consultancy business in UAE?
If you’re running an online business, you will need to define your niche and who your target audience is.
If you just wish to define your niche and who you want to target will then give you slightly, but they will give you people who you can consult. That means being able to more narrowly hone in on a particular industry or service area in which you’re an expert, and providing exactly what your clients need.
Performing Competitor Analysis and trying Market Research
To understand market trends, pleasing customers, oligopoly of goods market research, and competitor analysis. That creates an edge for you when you can give those unique services, then you can use information that you glean from this information to build an advantage for yourself.
Getting it right – finding and fitting the right legal structure
It is important to choose the correct legal structure for your consultancy business. There are different options of jurisdiction in the UAE i.e mainland, free zone and offshore jurisdiction all these have merits and drawbacks in their own right. To put in so much effort getting to know your business requirements and objectives is sure to aid you to make the best choice.
In the UAE, Business Jurisdictions.
Mainland Business Setup
Once the main business setup in the UAE is over, you are able to business with locals and anywhere in the UAE. The type of business will then tell you whether you need a local Emirati partner or local service agent in this setup.
Free Zone Business Setup
Simply, UAE has free zones with its business friendly environment (100% foreign owned with tax exemptions and fast administrative processes). Each free zone is dedicated to a certain industry, and gives it specialized infrastructure and benefits.
Offshore Business Setup
There are many reasons why the UAE gives companies a chance for offshore business setup with high asset protection, tax efficiency, privacy, etc. An option for international entrepreneurs who would like to establish operations in the UAE but do not conduct business with the UAE.
Mandatory, Documentation
Trade Name Registration
The first thing you need to do so you can stand out in the consultancy world is to get a unique trade name that will not only help you stand out (or even identify you) in the eyes of your customer, but also help you stand out from your competitors. Make sure it follows the authorities existing policy.
Obtain Professional Licenses
Complying with regulation in UAE means that you need to get the required professional licenses. Yet this is dependent on your consultancy field and region.
Required Documents
To do some business setup process you will need some documents such as passport copy, business plan copy, visa copies. Be sure you have all the right paper work for a smooth move forward.
Lecture Cost of Starting a Consultancy Business
Finally, Licensing and Registration Costs.
Being based in the chosen jurisdiction and legal structure determine the costs of licensing and registration. So when you begin to budget for your consultancy business, it’s important to think about these expenses.
Office Space and operational expenses
Categorize what the operational costs of the office are such as costs of office space, utilities and so on. If you go with a free zone, the free zone authorities will usually provide many office spaces along with diverse business support services available.
Marketing and Branding Budgeting
When you have budget for marketing and branding, you can use that money to advertise your consultancy, raise brand awareness and find clients. So, you should reflect upon your marketing techniques and budget.
If you want to set up a consultancy business in the UAE, you have to plan and execute it with care; stay within legal boundaries; and know the UAE business scope well. Reshape this dynamic business environment with opened opportunities and create your own mark.
where consultancy is located
When you’re setting up your consultancy business in the UAE, are you looking for what is the best place to open one? Depending on your business requirements and objectives, you have two main options: Free Zones and Mainland UAE. Every option has its advantages and disadvantages and it’s important to know what all its and choose the best fit for your consultancy.
Why choose to set up in Free Zones
- 100% foreign ownership
- Tax exemptions and Customs privileges
- Discover a streamlined company setup process.
- Vast opportunity to realize access to state of the art infrastructure and business support services.
BBE and Majlis Meets in Mainland UAE
- Ability to run across UAE market.
- The ability to conduct more business activities.
- Close opportunity for collaborations and local clients
- Better ability to choose an office location
Building & Hiring your Team
Good team is a must for your success in your consultancy business in UAE. Here are some key considerations when hiring and developing your team:
Finding Qualified Consultants
- Finding quality candidates is best done by using local recruitment agencies and job portals.
- Take advantage of professional network and industry association.
That requires running tons of interviews and reference checks to be sure expertise and cultural fit are on point.
Employment Laws in UAE An overview
- Study UAE Labor laws and regulation.
- Look at filling visa and work permit requirements for your employees.
- Bazooka complete employment contracts and competitive compensations packages.
Your marketing as a consultant
Essentially, if you want to run and grow your consultancy in the UAE, you need effective marketing. Here are some strategies to consider:
Building an Online Presence
- Build professional website that talks about your service and expertice.
- You can use search engine optimization (SEO) techniques of course to get an online visibility.
- Using social media platform to engage with your target audience
Networking and Partnerships
- Help you meet potential clients and partners at industry events, conferences and trade shows.
- Expand your reach and build credibility: find professional network, research and association.
- Collaborate with other service providers to everyone’s benefit
Using Local Conferences and Events
Participate in local events and conferences around your industry or get a sponsor.
Build up your status as an expert by writing engaging stuff and speaking at industry conferences.
Host workshops, seminars and attract potential clients and share knowledge.
An Analysis of Challenges and Opportunities in the UAE Market
If you’re running a consultancy business in the UAE, you’ve got challenges and opportunities. Here are some key factors to consider:
Cultural Sensitivities navigation
Remember that: Everything is different – it’s like a different country, with its own local customs, mannerisms and business practices.
- If it’s a place, pick your communication style to fit the audience.
- Be based on trust, respect.
- If you are a product manager, or more generally, a business, then you need to stay updated with regulatory changes.
Regulatory changes and laws and regulations to stick to track.
- Keep yourself informed about what new (standards or practices) in the industry.
- To be sure it complies with the local regulation, check with legal and professional advice.
- Bilateral, sometimes dyadic, commitment to the process.
Tips for long term failure in the consultancy
- To ensure long-term success in your consultancy business, consider the following tips:
- Solve Customer Satisfaction issue by trying to raise the Customer Satisfaction
Provide a great service and exceed customer’s expectations
Build a result that consists of long term relationships with clients who put trust and value above everything.
Understand what they want from you from check reports and do the right things to continuously improve your services to them.
- The key word here is Continuous Learning and Development.
- Be on top of all the latest industry trends, technologies and methodologies.
The thing I advise you and your team do a favour and that is to invest professionally in you and your team’s development.
Help your consultancy to grow a learning and innovative culture
- How to Add More Service Offerings to your Portfolio.
- Look for new ways to expand on offerings of services.
- Know how clients are changing through market research.
Just stay up to date with what’s well received, and honestly anything new would refresh our minds.
Conclusion
UAE is a rich with dynamic business environment, strategic location and many opportunities in market which are big opportunity for businesses on this complexly structured island.
To make your consultancy dreams true and have success in consulting business market in UAE, you also need to go through the steps of building a good team, selecting location (which itself will be coupled by making good marketing decisions) and a lot more and with a proactive view of tackling the challenges. Adapt to local context, take those opportunities, provide exceptional value to its clients and long term success. read more articles…
