Starting a financial consultancy company in Dubai is an excellent opportunity in the heart of one of the world's leading financial hubs. With the UAE's financial services sector contributing over 7% to the nation's GDP and Dubai accounting for a large portion of that, it's clear that demand for financial expertise is on the rise.
Dubai's business-friendly regulations and free zones offering 100% foreign ownership make it an attractive destination for entrepreneurs. By setting up a consultancy, you can grow into this booming market and provide financial planning, risk management, and investment advice services.
Is it profitable to Start a Finance Business in Dubai?
Yes, starting a finance business in Dubai can be very profitable. Dubai is a central financial hub with a strong economy and limited corporate taxes, making it attractive for businesses. The government supports financial companies, especially in areas like the Dubai International Financial Centre (DIFC).
Dubai’s location connects enterprises to global markets, and there is a high demand for financial services, especially from the large expat population. However, following local rules and being ready for competition to succeed is essential.
Benefits of Starting a Financial Consultancy Company in Dubai
Starting a financial consultancy company in Dubai offers unparalleled opportunities for growth and success in one of the world’s most dynamic financial hubs. Below are some of the essential benefits to start a financial consultancy in Dubai:
1. Prime Global Positioning
Dubai's prime geographical location provides easy access to global markets, including Europe, Asia, and Africa, making it a hub for international financial services.
2. Tax-Free Environment
Dubai offers zero personal and some leverage on corporate taxes in several free zones and no capital gains tax, creating an attractive environment for financial consultancy firms.
3. Rising Demand for Financial Expertise
With the rapid economic development in Dubai, there is an increasing demand for financial advisory services across sectors like real estate, healthcare, and technology.
4. Access to High-Net-Worth Clients
Dubai is home to high-net-worth individuals, large corporations, and many startups. It provides a diverse and affluent client base for financial consultancies.
5. Pro-Business Government Policies
Dubai's government continuously promotes pro-business policies, including ease of setting up financial consultancies with 100% foreign ownership in free zones.
6. Skilled Workforce Availability
Dubai attracts highly skilled professionals worldwide, making hiring talented experts in finance, investment, and related sectors easier for financial consultancy companies.
7. Extensive Networking Platforms
Dubai hosts numerous international financial conferences, networking events, and trade shows. It allows consultancy firms to connect with potential clients and industry leaders.
8. World-Class Infrastructure
Dubai offers world-class infrastructure, including cutting-edge technology, modern office spaces, and advanced telecommunications, essential for financial consultancy operations.
9. Gateway to MENA Opportunities
Starting a financial consultancy in Dubai opens doors to the broader Middle East and North Africa (MENA) region, with increasing demand for financial advisory in emerging markets.
How to Start a financial consultancy in Dubai?
Below are the steps which will help you start a financial consultancy in Dubai as an Indian entrepreneur:Step 1: Choose a trade name
Select a unique name for your financial consultancy business that complies with the DED trade name guidelines. Make sure the name you choose isn’t already in use and reflects the nature of your business.
Step 2: Choose your business activity
Identify the financial consultancy services you plan to offer. This will define your license and the requirements you need to fulfil. Typical activities include financial planning, advisory, or auditing.
Step 3: Choose a trade license
You’ll need to decide on the type of license depending on the structure and nature of your business:- Commercial License: For trading or commercial activities.
- Professional License: Required for service-based businesses like consultancy.
Step 4: Select a business jurisdiction
The business jurisdiction impacts your regulatory environment and operational scope:- Free Zone Business Setup: Physical space is not mandatory; you get 100% ownership.
- Mainland Business Setup: Allows you to operate across the UAE without location restrictions.
- Offshore Business Setup: Suitable for businesses that are mainly international and need a limited presence in Dubai.
Step 5: Choose an office space
You’ll need to secure an office in Dubai that complies with the Dubai Municipality's rules. Depending on your business setup, this can be on the mainland or in a free zone. You can even have virtual office space on the mainland for specific activities. In Freezone it's not mandatory to have physical office space.
Step 6: Apply for the trade license
Submit your trade license application to the relevant authority based on your chosen jurisdiction (such as Dubai’s Department of Economic Development for mainland businesses or the respective free zone authority).
Step 7: Apply for visas
After obtaining your trade license, apply for necessary visas, including your own, employee visas, and investor visas.Step 8: Open a corporate account
Finally, open a corporate bank account with one of Dubai’s financial institutions to manage your business transactions.Documents Required to Start a Finance Business in Dubai
The documents required to Start a financial consultancy in Dubai are as follows:- Passport photographs
- Passport copies
- Application form
- Business plan
- Emirates ID
- Memorandum of Association (MoA) and Local Service Agent (LSA)
Cost of Starting a Financial Consultancy in Dubai
The cost of starting a financial consultancy in Dubai typically ranges from AED 12,900* to AED 25,500*. However, this can vary based on several factors, including:- Business registration
- Licensing requirements
- Office location
- Size of the office
- Visa processing
