How to Get a Financial Consultancy License in Dubai?

Financial Consultancy License in Dubai

Numerous businesses on the Dubai mainland and free zones offer considerable opportunities for a profitable financial consulting firm. Such a firm has experience assisting entities with reliable information and sound counsel tailored to meet their financial needs. However, for that, a financial consultancy license in Dubai is the very first prerequisite. Without a license, you cannot offer any services in Dubai. In fact, under the Instant Licenses initiative in Dubai, over 19,000 businesses were granted professional licenses till May 2022.

So, if you want to know how to get a financial consultancy license in Dubai, this blog is for you. We’ll walk you through the complete process of getting a consulting license for your firm, including the paperwork and expenses.

What Are the Benefits of Starting a Financial Consultancy in Dubai?

Here are some benefits of starting a financial consultancy in Dubai:

  • You have a potential clientele for your financial consulting services or investment firm in Dubai because of the city’s abundance of family businesses and ultra-high net worth individuals. Besides, the demand for top financial consulting firms is increasing as business establishments in Dubai rise.
  • The UAE‘s exceptional ease of doing business eases establishing and running a licensed financial consultancy there. Moreover, the setup procedure is digitised and thus takes only a brief time.
  • The UAE government has a history of supporting policies advantageous to various industries. For instance, DIFC plans to establish a Global Family Business and Private Wealth Centre in Dubai, expecting to draw family businesses and high-net-worth individuals from local and international markets.
  • The UAE has the most skilled labour force in the world, with specialists in many different industries.
  • Dubai offers a first-rate transit system, amenities, and technology breakthroughs. Your financial consulting firm can leverage these benefits, especially the technological solutions, to ease the analyses involved in your services.
  • The UAE has been revising its visa policies to accommodate UK businesspeople. You can thus open corporate bank accounts and obtain visas with ease. Also, these visa amendments help recruit and retain skilled workers.
  • You can have 100% ownership of your financial business in Dubai. Moreover, you can repatriate profits completely and enjoy almost no taxes.

What Documents Do You Require to Get a Financial Consultancy License?

Opening a financial consultancy is simple and requires minimal paperwork in Dubai. The relevant authorities will issue you a consultancy license in Dubai for your financial firm once they have confirmed the accuracy of your papers.  

The following are some of the documents needed for every business license in Dubai:

  • Copies of passports and visas 
  • Two passport-size photographs 
  • Entry visa and stamp pages

Depending on your preferred location and company structure, you may require a few additional documents in addition to those listed above. Furthermore, depending on the financial services you plan to provide, you could need specific approvals and certificates. 

Note that a complete set of documents might speed up the license issuance process. Our consultants can help you with a detailed list of required and supplementary documentation for a financial consultancy license.

How to Get a Financial Consultancy License?

Since a financial consulting firm handles the financial aspects of various businesses, the work comes with many responsibilities. You need to be qualified and credible to get a license in the first place. Once you have obtained it, you can legally provide financial consulting services to organisations, including determining their financial situation, analysing their investment strategies, and locating and assessing capital growth alternatives.

Following is a step-by-step guide for obtaining a financial consultancy license in Dubai:

1. Register the Name 

You would first need the company name registration of your financial consulting business. Decide a suitable name for your financial consulting company, and then register it with the appropriate authorities.

Following the UAE company naming regulations and name availability, our consultants can assist you with registering your company name.

2. Decide Your Company Structure

When submitting your paperwork to apply for a financial consultancy license, you need information about your intended corporate structure. So, choose a company structure for your financial consultancy business based on its legal status.

In Dubai, your company structure could be a sole proprietorship, a Limited Liability Company (LLC), a public or private partnership, or a foreign or GCC company’s branch.

3. Choose a Location

You can establish your financial consulting business either on the Dubai mainland or in one of the free zones. So, choose a location based on your business requirements. 

A few free zones specialise in handling finance-related businesses. For example, DIFC is the financial hub. On the other hand, some free zones have mixed sets of companies, such as the Meydan Free Zone. It houses trading companies, import-export businesses, consultancy and professional services, advertising and marketing firms, and so on.

Therefore, confirm that the location you are considering has the necessary infrastructure for a financial consultancy to operate effectively. Furthermore, the price of your business license will vary depending on where you decide to run a business. For this reason, when selecting a location, consider your budget.

Upon choosing a location, start looking for a physical office space. As you may need to rent or lease an office, evaluate your budget. Once you’ve chosen a location, you’ll need to sign a rental or lease agreement.

4. Apply for the License 

Now, it’s time to apply for a financial consultancy license. Since your financial consulting firm will render services, apply for a professional license. 

So, select the relevant license and submit the required papers. Then, pay the license fee. Furthermore, the Security Commodity Authority (SCA) must grant pre-approval in the UAE. Our professionals can help you obtain each document you need to get a financial consultancy license.

5. Get Your License

The relevant authorities will issue you a financial consulting license if you complete the preceding stages and your paperwork is accurate and valid. 

Once your financial consultancy has obtained a license, you are authorised to lawfully carry out all your intended services and routine business activities. It may include hiring staff, participating in government programmes for UK business owners, utilising exemptions and other reforms.

What Is the Cost of Getting a Financial Consultancy License?

The cost of your business’s location, visas, and office space will determine the cost of your financial consultancy license. The price of a license therefore varies, but it begins at AED 12,000.

The experts at the Shuraa UK branch can assist you in determining the precise cost of a financial consultancy license. They will carefully consider your business needs and the required documents before calculating the expense.

Start Your Financial Consultancy With Shuraa

Shuraa UK branch experts can ease the issuance process of financial consultancy license in Dubai. On top of it, we can also help you with the license renewal process, which is recurring. 

In addition to offering a wide range of business solutions to handle practically any business, we can create special business setup packages depending on your unique business needs. Get in touch with us right away!

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