Dubai is globally renowned as a place to “work hard, play hard.” The Emirate’s enthusiasm for sports is undeniable proof of it. Thus, if you are planning to start a sports management company in Dubai, you are on the right track!
Numerous sporting events, such as football, tennis, and cricket, are held in Dubai. Furthermore, Falconry is one of the UAE’s oldest traditions, dating back to ancient times. It is unknown when Falconry first appeared, but some historical accounts placed it around 2000 years ago.
As per reports, Dubai’s economic footprint for sports surpasses US$1.7 billion annually. Furthermore, expanding the quantity of national and international athletic events held in Dubai has led to industry development exceeding AED 4 billion annually.
So, if you want to start a sports management company in Dubai, continue reading to learn about the benefits, process, documents, and costs.
What Are the Benefits of Starting a Sports Management Company in Dubai?
There are several advantages to establishing a sports business in the UAE. The following are some of them:
- Your work can be flexible – You get to pick the clients, athletes, events, and the proportion of in-person and online work you do.
- You can work in a multitude of fields – There is enough variety to make your working life exciting in Dubai because there are so many well-liked sports and special events.
- Easy to secure visas – You may submit as many employee visa applications as necessary using your professional or service license.
- Low-cost business setup – On the Dubai mainland, you can establish a sole entity with 100% corporate ownership.
- Potential and growth development – Given Dubai’s thriving sports scene, there is a rising need for management services from those with the necessary qualifications.
- You can start tiny or huge – You can expand to a size that suits you, no matter how small you start.
- 100% profit repatriation – All profits and capital gains may be remitted in Dubai. Additionally, there are no corporation or income taxes, and the VAT rate is only 5%.
What Documents Do You Require to Start a Sports Management Company in Dubai?
Government agencies have defined documentation requirements that all enterprises must follow in the UAE. To start a sports management company in Dubai, the following documents are required:
- A copy of your passport
- Passport-size photographs
- A copy of your entry visa
In addition, how you set up your business, where it is located, and many other factors will determine whether you need more documents. Based on the needs of your sports company, the setup professionals at the Shuraa UK Branch will provide you with a complete document list.
What is the Procedure to Start a Sports Management Company in Dubai?
The UAE government has simplified the procedure for forming a company. All UK business owners must follow the process to ensure their firms’ smooth start-up and operations. The following are the steps to start a sports management company in Dubai:
1. Choose Your Company Name
The first step is picking a name for your business. At this point, a couple of essential considerations are unique to your situation. You must adhere to rigid naming rules, so be mindful of that. For instance, avoid using any derogatory or profane language. When you decide to name your company after yourself, stay away from acronyms and popular organisation names. But that’s not all. The list is long, and you may not understand every rule. Hence, it is best to take expert advice to ensure that your name is valid and available for registration.
2. Choose a Company Structure
Choosing the right legal structure is central to your sports management company’s success. It determines the amount of power you hold, the share of other stakeholders (if any), the responsibility each stakeholder has, as well as the part in profits and losses. In Dubai, you can set up your company under any of the following structures: a limited liability company (LLC), a branch office, or a sole proprietorship.
3. Choose a Location
You can establish your business on the mainland or in one of Dubai’s free zones. Although both are profitable, they offer distinct advantages. However, consider your business activity, accessibility, available facilities, reputation, and budget before selecting a location. You may also need a physical space to carry out your daily operations. For this, you can either rent or lease office space in Dubai. This requires you to enter into a tenancy contract.
4. Apply For a Sports License
Once each stage mentioned above is completed, you can apply for a sports management license in Dubai. Every business must have a valid license.
Moreover, the application has to be submitted to the Department of Dubai Economic Development if you choose the Mainland region. Whereas, in the case of a free zone region, you must apply to the concerned free zone authority.
5. Obtain a Sports License
You can obtain your sports license in Dubai after completing each stage. It sets up your sports management company as a legal entity. Moreover, you can sponsor visas for your employees. You can also open a corporate bank account to handle all financial operations for your sports management services company.
6. Visa Processing
If you are an ex-pat, you will need a visa to live and work in the UAE. However, applying for visas can be tedious. So, prepare your documents in advance to avoid any last-minute snarl-ups! Additionally, you can also apply for visas for your partner or other family members to reside with you in the UAE.
How Much Does It Cost to Start a Sports Management Company in Dubai?
Your chosen business venture, the size of your organisation, and the location of your establishment will affect the cost to start a sports management company in Dubai.
You may anticipate the setup’s licensing costs to be between 10,000 and 25,000 AED. Remember that if you need credentials or accreditations specific to the area of sports management you work in, there will be additional costs. Shuraa UK Branch experts can help you with the exact cost of the license as well as other additional costs after considering all factors. Furthermore, they will ensure that you do not overspend at any point in the setup process.
Start Your Sports Management Company with Shuraa
With the assistance of Shuraa UK Branch specialists, it is simple to start a sports management company in Dubai. Our knowledgeable and experienced experts will streamline your entire sports management company process. We will ensure you have all the necessary permits and meet all the required criteria to prevent any mishap. Furthermore, we can create customised company formation packages if your company has specific needs. All you need to do is get in touch with our experienced consultants.