Before we get into the criteria for selecting the right business consultants in Dubai, we must know why to choose one. We will cover the roles and importance of business consultancy in UAE in this article. Subsequently, you can decide upon whether to choose business setup services in Dubai. And how to choose your business consultants in Dubai.
The selection of a business consultancy in Dubai/ UAE will depend on various facts. This will include their past performance, costs involved in hiring one, services offered and many more.
What Makes It So Important?
Let us go through the reasons for opting for a business consultancy service. The points enumerated below will present you with a fair idea of why choosing a business consultant is vital for your business.
Understanding the Area of Business and Deciding the Jurisdiction
There are three types of business licenses available in Dubai/ UAE. Those are Mainland, Free Zone and Offshore Business licenses. The type of license you require will be based on the business/ product/ service. The license you obtain will also stipulate the area of jurisdiction.
Dubai itself has more than 30 Free Zones. Hence, finalising the Free Zone to commence the business and the formalities for the same may be confusing for a newbie. A professional business setup service in Dubai will have thorough knowledge about the best business option. Hence, they will be of great help in deciding the jurisdiction of your business.
The business consultancy in the UAE has adequate experience in setting up a business in the country. They will be processing the official formalities for various approvals and licensing. It will be a daunting process, in case you choose to do it yourself.
The agency will accomplish the task without your detailed involvement. You can effectively utilise the time saved towards planning the future of your business.
Formulating the Organisational and Legal Structure
The legal structure, organisation and regulations will be governed by the type of business/ license you have. The legal structure of Mainland, Free Zone and Offshore companies are different from each other.
The preparation and finalisation of AOA and MOA are also of paramount importance. The subject documents will act as the constitution of the firm. Hence, the help of a credible business setup service is essential.
Arranging a Dependable Sponsor
You must have a local Emirati as a sponsor to establish your business in Dubai. The Emirati will hold 51% of shares in the company. The sponsor will be the main authority regarding all matters of the organisation. You can understand the need for a reliable person as a sponsor. The business consultants in Dubai will provide you with a dependable sponsor.
The business consultants will be able to advise you regarding the best business options. You can choose your field of business, jurisdiction and legal structure with their help. The experts at the agency also will provide the suggestions regarding license that can give you optimum profit, the area to concentrate on etcetera.
Things to Consider While Making Your Selection
There are several well-established business consultants in UAE. It may not be easy to fix a particular business setup service. You will have to tread the path carefully whilst considering your partner business consultant agency. There are a few points that you can follow to pick the right agency for your business.
Record of Establishment
You can examine the records of the business consultants. A reputed agency will have a genuine number of clients. The testimonials from the clients will narrate you the performance of the company. Although they will only exhibit positive reviews, the opinions of their existing clients could be the initial benchmark concerning the performance of the company.
Opinions from Friends/ Relatives
You are lucky if you have close friends or relatives running a business firm in UAE. You can have a first-person opinion about the business consultants they used and their pros and cons.
Each business consultant agency will have its price estimations for the services offered. Here, at Generator Research, we suggest that you will handpick a few agencies based on the previous points and discuss the charges for their services. It is ideal to finalize on an agency that charges neither too high nor too low. Select the agency that offers budget-friendly and cost-effective services. The consultants, who offer the best package and service, may be chosen.
Time Frame for the Activity
Discuss the period for the business setup, licensing and other formalities. The agency must be able to complete the process in the shortest time possible.
Capabilities of the Agency
A well-experienced professional business consultant in UAE must add to your business options. They must be capable of liaising with governmental agencies for obtaining partnership and additional benefits. They must act rather than speak.
A reliable agency will be transparent in their agreements with you. The charges and fee for the services will be indicated in their brochure or will be explained during your meeting. Avoid those agencies, which appear to be secretive regarding their dealings.
Location Preference for Your Business
Identifying the perfect location for your business is also necessary. The consultants must clarify to you about the best location for your business, including the reasons for the suggestion. An extensive report from the consultant also could be sought.
Consulting a business setup service in Dubai for the establishment of your business will help you in a lot of ways. The credible agency will act as a guiding light for you during the initial setup and subsequent operation. The right selection of business jurisdiction, location, and legal structure will augment your turnover and result in better ROI.