The landscape of business setup in Dubai is ideal to start a sports management company. The emirate’s love for sports is clearly illustrated through various events such as the Dubai Horse Racing World Cup which attracts over 80,000 fans from across the world. The emirate also hosts other sporting events such as football, tennis and cricket, etc.
Opening a sports management company in Dubai is an easy and profitable affair. Business setup consultants in Dubai can make the process even easier. The following article explains the process and opportunities associated with Opening a sports management company in Dubai:
1. Select your Company Name
Selecting your business name is the first move. At this point, there are a few main points to bear in mind, many of that would not apply anywhere else in the world.
Be mindful that you have to abide by a specific collection of conventions for naming. Some offensive or blasphemous words you should stop. When naming your business after yourself, avoid the names of well-known companies and avoid abbreviations. Business setup consultants in Dubai can check that your preferred name is available before your name is registered.
2. Select Free Zone or Mainland
Deciding whether to be formed on the mainland or in a free zone is crucial in the UAE company forming process. You are free to trade directly with the UAE without a third party’s services if you decide on a Dubai mainland business setup. You can also set up and pitch for government contracts anywhere in the emirates. The most cost-effective solution is typically the setup of a company in a Dubai free zone. Free zones offer advantages such as a fast and easy integration process, ongoing business support, and financial incentives such as tax exemptions and zero currency restrictions.
3. Apply for your License
You should apply for your trading licence once you have determined where you are going to set up. The application is submitted to the Department of Development of Dubai (DED) in the emirate if formed on the mainland. You may also directly apply your application to a free zone. You can work with a company to set up a specialist in both situations to handle the application for you. You will usually be required to submit documents such as a Completed application form, a Passport copy of the proposed owner or owners, and Two colour passport size photos.
4. File your Visa Applications
You’ll need a visa to live and work in the UAE. Once again, with the correct instructions, the visa application process can be straightforward. Company formation specialists in Dubai will assist you with this point, as well as your licence application. As the holder of a UAE business permit, you can support others with their visas, too. It could be a partner, a parent or child, or, for example, a domestic worker, a maid etc. The maximum number of visas you can apply for depends on your company’s size, the setup you have selected, and your income for dependent visas.
5. Opening your Corporate Bank Account
You will need a corporate bank account to do business in the UAE. Before making your application to find one that is best suited to your business needs and most likely to provide you with corporate banking services, you should first familiarise yourself with several financial institutions. With your company set-up representative, you can help with this process.
To open a corporate bank account, you must have a UAE business licence. Some banks need a citizenship visa from shareholders. A minimum balance of anywhere between AED 10,000 and AED 150,000 is expected for most accounts. Your account will generally open within two to four weeks if your application is successful.
Start a business with Jitendra Business Consultants
The landscape of business setup in Dubai offers lucrative opportunities for sports management companies. Setting up a business in Dubai has become more flexible on account of such reforms. However, foreign investors need to think of new strategies to leverage the benefits of these new reforms. Business setup consultants in Dubai such as Jitendra Business Consultants (JBC) can help you devise new company formation strategies.
JBC has a team of highly qualified business setup advisers who can guide you on key requirements such as visa processing, document drafting, company registration etc. JBC offers a one-stop solution, for all your requirements such as accounting, audit, trademark registration, Economic Substance Regulations compliance, Ultimate Beneficial Ownership compliance etc. We can help you set up your dream business in Dubai without any hassle.