Starting an event management company in Dubai, UAE can be an exciting and lucrative venture, given the city’s thriving tourism industry and reputation as a global business hub. Dubai’s event management market is expected to grow at a CAGR of 6.5% from 2023 to 2028, reaching a value of $1.2 billion by 2028.
In this detailed guide, we will go over the process for starting an event management company in Dubai, including procedures, requirements, business entities, advantages, and how OnDemand International can help you.
How to Open an Event Management Company in Dubai, UAE?
The following steps to open an event management company in Dubai includes:
- Shortlist Business Activities: Determine the type of event management services you want to offer and specify them in your license application.
- Reserve a Trading Name: Choose a unique and appropriate name for your company, ensuring it complies with naming conventions and guidelines.
- Choose Business Structure: Decide between a Mainland Company or a Free Zone Company based on ownership regulations and benefits.
- Choose Location: Decide whether to establish your company in the mainland or a free zone, each offering different benefits and requirements.
- Secure Event Management License: Apply for an event management license by submitting necessary documents like passport copies of shareholders and visa copies.
- Complete License Application: Submit required documents like passport copies, photos, and a completed application form to obtain your event management license.
- Open a Bank Account: After obtaining your license, open a corporate bank account to facilitate financial transactions for your event management company.
- Partner with Business Setup Consultants: Consider partnering with experts like OnDemand International for professional assistance in company registration and setup processes.
Requirements to Setup an Event Management Company in Dubai, UAE
- Business Activity Framework
- Company Name
- Right Jurisdiction
- Business License
- Corporate Bank Account
- Business Plan
- Memorandum of Association
- Article of Association
Types of Business Entities in Dubai for Event Management Business
- Ownership by a single person: A sole proprietorship is the most basic type of company entity. You have complete authority and control, but you are individually accountable for any debts or responsibilities. This option is appropriate for small-scale event organisers.
- LLC (Limited Liability Company): An LLC permits international ownership and offers limited liability protection. It necessitates the involvement of a local Emirati sponsor who owns 51% of the firm, but you retain operational control.
- Free Zone Corporation: Establishing a Free Zone Company allows for 100% foreign ownership, tax relief, and simpler import/export processes. Depending on your company’s requirements, you can select from a variety of Free Zones.
- Subsidiary Office: If you already have an established event management company outside of Dubai, you can build a branch office there.
Cost for Setting up an Event Management Company in Dubai
The cost of setting up an event management firm in Dubai varies depending on the business location, with both free zone and mainland establishments being affordable. The cost of a license on the mainland is determined by the legal category of the license, while free zone company costs vary and often come in package deals based on business activities and visa requirements. The estimated cost for establishing an event management company in Dubai ranges from AED 18,500 to AED 30,000.
Advantages of Starting an Event Management Company in Dubai
- Tourism: Every year, Dubai attracts millions of visitors and business travellers, resulting in a steady demand for events and conferences. This ensures that event management companies have a consistent supply of clients.
- Disposable income: The city’s rich population has a lot of money to spend on expensive events like weddings and business parties.
- Strategic Positioning: Dubai’s strategic location between Europe, Asia, and Africa makes it attractive for international events and conferences, broadening event planners’ options.
- Luxurious Locations: Dubai has world-class venues, hotels, and resorts that make the ideal setting for upmarket events. You may break into the luxury industry as an event manager.
- Tax Advantages: Tax benefits, such as 0% company tax in Free Zones, may be available depending on your business structure and location.
Conclusion
Starting an event management company in Dubai provides an exciting chance to enter a growing sector with a consistent need for high-quality services. You may build a profitable venture in this attractive city by following the processes, satisfying regulations, choosing the correct company organisation, and harnessing the benefits of Dubai’s bustling events sector.
You may easily negotiate the intricacies of beginning and running an event management business in Dubai with the help of OnDemand International. Our knowledge and experience will help you make educated decisions and increase your chances of success. Don’t miss out on the chance to work in Dubai’s glitzy events business; take the first step today.
FAQ’s
Dubai’s event management business is growing, with several prospects. Given the city’s reputation as a worldwide events hub, the market is significant, and it is growing year after year.
Yes, foreigners may own 100% of their event management firms in Dubai through Free Zone Companies. Free Zones have various benefits, including complete ownership, tax breaks, and streamlined procedures.
While not required, having Arabic-speaking employees may be beneficial, especially when working with local clients and authorities. In the corporate world, however, English is extensively spoken and understood.
Some problems include increased competition, changing rules, and the necessity to keep current on event management trends and technologies. To address these problems, a solid company plan is essential.
