Do you want to get a corporate service license in Dubai? You are at the right place. Here we will discuss everything you need to know to get a corporate service license in Dubai, UAE.
What are Corporate Services?
Corporate services, also known as business services, are operations that combine or provide certain enterprise-wide support services based on specific knowledge, best practices, and technology to serve customers and business partners. CSPs are also referred to as corporate service providers.
A corporate service provider is a qualified organization that offers other businesses, business support services like company incorporation and registration, company secretary, accounting, taxation, processing resident visas, nominating directors, legal services, business consulting, and business addresses for correspondence.
Scope of Corporate Service Providers in UAE
UAE welcomes everyone to come and invest here with their business-friendly policies. Everyone wants to establish a business in UAE because UAE, especially Dubai, is the business hub of the middle east and even the world. Businessmen from all around the world want to establish their businesses here. Some are new to it, some are experienced, and these businesses require specific licenses. It is best to start a consultancy or corporate services agency if you know about the permits and about different businesses. Many investors and entrepreneurs are interested in starting a business in UAE but need professional assistance to do so, which is why there is tremendous scope for starting a corporate services provider agency in UAE.
Services Provided by Corporate Service Providers
The services offered by Corporate Services Provider vary from company to company. Some provide just essential services like documentation attestation or corporate sponsorship etc. The main services include
1. Company Setup & Licenses
2. Corporate Service
3. Financial Services
4. Bank Account Opening
5. BPO Business Process Outsourcing
7. Mail handling
8. Visa assistance
9. Corporate governance
And many other services.
How to Become a Corporate Service Provider in UAE
You should follow certain steps to become a corporate service provider in UAE.
1. Choosing a name for your business
Choosing a name for your corporate services company is the first step. There are specific naming conventions that you must follow in the UAE while picking a company name. Simply put, you must refrain from using vulgar or unpleasant words. When calling your business after yourself, avoid well-known company names and abbreviations. Additionally, make sure that your desired name is accessible for registration.
2. Submitting your license application
The next step is submitting a license application. It may vary significantly depending on whether you want to establish your business on the mainland or in a UAE-free zone. The Dubai Department of Economic Development (DED) issues licenses to mainland businesses allowing them to conduct business both inside and outside the UAE. In contrast, free zone companies can only conduct business in the UAE with the assistance of a local service agent.
Mainland enterprises must typically take up actual premises, unlike free zone companies. Most of the time, 100% foreign ownership is currently permitted by the law, but only with the approval of the relevant industry authority.
When submitting your application, you are usually only required to provide a few details and some essential documentation, including:
1. Application form
2. Passport copy
3. Two color passport-size photos
3. Applying for a visa
To work in the UAE, you also need a resident visa. A few phases in the visa application process include a chest x-ray, blood test, medical exam, and biometric scanning. You can sponsor other people for their visas if you have a corporate services license. This could be a household helper like a housekeeper, spouse, parent, or child. The number of visas you are eligible to apply for is determined by the size of your business, your chosen structure, and, in the case of dependent visas, your income.
4. Establishing a business bank account
To trade in UAE, you will need a corporate bank account. It should be challenging for you if you are from somewhere other than the Gulf countries. So, you should consult with some agency or person who knows everything about the documentation and requirements.
Cost of Corporate Service License in UAE
The cost of a Corporate Service License in the UAE ranges from AED 10,000 – AED 20,000. This is the cost of just a license. Outside this, you will have to pay for office or coworking space, staff, advertising, etc. And if you proceed with your application with some service provider, they will save you from giving the extra hidden charges.
Read More: How to Start an Export and Import Business in Dubai
Start Your Corporate Firm with Us
If you decide to start a corporate services company, feel free to contact us; we’ll provide you with special assistance in forming your company and help you get a corporate service license. AIG Corporate Services Provider have years of experience in this field, and we have satisfied customers. We are happy that we have a team of experts and that we build a good relationship with our customers.
Many peoples want to start a new business in the United Arab Emirates because of the business-friendly policies of the UAE Government and need some assistance. So, the corporate service provider business is in demand nowadays. You should get your license with the help of some experts to get your hands on this excellent opportunity.