Dubai has long been considered the central UAE business hub for events planning. In this region, events occur frequently and represent substantial business opportunities. Whether it’s the Dubai Expo or any other high-scale event, people regularly flock to the area to participate in special ceremonies, meetings, and events. So, a lucrative career is waiting just around the corner for investors and businessmen hoping to open an event management company. This sector is a significant contributor to the Emirati economy, producing more than $3.3 billion annually.
The event management industry is continuously booming, with years of increased profits. Companies in this industry offer event planning, development, and execution services for weddings, birthday parties, corporate events, expos, and product launches, to name a few. This industry has closely kept up with global and international business trends, making it a highly sought-after sector by investors and business professionals. And with the energization from social media, many record-breaking events are regularly conducted in Dubai.
If you’re detail-oriented and possess keen organizational skills, an events management company in Dubai might be right for you! It’s a wonderful industry full of opportunities for those aware of its formalities. For those new to event management, you can always seek the help of a business consultant that possesses the expertise to walk you through the process. MSZ Consultancy is an excellent resource for those interested in forming an event management business in Dubai.
Great Reasons to Start an Event Management Company in Dubai
1. Affordable Start-up Costs
The event management industry is one of many fantastic start-up ideas. It doesn’t require immediate office spaces and permits you to hire contract employees as you need them. Another advantage is that you won’t need to carry tons of inventory like many other business sectors. You’ll need the time, patience, and coordination necessary to plot out major activities.
2. Unlimited Income Potential
No matter the season, there is always something exciting happening in Dubai. And with such a high success rate for entrepreneurs, investors from all around the globe are traveling to the area to form their new businesses.
Dubai is in one of the most geographically advantageous regions in the Middle East. It’s in close proximity to dozens of influential business destinations and provides an excellent spot for trading across several continents. The city is also home to a highly active port that facilitates easy import and export activities.
4. Minimal Risk
An event management business can range wildly in scale from small-term companies to larger corporations. Start-up entrepreneurs can start a company with minimal capital investments as well. You won’t need to invest in office equipment, and office space isn’t necessary.
5. Repeat Business
The success of every business is to maintain positive relationships with their clients. Satisfied clients are more likely to request repeat business and increase your work by word of mouth advertisement. Corporate accounts are often some of the most accessible avenues to maintain repeated business.
6. Dynamic Industry
Event management is a sector where you can expect a constantly increasing growth rate. Dubai sees many top-class events and requires talented event planners to make it work. And performing at this level will demand a great team effort and tremendous coordination from all involved individuals.
7. An Abundance of Visa Options
One of the major contributing factors to Dubai’s popularity is the region’s vast array of visa options. Entrepreneurs can easily and quickly obtain their visas and apply for more as their businesses expand.
8. Multiple Shareholders
Regardless of whether you’re setting up an event management company in a Free Zone or the Mainland, you’ll be able to have multiple shareholders in your company.
Steps to Set Up an Event Management Company in Dubai
Forming an event management company is a huge step! Luckily the application process for your licensing is designed to be straightforward. But before applying, you’ll want to take special precautions to gather the necessary documentation. To guide you through the process, we’ve put together a checklist of the steps you’ll need to form your new company:
1. Choose the Type of Event and Activities You’ll Cover
There are many types of events management businesses available. You’ll need to develop a clear grasp of your chosen goals and create a strong business plan that accounts for market trends, projected forecasts, and demand.
2. Choose Your Location
When forming an events management business, you’ll have numerous business locations to choose from. You can form your business in one of the many Free Zones throughout the UAE or conduct business directly in Dubai’s Mainland.
3. Prepare Your Documents
As we’ve mentioned, you’ll want to gather all the documents and information required for your application. These include:
• A filled application form
• A copy of your passport, visa, and Emirates ID
• No Objection Certificat
• Memorandum of Asociation
• Board resolution
• Certificate of Incumbency
4. Submit Your Application and Pay the Necessary Fees
To finalize your business setup in Dubai, you’ll need to submit your application to the relevant authority and pay your licensing fee. Additionally, you’ll want to check if any 3rd party approvals are necessary for your business approval.
5. Apply for a Corporate Bank Account
You’ll need to open a bank account to manage your company’s finances. With the help of established banks and financial services, your company’s financial information will be safe and secure.
6. Create your Online Presence through Branding
A great majority of your potential clients will be found on the internet. As a result, it’s essential to put your best foot forward! Create captivating branding that will catch potential customers’ eyes.
7. Build your Network
Successful event planning is a group effort that will increase your clientele base. The more clients satisfied with your work, the more new ones you’ll receive as a result.
To ensure that all your paperwork is submitted smoothly and promptly, you may want to connect with company formation experts such as MSZ Consultancy. MSZ has a large team of company registration specialists waiting to bring your business to life with minimal headaches and roadblocks. Our experts are knowledgeable in local business practices and are dedicated to helping your new business reach its maximum potential. Give us a call today at +971 52 544 1248 and let our consultants help you!
Frequently Asked Questions
Starting a new business is a huge process! And with any such endeavor, you’re bound to come up with a few questions along the way. So to help new potential entrepreneurs, we’ve put together a few of our most frequently asked questions.
1. How do I start my own event management company?
Step 1: Choose your business type and product or service
Step 2: Perform market research for event management companies in Dubai
Step 3: Prepare a business plan for your company
Step 4: Gather the necessary funds for start-up costs.
Step 5: Submit application, choose a trade name, and pay the necessary fees.
2. What are some good event ideas for an event management company to cover?
• Wedding Planners
• Corporate events
• Annual events
• NPO and charity related events
• Health awareness walks and marathons
• Business Expos
3. Can an event management business be profitable?
Absolutely! This industry is constantly evolving and growing. There will always be another occasion that warrants its own event. No matter what section of the industry you find yourself operating in, you’ll be sure to have plenty of business opportunities!
4. What are the documents required to start an event management business?
You’ll need to have the following documents handy when applying for your trade license:
• Passport copies for the owner and any business partners
• At least two color passport-sized photographs
• Three trade name choices
• Memorandum of Association
• Board Resolution