Dubai and Sports
Dubai is recognized as one of the world’s premier business and tourist destinations. It’s a region home to investment opportunities, regulatory advantages, and a massive business market that makes owning and operating a business straightforward and hassle-free.
But in addition to being recognized as a destination for investors, Dubai is also making a name for itself as an international sports hub. From rugby to football, cricket, tennis, racing, and more, the UAE loves all sporting events. In fact, sports-related expenditures are estimated to rise above $1.76 million each year in the UAE.
If you’re an investor with a sports background looking for a lucrative way to form your own business, a sports management company might be right up your alley. Sports management is an exciting, lucrative industry that’s only showing signs of future growth.
In this blog, we’ll cover the process of starting a sports management company in Dubai, its benefits, and what you need to know to make the most of your venture!
The Benefits of Forming a Sports Management Company in Dubai
Starting your own sports management company is not only lucrative, but it comes with a host of benefits and advantages. Let’s take a look at just a few of them!
• Flexible Schedules
You’re free to work when you want to work. Take on clients and athletes, and manage events on your own time.
• Variety
With so many popular sports options in Dubai, you’ll be able to pick an industry that works for you. And you’ll always have plenty of variety to choose from.
• Opportunity for Growth
Since the popularity of sports is only growing in the UAE, you can rest easy knowing that this line of business will not only be in demand but will grow with you.
• Scale
Start big, or start small- the choice is yours! You’ll be able to develop your business to suit your needs and capabilities.
Steps for Forming a Sports Management Company in Dubai
Regarding company formation in the UAE, you’ll need to secure the proper licensing. In many cases, foreign investors or those unfamiliar with business practices in the UAE will choose a third-party business setup consultant to help them navigate this process. However, if you’re tackling company formation in the UAE on your own, here are the steps you’ll need to take.
1. Determine Business Activity
The first step in any business endeavor has a dream. You’ll need to develop a business activity that suits your desires and expectations. Once you’ve got that in mind, you’ll want to organize a well-crafted business plan that considers your business activity, the competition, and the market forecast surrounding it.
2. Choose a Trade Name
Once you’ve developed a business plan, now is the time to choose your company name. You’ll need to submit a trade name request to Dubai’s Department of Economic Development (DED), ensuring that your name has not been previously chosen and does not include profanity or religious terms.
3. Select Your Ideal Setup
The location where you choose to form your business will play a significant part in how it operates and the advantages you’ll have. In most cases, companies will choose Dubai’s Mainland jurisdiction or one of the many Free Zones throughout the city.
Typically, company formation in Dubai’s Free Zones will be the most cost-efficient method of forming your business. These Free Zones not only come with well-placed infrastructure, but they feature quick company setup, business-friendly regulations, and plenty of financial incentives that make operating here easy, streamlined, and effective.
4. Submit License Application
At this point, your next step will be to gather the necessary documentation and submit a license application through the licensing portal on the DED website.
5. Submit Visa Applications
You’ll also need to submit the necessary visa applications for your family, shareholders, and staff. In many cases, investors will choose consultant teams like MSZ Consultancy to ensure that the application process goes smoothly.
6. Pay Fees and Receive License
After paying the necessary application fees and allowing ample time for processing, you’ll receive your business license. This license gives you legal access to conduct business!
7. Secure Office Spaces
In most jurisdictions, the size of your office space will be directly connected with how many visas you apply for. You’ll need to communicate with authorities to find the right type of facility for your needs. From full physical office spaces to ‘virtual’ spaces, there’s an option for any burgeoning business in the region.
8. Open a Corporate Bank Account
Before you can get your business up and running, you’ll need a way to accept and transfer finances. This will require you to obtain a corporate bank account. Luckily, Dubai has a wide selection of trusted international institutions, allowing you to pick an arrangement that works for your needs.
The Documents Required for Submitting a Sports Management Business License
When you submit your trade license request through the online portal, you’ll be required to submit several crucial pieces of information. Failure to do so can result in the outright rejection of your application. The documents required include the following:
- A completed application form
- Copies of passports for you and any shareholders
- Two color passport-sized photos
- Memorandum of Association
- Articles of Association
The document requirements for this application process may vary. As such, you’ll want to connect with a business consultant or expert to help ensure you have everything ready for submission.
The Cost of Starting a Sports Management Company in Dubai
While determining the cost of any business startup can be challenging, you can expect setup costs for forming a sports management company in a Free Zone to be between AED 20,000 to AED 25,000. However, you’ll want to remember that additional expenses may arise from seeking accreditations to overhead and marketing costs. These can significantly impact the total cost of forming a sports management company in Dubai.
MSZ Consultancy Can Help You Start Your Sports Management Company!
With years of experience helping investors make the most of their business investments, MSZ Consultancy is your trusted name in business throughout the UAE. From business setup in the UAE to handling visa applications and significant renewals, we do it all and deliver actual results.
Do you need help with starting your business? We can help! How about securing the assistance of Public Resource Officers? We do that, too! Whether you’re a single investor or part of a larger corporation, MSZ Consultancy has the knowledge to help you lead.
Your sports management business awaits! If you’ve been thinking about forming a business in the UAE, give us a call at +971 52 544 1248! Our team members are waiting to show you how you can maximize your investments while minimizing the red tape!
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