Event management becomes a major pain point for most companies. They are either spending too much time on it or not making the most of their events. This is where event management companies come in handy. Event management systems can help plan and execute events, promote them, and measure their success.
As Dubai is a diversified country to start any business, this is a great opportunity to start an event management company in Dubai. The most common events include festivals, business events, exhibitions, conferences, meetings, university events, sporting events, concerts & different types of events ranging. Also, don’t forget that Dubai is the global & most promising place for most lavish events. Dubai is the hub for the most popular event like the Dubai expo. According to research, the Dubai World Trade Center (WTC) events and exhibitions alone are estimated to contribute about USD 3.3bn to the economy. So, the Dubai event industry is too proactive & this has led many entrepreneurs to start event management companies in Dubai, UAE.
Event management company in Dubai includes top-notch consultation, research, event arrangement, planning, venue management, catering & other event services. The manager of the event management company is responsible to take care that the event will go smoothly.
With the streamlined UAE gov law & business regulations, starting an event management company in Dubai is quite easy & straightforward. Also, there are extreme advantages of opening a business in the UAE, like- owners don’t need to pay personal /corporate tax, easy visa process & many more.
For all companies, there are specific rules for business setup, company naming & other business activities. This article will describe the steps to starting an event management company in Dubai.
Steps For Starting Event Management Company in Dubai
Decide The Event Management Service
The very is to decide the event management services you want to carry out, or you are specialized in. Depending on the science you are going to apply, you can select a variety of services. If you fail to make a good list of your business services, it may be a penalty for you in this whole company setup process. An event management company in Dubai provides the most common event management service: wedding planning, party planning, organizing concerts, fashion shows, trade shows, meetings, international exhibitions, etc. To generate maximum revenue from your event management company in Dubai, decide on those services where you have most of your experience and expertise.
Make A Realistic Business Plan
Creating a business plan requires market research, SWOT analysis, financial plan, marketing plan& competitor analysis. For a successful event management company in Dubai, you need to notify about the capital requirements, office space requirements, sales & profit. Before developing the business, owners should keep in mind some factors:
• Aim & objectives of the business
• Requirements of the staff
• Set the skills requirements for the staff
• Determine your targeted audience
• Estimated capital requirements
Choose The Right Business Structure
In Dubai, deciding on the business structure is of the utmost importance while you are planning to venture into any business. Every business structure has laws and regulations, which you must maintain strictly. For commercial business, there are four types of business legal structure:
• Sole Proprietorship- The owner has full responsibility for all aspects of the business. No partners or shareholders are allowed in this business structure. This is the easiest form of business in Dubai, UAE.
• Limited liability Company- It requires multiple shareholders or local sponsorship according to UAE government rules. Now, foreign owners of LLC companies can enjoy 100% ownership of the business.
• Representative Office- It requires opening a branch office for the offshore company owners. A branch office in the UAE can only be engaged in similar activities to the parent company.
Decide On the Jurisdiction Or Economic Zone
Before the licensing process begins, owners must choose which economic zone will align thrie company requirements. The success ratio of your event management company in Dubai mostly depends on the economic zone. Every economic zone has its own advantages and disadvantages. You have to decide the business jurisdiction which compliments your business activity & helps to reach your customer conveniently. The types of economic zones are- mainland, free zone & offshore. Mainland company owners can deal directly with the UAE’s local markets without requiring a local sponsor. They are allowed to conduct events anywhere in the UAE. Dubai World, Dubai South, and also the Dubai Creative Cluster or Fujairah Creative City are popular for the event management companies in Free Zone. Freezone company owners need to community with local sponsors to get a license.
Select A Suitable Company Name
Dubai is very strict when choosing any trade name, whether an event management company or another. The UAE government has a few guidelines regarding company names. You have to select the company name, which is -
• Not related to any religious or political name
• Don’t indicate any abusive, blasphemous name
• If the business name refers to a person, he/she needs to be a partner of that business.
• Name that doesn’t hurt any public moral
• Name that is legally relevant to the specific business activity
Apply For Company License
You must submit your event management license application to the Department of Economic Development (DED) to get the company license. For a smooth license processing, ensure all the required documents are clear & verified. The main documents required for your event management company formation in Dubai
• Copy of passport of the owner and all business shareholders
• Two-color passport-size photographs
• Three trade name options
• NOC for foreigners who wish to conduct business in Dubai
• Completed application form
• Copy of the visa
Set Up Company Bank Account
Opening a dedicated bank account is a must to start an event management company in Dubai. Make sure you choose a bank account that completely matches the company's needs & requirements. You should invest enough time in selecting the preferred bank for your company's monetary transactions.
If we talk about the cost of starting an event management company in Dubai, it depends on the business activity, economic zone & company structure. So, calculating the actual cost is complex. Additionally, starting an events company in a Free Zone is quite affordable, but the exact costs differ depending on the license cost. The costs depend on the business activities and the required number of visas to get a Free Zone business license.
How Can Royex Events Help You?
Royex Events is a feature-rich & leading online ticketing system & event management solution focusing on making event management activities convenient for the customers. It is a one-stop solution for your event solution. For smooth operation, there are dedicated sales, analytics & customer support modules.
It will provide you with an extensive ticketing system through multiple ticket categories. Also, this online event management solution enables you to organize single-day events, Multiple Day events, multiple-day events with multiple agendas, seat management, POS system & live statistics. Through powerful dashboards, the admin can seamlessly control the number of events with graphical views & live data analysis. One point is worth mentioning; you can customize pricing depending on your event needs.
If you are looking for a reliable, secure, and affordable online event management system, get Royex Event today!