Dubai is not only a global hub for tourism and commerce but also a thriving hotspot for businesses of all sizes and industries. As the economic epicenter of the United Arab Emirates (UAE), Dubai offers an abundance of opportunities for both local entrepreneurs and international investors. If you’re looking to start a project management company in Dubai, it can be a strategic move with loads of advantages.
Project management involves the process starting from planning to organising the resources of a company to facilitate the progress of a given task or an event. The project could be a one-time gig or an ongoing one.
The project manager would also be responsible for handling the resources including intellectual property, manpower, finance, technology, and equipment.
So, let’s understand more about how to start a project management company in Dubai and the benefits that comes with it.
What is Project Management Company in Dubai?
A project management company in Dubai is a business that provides project management services to clients in the Dubai area. These services can include:
- Planning and managing the project from start to finish.
- Scheduling and coordinating the activities of the project team.
- Managing the budget and resources of the project
- Communicating with stakeholders and keeping them updated on the project’s progress.
- Identifying and resolving risks and issues
- Ensuring that the project is completed on time, within budget, and to the required quality standards.
The purpose of a PMO is to improve project performance, ensure consistency and alignment with organizational goals, and enhance overall project management capabilities.
Benefits of Setting Up a Project Management Office in Dubai
Dubai is a rapidly growing city with a thriving economy. As a result, there is a growing demand for project management services in the city. A project management company can help organizations to improve their project management practices and achieve their goals.
Here are some of the benefits of setting up a project management office in Dubai:
1. Wider business scope with the project management office
Having a project management license in Dubai allows you to handle projects in any vertical. You could take up assignments as trivial as managing a website to tasks as big as managing the construction of a skyscraper. Additionally, your trade license allows you to partake in multiple activities such as marketing and providing IT solutions.
2. Securing a UAE visa
Setting up a PMO in Dubai will not only help entrepreneurs get a residency visa in the UAE, but this will also enable them to sponsor their family members. Living in the Emirates for a longer term is only possible if you have a residency visa. Thanks to the UAE government’s progressive policies, residents can enjoy an array of perks.
3. Maintaining a bank account
One of the mandatory requirements for opening a bank account in Dubai is a residency visa. Three of the primary ways to secure a visa are getting sponsored by an immediate family member or employer. However, having a project management office in Dubai gives you the independence to have it all – a residency visa, sponsoring your family members, and maintaining a bank account to manage your finances.
4. 100% ownership of your business
You can own 100% of your business in Dubai, without having to worry about restrictions on foreign ownership. Hence, this gives you complete control over your business decisions and allows you to make the best decisions for your company’s future.
5. Attractive tax regime
Dubai has a very attractive tax regime for all the businesses. There is a little corporate tax on profits and no personal income tax, hence, you can save a lot for your business.
6. No address is required for the project management office
Project management offices are not required to have an office address in the first year to carry out their business activities. While the applications for several types of licenses need, you to have an office space and an ejari (property lease agreement), this category you to operate without a physical office space.
7. Work with the UAE government
Your project management office can assist with government projects as well. When it comes to putting your eggs in different baskets, a project management license allows you to truly experience it. Tap into the right sources and take up civic projects as well.
8. Enjoy the high quality of life
Dubai is popular among the international business community for its global connectivity, and its strategic proximity with other business hubs, it also offers a high quality of life to its residents.
Add to this, the city was recently voted one of the safest places in the world to live in. Furthermore, Dubai is also known for its shopping destination, multi-cuisine delights and tourist attractions.
How to Start a Project Management Company in Dubai?
Obtaining a project management service license Dubai involves several steps and regulatory requirements. In addition, having a Project Management License allows you to legally operate in the Emirate.
To start a project management services company in Dubai, here are the steps:
Step 1: Choose a Business Structure
Choose an appropriate legal structure for your company, such as a Sole Establishment, Limited Liability Company (LLC), or Free Zone Company.
- Limited liability company (LLC): This is the most common business structure for foreign investors in Dubai. It offers limited liability protection to the owners, and so, relatively easy to set up and maintain.
- Sole Establishment – This is a good option for small businesses with a single owner. It is less complex to set up than an LLC, but it does not offer the same level of liability protection.
- Free zone company: This is a business structure that is registered in a free zone in Dubai. Free zones offer several benefits, such as lower taxes and fewer regulations.
The best business structure for you will depend on your specific circumstances and requirements. Also, please note that the cost of starting a business setup company may also vary depending on the business structure you are opting.
Step 2: Register your company name.
The company name must be unique and cannot be offensive or misleading.
Step 3: Apply for a Project Management License
To obtain a project management services license in Dubai, mainland companies should apply through the Department of Economic Development (DED). Free zone companies should also apply through their respective free zone authority.
The requirements for obtaining a Project Management License vary depending on the experience and qualifications of the project managers.
Step 4: Open a bank account
A bank account is also required to receive payments and make payments for business expenses.
Step 5: Visa Processing
If you plan to hire foreign employees, initiate the visa application process for them through the Dubai Immigration Department or relevant free zone authority.
Once you receive your Project Management License in Dubai and complete all necessary setup, you can start a project management company in Dubai.
Documents Required to Start a Project Management Company in Dubai:
Here are some of the documents that you will need to submit to obtain a Project Management License in Dubai:
- Trade license application form
- Passport copy of the proposed owner/s
- Two colour passport-size photos of shareholders and directors
- Any additional documents specified by the licensing authority.
However, it’s essential to note that regulations and requirements may change over time, so it’s advisable to consult with a business advisor like Shuraa Business Setup to ensure compliance throughout the process.
Additionally, consider seeking guidance from the specific free zone authority or DED office that governs your chosen jurisdiction for assistance to start a project management company in Dubai.
Project Management License Cost in Dubai
The project management license cost in Dubai varies based on the business structure and activities. However, the average project management license in Dubai cost you around AED 15,000 to AED 25,000*.
*Please note these costs are just an estimate, the actual cost of obtaining a project license may vary. Therefore, we advise you to get in touch with a business setup expert like Shuraa to know the actual cost and assistance in starting a project management company in Dubai.
Seamless Business Setup in Dubai with Shuraa
Starting a project management company in Dubai can be a great way to capitalize on the growing demand for project management services in the city. However, it is essential to be aware of the regulatory requirements and cultural and communication challenges that you will face.
Dubai’s business environment offers immense opportunities, but it also demands a careful approach to understanding the unique dynamics of the region.
Also, to simplify this process and ensure a smooth journey into the Dubai business world, expert assistance is crucial. That’s where Shuraa Business Setup comes in. With over 22 years of experience, Shuraa has been a trusted partner 50,000+ entrepreneurs in establishing their businesses in the UAE.
Our comprehensive services, including company registration, documentation, translation services, sponsorship support, business licensing, rented office space, PRO services, and more. Our services are designed to make your business setup process seamless and hassle-free.
Whether you have questions about business establishment or need assistance with any aspect of your Dubai venture, we’re here to guide you every step of the way.