If you enjoy sports and want to turn it into a career, sports management is a field that can cover everything from the front office in professional sports to sports marketing, events, equipment management, and sports finance. When it comes to sports, the Middle Eastern sports market is thriving. In contrast to the rest of the world, a recent study found that the sports market in the Dubai region is expected to grow by 8.7 percent over the next five years. Sports management appears to be a strong contender if you are considering starting a business in Dubai, with events such as the Formula 1 Grand Prix, UFC Combat Championship, Duty-Free Tennis Championships, and others.
Advantages of establishing a sports management company in Dubai
There are numerous advantages to establishing a sports management company in Dubai. These are some examples:
- You can be flexible in your work: You can choose the clients/athletes/events you work with, as well as the mix of in-person and online work.
- You can have a variety of jobs: With so many popular sports and events in Dubai, you can be sure to have enough variety to keep your working life interesting.
- Opportunities for advancement: With such a dynamic sports industry in Dubai, there is likely to be an increase in demand for management services for those with the necessary skills.
- Start small – or big: No matter what size you start with, you can expand to a capacity that works for you.
Dubai Sports Management License Cost
The cost of starting a business in Dubai is determined by the type of business, the size of the business, and the location. For licences and visas, you can expect to pay between AED 20,000 and AED 25,000 in a free zone arrangement. Keep in mind that there will be additional costs if you need special qualifications or accreditation for a specific aspect of sports management in which you are involved.
Steps to establishing a sports management firm in Dubai
There are several steps to take to get your Dubai sports management company up and running. Let’s break this down:
Choose a company name
The first step is to come up with a name for your business. There are a few key points to remember at this point, many of which are unique to the world.
Keep in mind that you must adhere to a set of naming conventions. You should stop using offensive or blasphemous language. Avoid well-known company names and abbreviations when naming your company after yourself.
Choosing your ideal setup
The decision of whether to establish a company on the mainland or in a free zone is an important step in the process of company formation in Dubai.
If you choose a mainland business setup in Dubai, you will be able to trade directly with the UAE without the assistance of a third party. You can also set up shop anywhere in the emirate and bid on government contracts.
In most cases, establishing a company in a Dubai free zone is the most cost-effective option. And, if you’re looking for the most affordable free zone setup, it’s a good idea to look outside of Dubai.
Free zones, such as Fujairah Creative City, provide advantages such as a quick and easy incorporation process, ongoing business support, and financial incentives such as tax exemptions and no currency restrictions.
Applying for your license
Once you’ve decided where you’re going to set up shop, you should apply for a business licence. If formed on the mainland, the application is submitted to the Department of Development of Dubai (DED) in the emirate.
You can also submit your application directly to a free zone. In both cases, you can work with a company to have a specialist handle the application for you.
Normally, you will be required to submit:
- Completed application form
- Passport copy of the proposed owner or owners
- Two colour passport size photos.
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Making your visa applications
To live and work in the UAE, you will need a visa. Again, with the proper guidance, the visa application process can be extremely simple. Most company formation in Dubai will be able to assist you with this step as well as your licence application.
You can sponsor others for visas if you have a UAE business licence. It could be a partner, child, parent, domestic worker, housekeeper, etc.
The maximum number of visas you can apply for is determined by the size of your company, the setup you choose, and, in the case of dependent visas, your personal earnings.
Opening your Corporate Bank Account
To conduct business in the UAE, you will need a corporate bank account.
Before applying to find one that is best suited to your business needs and most likely to provide you with corporate banking services, you should first become acquainted with a number of financial institutions. You can assist with this process by working with your company’s setup representative.
Keep the following in mind:
- A UAE business licence is required to open a corporate bank account.
- Some banks require shareholders to obtain a citizenship visa.
- Most accounts require a minimum balance of between AED 10,000 and AED 150,000.
- If your application is approved, your account will typically be activated within two to four weeks.
There are several incentives and facilities available in Dubai for establishing a sports centre. The process of establishing such a SUBS business is not difficult. You can establish your centre on the Dubai mainland. There are a few areas set aside for gameplay as well. Dubai Sports City, Hamdan Sports Complex, and Dubai Motor City are just a few of the areas that offer public sports facilities. These locations are also suitable for a sports centre.