Dubai is renowned across the world as a place to work hard and play hard. Undeniable evidence of this can be found in the emirate’s passion for sporting activities. It is believed that more than one million people watch athletic events each year in Dubai, with the Dubai Horse Racing World Cup drawing more than 80,000 live spectators.
Numerous other athletic events, such as football, tennis, and cricket, are also held in Dubai. Every year, the nearby city of Abu Dhabi conducts its own Formula 1 Grand Prix. This zeal for sports turns into significant revenue.
An estimated $1.76 million or more is spent on sports-related expenses each year. Therefore, it should come as no surprise that Dubai is home to a rapidly expanding sports business environment, with sports management at its core and a market value of over USD 50 billion globally.
And joining this dynamic industry doesn’t need to be a difficult procedure. In only five simple steps, you may start a sports management company in Dubai when you collaborate with our business setup specialists.
Benefits of Starting a Sports Management Company in Dubai
There are several potential benefits of starting a sports management company in Dubai, including:
1. Growing Sports Market:
Major international sporting events like the Dubai World Cup (horse racing), Dubai Tennis Championships, and Dubai Marathon draw athletes and fans from all over the world to Dubai, where the sports industry is expanding quickly.
2. High-income Population:
Due to its wealthy population, Dubai is a desirable location for businesses offering upscale fitness facilities, personal training, and sports coaching.
3. Business-friendly Environment:
Due to its established legal and regulatory structure, low tax rates, and government encouragement for entrepreneurship and innovation, Dubai is renowned for its business-friendly climate.
4. Strategic Location:
Due to its convenient access to Europe, Asia, and Africa, Dubai’s strategic position makes it a prime site for both sports-related enterprises and events.
5. Diverse Sports Industry:
Dubai’s sports business is varied, offering possibilities in a range of fields, including sports marketing, event planning, sports technology, and sports tourism.
6. Infrastructure and Facilities:
In order to attract athletes and sports lovers, Dubai has made significant investments in sports infrastructure and facilities, such as top-notch stadiums, sports academies, and training centers.
Overall, UAE might provide several benefits to start a sports management company in Dubai, including a developing sports market, affluent residents, a business-friendly climate, a strategic location, a broad sports sector, and cutting-edge infrastructure and facilities.
What License Is Needed for Sports Management?
Entrepreneurs must get a few licenses and permissions to launch a sports management company in Dubai, including:
- Business License: The Department of Economic Development (DED) requires all businesses doing business in Dubai to get a business license as per your chosen business activity.
- Sports Management License: The Dubai Sports Council (DSC) is the licensing body that grants this license, which is exclusive to sports management firms.
- Professional License: Professionals that offer sports-related services, such as coaches and trainers, must have this license.
- Residence Visa: You will require a resident visa if you are a foreign national beginning a business in Dubai.
- Work Permits: The Ministry of Human Resources and Emiratization must issue you with work permits if you intend to employ foreign workers.
- Health and Safety Permits: Depending on the services you provide, you might need to apply for health and safety licenses with the appropriate agencies.To ensure that you acquire all required licenses and permits to function legally in Dubai, it is crucial to seek expert advice on the particular licensing requirements for your company.
How to grow your sports management company?
Entrepreneurs should take into account a number of factors before starting a sports management company in Dubai, including:
- Market Research: Make a comprehensive analysis of the local sports market to grasp trends, opportunities, rivalries, and prospective customers.
- Business Plan: Create a thorough business plan that details the goals, target market, services, funding, marketing plan, and timetable of your organization.
- Legal Requirements:Learn about the licenses, permits, visas, tax responsibilities, and other legal and regulation requirements for establishing and running a company in Dubai.
- Funding:Establish your starting expenses and locate possible financing options like grants, loans, or investors.
- Team:Create a squad of knowledgeable and experienced businessmen and women, such as sports management specialists, trainers, marketers, and financial advisers, to help you manage and expand your enterprise.
- Network:Create a broad network of connections and collaborations with people in nearby communities who work in the sports industry, including sports organizations, players, event planners, and supporters.
- Technology:To remain competitive and provide cutting-edge services, think about engaging in sports technology, such as data analytics, social media management, and virtual coaching. Entrepreneurs can improve their odds of beginning and running a sports administration business in Dubai by taking these factors into account and creating a well-thought-out strategy.
Steps to start a sports management company in Dubai, UAE
Following are the steps that one must follow in order to set up a Sports Management Company in Dubai:
1. Choosing your Company Name
The first stage is picking a name for your business. At this point, there are a few important considerations that are unique to this situation.
You must adhere to a rigid set of naming standards. Avoid using any derogatory or profane words. Avoid acronyms and well-known company names when naming your business.
Before registering the name for you, your business setup representative in UAE Expansion will confirm that your preferred name is accessible.
2. Choosing Your Ideal Setup
You are free to conduct business with the UAE without the aid of an expert if you choose a Dubai mainland company arrangement. Additionally, you can establish yourself anywhere in the state and solicit government contracts.
The most economical method is typically to establish a business in a free zone in Dubai. Additionally, it’s a good idea to search outside of Dubai if you’re really trying to find the most reasonably priced free zone arrangement.
3. Applying for your License
You can apply for your trade license once you’ve chosen where you want to set up your business. You must submit this application to the Dubai Department of Development (DED) or the local equivalent in another emirate if you are establishing a business on the mainland.
You also have the choice of registering directly to a free zone. In both situations, you should deal with a business establishment specialist who can take care of your application.
Typically, you’ll have to provide:
- Completed application form
- A copy of the Passport of the proposed owners or an individual owner
- Two color passport-size photos.
4. Making your Visa Applications
In order to reside and operate in the UAE, you will need a visa. Again, with the proper direction, the visa application procedure can be very simple. The majority of company creation agents can assist you with both this stage and your license application.
If you have a UAE company license, you can also support the visas of other people. This could be a household helper like a housekeeper or a spouse, parent, or kid.
Your ability to file for a certain number of visas will be influenced by the scale of your business, the setup you’ve selected, and, in the case of dependent visas, your own financial situation.
5. Opening your Corporate Bank Account
A corporate bank account is also necessary if you want to conduct business in the UAE.
Before submitting your application, you should become acquainted with a number of financial institutions to determine which is most likely to meet your company’s requirements and provide corporate banking services. You can get assistance with this procedure from your Business setup agent.
Don’t forget that:
- To establish a company bank account, you need a UAE business license.
- Shareholders should have a residency visa.
Cost of starting a sports management company
There are a lot more factors to consider when starting a sports administration company in Dubai, United Arab Emirates, than just the license price. Premises, personnel, promotion, and other potential administrative expenses must also be taken into account. However, the license itself is reasonably priced. The price range is between AED 10,000 and AED 20,000.
Working with UAE Expansion
Given the city’s quickly expanding sports market, high-income population, business-friendly environment, strategic position, varied sports industry, and cutting-edge infrastructure and facilities, starting a sports management firm in Dubai can be a profitable and gratifying endeavor.
However, beginning a company has its challenges, so it’s critical to do extensive research, develop a strong business plan, and get expert advice to guarantee success. Entrepreneurs can take advantage of the numerous possibilities present in Dubai’s sports industry and establish a prosperous sports management business with the proper strategy, commitment, and hard work with our experienced professionals to help you at every step.