As the name suggests, Event management simply means management of all the events or functions that are ensuing in a specific place and time. Even though it has become an old notion in the business realm, it has reaped tremendous success within the last few years. Dubai is regarded as one of the best event capitals in the world. Events like Dubai World Trade Centre Fest and exhibitions alone are estimated to give around 3.3 Billion USD to the economy. This implies the availability of great opportunities and possibilities of huge success for event management companies in Dubai. However, setting up an event management company involves proper consultation, arrangement, research, and planning. The most common and popular events include conferences, business events, galas, sporting events, summer camps and more.
What are the steps involved in setting up an event management company in Dubai?
Currently, the Event Management industry in Dubai is booming at an incredible pace. As the industry continues to flourish, it is proposing a lot of openings to foreign investors. However, there is only a little data on how to set up an event company in Dubai. As a result, most of these individuals aren’t sure about where to begin. Nevertheless, opening an event planning business here is both timely and simple. Let’s look at the necessary elements that one should learn before stepping into this field.
Determine the Services You Prefer to Sell
A service is something intangible like wedding planning, party planning or even conducting meetings, incentives, conferences and much more. So for setting up an event management company in Dubai, you have to first choose those services in which you have a bulk of your experience and dexterity, in which you have a guard, and which can produce maximum revenue for you.
Choose the Location you Want to Perform your Business
- Free Zone: Numerous free zones in Dubai are hubs to event management companies. In the free zone, you will be provided with 100% ownership of your company. However, there will be some limitations on where you can conduct events and exhibitions. If you are planning to choose the free zone, then you have to send an application form along with the necessary documents to the applicable free zone authority. Also, you have to apply for a permit from every venue that you work with. Similarly, you are not allowed to conduct events in public spaces such as beaches or parks.
- Mainland: If you are planning to set up a business on the Dubai mainland, you need to apply for an Event Management License directly to the DED. To conduct your event anywhere across the UAE, first, you have to apply to the Department of Tourism and Commerce Marketing (DTCM).
Do Market Research for Event Management Company in Dubai
Generally ‘market’ simply means your ‘target audience’. If your target audience is not that much interested in the type of events you organise, or the service you offer, then you won’t get any customers. Therefore, it is very important to understand the target audience and what are their desires and demands from your event.
Create a Business Plan
A business plan is a document that defines your business objectives, financial forecasts and strategies for sales and marketing. It is necessary to develop your aims and intentions for building an event management company, especially in Dubai. This includes the financial and marketing planning and also the vision and mission statements for the event company. Also, you must include some additional points inside your business plan. They are listed below:
- Your Vision for the Company
- Mission Statement
- SWOT Analysis
- Financial Plan
- Marketing Plan
Investment and Funding
Before starting the whole procedure of setting up your event management company, you should have a clear plan about the investments and funding that you are probably going to make. If you are planning for the investment, make a list of all of the options that are open to you. This should include interest rates and repayment terms.
Register Your Business
For a business register in Dubai, an event management company have to fill out an application form for getting the license. Again, you should provide personal and professional information including your business activities to the authorities for getting the required permit. If you are planning to open your business in Mainland, submit the application to the Department of Economic Development. If you choose a Free zone, then you have to submit it to the free zone authority. After receiving the initial approval, pay the necessary fee. You will get the license within a few days after receiving the final approval. Also, you can easily complete an online form to register your event management company in less than 20 minutes.
Promote Your Company and Brand Identity
In Dubai, for promoting your event management company, a corporate identity is required. Also, after deciding on a name for your company, make a logo. This will attract more people. Again, you should create business cards, a website, proposals and more. These aspects are required for promoting any sort of business.
Build Up Cost
Event management license cost in Dubai are extremely cheap, starting at around AED 17,500. However, The total expense for starting an event management company is different for mainland and free zones. The Mainland costing is based on the legal type of the license. This can be either a professional or commercial license. However, these are almost the same with only minor differences. Free zone cost also varies from place to place. They often come as a package that is based on activity and the number of visas.
Event management is a very promising endeavour. Numerous event management companies have flourished within Dubai. Thus, setting up an event management company here is an easy task if you are well familiar with the legal formalities. Applying for a license for an event management business is often a straightforward process. However, if you are unfamiliar with the procedure, there is a risk of incorrect applications and ensuing uncertainties. Therefore, you can always seek professional assistance from a business consultant to make things simpler.