10 Jan How to Set Up an Accounting & Bookkeeping Firm in Dubai?
The United Arab Emirates has developed into a prosperous corporate environment for budding Indian entrepreneurs. Moreover, Dubai, one of its Emirates, has advanced infrastructure and a superb economic ecosystem that’s ideal for offering accounting and bookkeeping services in Dubai.
Furthermore, the favorable government laws, simplicity of forming a firm, transparency in business operations, and a large pool of manpower attract a large number of entrepreneurs from around the world. In addition, every firm, large or small, requires a bookkeeper/accountant to oversee its accounts.
Today’s company owners are aware that if they don’t manage their funds carefully, they’ll soon be out of business. Moreover, outsourcing this role has become increasingly appealing to business owners. It’s because hiring a full-time bookkeeper or auditor can be costly for small firms. Therefore, it’s a terrific chance for bookkeepers or consultants to start a bookkeeping service in Dubai.
What are the Steps to Start an Accounting & Bookkeeping Company in Dubai?
Follow the steps mentioned below to start offering accounting and bookkeeping services in Dubai:
- Make a Decision About Your Business Activities
- Decide on a Trade Name
- Finalize a Location
- Apply for a Bookkeeping & Accounting License
- Maintenance and Validity of the Bookkeeping License
Here’s a detailed explanation of all the steps listed above:
1. Make a Decision About Your Business Activities
What activities do you want to carry out daily when you offer accounting and bookkeeping services in Dubai? Make a list of all of them (you can choose up to ten, so plan in advance) and compare them to the DED‘s list of authorized activities.
2. Decide on a Trade Name
If you don’t have a legitimate business name for your firm, you can’t apply for a trade license in the UAE. The name should be one-of-a-kind, reflect your organization’s values, and be devoid of any negative phrases.
Furthermore, when submitting the trade name reservation document, follow the naming convention standards. Furthermore, avoid using questionable words or concepts that may harm someone’s sentiments.
3. Finalize a Location
You can choose a mainland trade license for your firm to take full advantage of Dubai’s local market. Note that Dubai’s local marketplace ranks among the best in the world. Conversely, you can apply for a specialized trade license in the UAE and open your firm in one of the free zones at a low fee.
The DED approves businesses that ask for a mainland trade license, while the free zones are governed independently. In addition, it’s vital to pick the correct location because you don’t want to overburden your company with moving expenditures. Furthermore, keep in mind that all of this adds to the overall cost of a bookkeeping service license in Dubai.
4. Apply for a Bookkeeping & Accounting License
After you’ve completed the preceding steps, you can apply for a trade license. If the regulatory authority approves your application, the issuance fee will be included in the cost of your Dubai trade license.
Moreover, it’s a requirement for all Indian investors, regardless of the type of commercial/professional activities they’re seeking. In addition, ensure that all payments are made within the required timeframes and that you respond to any requests for resubmission from the relevant departments.
5. Maintenance and Validity of the Bookkeeping License
To keep your trade license valid in the UAE, you must renew it every year. In addition, defaulters who fail to renew their license on time are subject to fines and penalties. All you have to do is review your lease agreement and request a payment voucher for the renewal of your license. You’re done once you’ve made the payment with that voucher.
Cost of Launching a Tax Consulting Business in the UAE
The cost of establishing an accounting and bookkeeping firm depends on various factors. First, you need to finalize the business location. Moreover, you also have to bear the cost of a bookkeeping service license in Dubai.
Other payments include the fees for trade name reservation, initial approval certificate, etc. Furthermore, you have to pay an extra charge for using a foreign trading name. Therefore, you can expect anything between AED 25,000 to AED 30,000 as the incorporation cost of your firm.
Benefits of Opening an Accounting Agency in the UAE
- You don’t have to pay any personal or corporate taxes when you start a bookkeeping service in Dubai. In addition, the Indian investors and other expatriates can repatriate 100% of their profits and capital gains.
- The latest amendments to the Companies Law have empowered foreign business aspirants to enjoy complete foreign ownership. Therefore, you’re the master of your business kingdom – be it on the mainland, or any of the free zones.
- The best part about opening a tax consulting business in Dubai is the immense client pool. There are so many running businesses in the UAE. Therefore, you’ll never run out of clients if you offer flawless accounting services.
Documents Required to Set Up an Accounting & Bookkeeping Firm in Dubai
- Photographs (passport size) of the company registration applicant
- A degree in Accounting from an established educational institute
- Entry Stamp or Visit Visa
- Passport copies of all the legal participants for verification
Start your Accounting & Bookkeeping Company Today!
Your decision to start an accounting & bookkeeping firm in Dubai is the right one, thanks to a plethora of business benefits. Moreover, the crime-free business ecosystem makes it a no-brainer for Indian investors to launch their companies in this region.
All you need to do now is get in touch with the business consultants at Shuraa. We take care of all your business requirements. Furthermore, you don’t need to worry about licensing, banking, etc., when you work with us.