Everybody knows that Dubai is no longer just a fun travel destination. Those days are now over. The entire United Arab Emirates has now transformed into a promising business landscape. Dubai also provides an excellent infrastructure and a brilliant commercial environment that is highly suited to new business development. The leniency of government policies, ease of establishment of a company, unparalleled transparency in dealing with local and federal administration, and a vast pool of skilled labor attract a huge number of entrepreneurs from around the world. This has resulted in significant changes to the tax policy. The introduction of new levies as well as the fine-tuning of the existing tax system has led to extraordinary demand for accounting firms, in particular those offering integrated services to their clients and increasing the scope of accounting and bookkeeping start-ups in Dubai on a daily basis.
Bookkeeping and Accounting Business in Dubai
Accounting and bookkeeping consultancies are one of the most widely known business services to start and are mostly in demand. The implementation of the latest levies and adjustment of the existing tax system has led to a tremendous demand for accounting firms, especially those providing integrated solutions to clients, and the magnitude of the start-up of accounting and accounting firms in Dubai is increasing with each passing day. Before you get into the process of registering your business with the authorities, here are some things to keep in mind.
- Degree in Accounting
As an entrepreneur / professional, it is crucial that you have a degree in accounting or related fields to own an accounting firm in Dubai. You should also have a certificate to prove that you are a legitimate accountant. The degree you hold must also be recognized. However, before opening an accounting firm in Dubai entrepreneurs need to ascertain the legality of the degree they hold. Alternately, one can also undertake local exams to enhance their chances of approval.
- Professional License
To start any business in Dubai, you will need a license. When it comes to starting an accounting firm, you must have a valid professional license which is typically issued by the Department of Economic Development (DED) in Dubai.
- Office Space
Having an office in a commercial district helps fetch clients easily. A physical working space also generates lots of confidence amongst the clients as they feel assured and comfortable dealing with an accounting firm that boasts a team of dedicated CPA’s. As a bookkeeping business start-up in Dubai, you can rent a space of your choice.
Benefits of Starting an Accounting & Bookkeeping Firm
If you have the attributes of managing accounting and bookkeeping services in Dubai, below are the advantages you need to recognize:
- The startup cost for Accounting and Bookkeeping business is minimal
- You might become a specialist in one accounting application for increased marketability
- Its consistent work that generally takes place on a regular schedule
- You can also work virtually and broaden your target market
Opening an Accounting and Bookkeeping Company in Dubai
If you are looking to start the Accounting and Bookkeeping Firm in Dubai, we have laid out the steps to follow for your convenience:
Step 1: Registering a trading name for your company.
Step 2: Decide on the company structure you want. (Sole proprietorship, joint-stock company, or others)
Step 3: Obtain an initial approval from the DED, stating that the regulator doesn’t have any problem with you starting a business.
Step 4: Register your business by submitting all the necessary and required documents
Step 5: Rent an office space for your business as required by regulation
Step 6: Obtain a professional license from the relevant regulator
Why Choose RIZ & MONA Consultancy?
As discussed earlier in this thread, in terms of setting up an accounting firm in the UAE, Dubai must obtain a professional license. This involves the submission of a number of key documents, proofs, certificates, and a multitude of government forms. A company formation specialist in the UAE, such as Riz & Mona Consultancy, provides end-to-end solutions for setting up any kind of business in the UAE and Dubai. Bookkeeping company start-up in Dubai addresses the wants of several entities and provisions. While typical accounting firms look after the needs of corporate and medium-sized commercial establishments, there are others who cater to the requirements of individuals and small-sized businesses.