There is rapid growth in several accounting firms in Dubai. Dubai offers fantastic business opportunities attracting more number of investors and auditors to establish their set up in the city. The abundant availability of resources, workforce and infrastructure is the key to gain the attention of all the entrepreneurs towards this smart city.
With the increase in several businesses in Dubai, the need for outsourcing of financial operations has also increased. Every small or big business requires an accountant and a bookkeeper. The industry in recent times focuses more towards the financial activities of their company than any other aspect. To keep audit and maintain all the financial records are an essential aspect to run any successful business.
Accounting and Bookkeeping Business in Dubai
Business owners and investors over the decade have realised the importance of maintaining finance of the company. Even small financial crises if neglected, can bring a company into a significant setback. As keeping an accountant or bookkeeper can be costly, so many organisations are outsourcing their financial operations, this is where all the financial firms come into the picture.
Accounting is a process of interpreting and summarising all the transactions which were carried out by the company. Accounting is to analyse, summarise, report and classify all your Financial Data of all the operations. Accounting is carried out by an accountant of a firm. This accountant is responsible for all the records and financial transactions of the company. The accountant has to be a qualified and certified person. To be a certified accountant, the person must have a legal recognition from the Association of chartered accountants (ACCA). A certified accountant is termed as Certified Public Accountant (CPA).
Bookkeeping is a process of collection and sorting of financial record. It also identifies and measures financial data and records all the transaction. Accounting is the base of the bookkeeping process. All the financial data and the financial record are kept and secured in the bookkeeping process. The method of bookkeeping is carried out by a bookkeeper. The bookkeeper is responsible for handling all the recording part of financial transaction and maintaining them chronologically in the books. Bookkeepers are generally overseen and controlled by the Accountants.
Dubai has an enormous wave for this accounting and bookkeeping business setups. With the increase in need of outsourcing of financial operations, the need for these business setups has increased. These accounting and bookkeeping firms provide services to all the organisations who require financial management assistance.
Setting up an Accounting and Bookkeeping Firm
Accounting and Bookkeeping firms are becoming very popular over this last decade. These services are in high demand due to the growing business sector. The introduction of new services and taxations policies has made these firms very popular. The procedure of these firms to set up is complicated, so it is advisable to take help of the business consultancy firms like JAXA auditors. Following are the conditions required to set up an accounting firm:
- A qualified and certified accountant
- Professional license to run the firm
- Office space with specified regulations
- Registration of the firm
- Documentation and approvals from authorities
- Completing all the legal formalities
- Prescribed fees to be submitted
Benefits of Starting an Accounting and Bookkeeping Business
Below mentioned are the reasons that make Dubai the best place to start any Accounting and Bookkeeping Firm
- Dubai is an emerging Business hub for all kinds of business
- Dubai is Tax-free emirate
- There are Favourable government policies which are helpful for budding entrepreneurs
- The startup cost is minimal in Dubai
- There is a surge of accounting and bookkeeping services
- This sector is a never-dying sector
- Accounting and Bookkeeping is the most consistently growing industry
- This sector also accepts virtual office work
- Work flexibility is provided in this sector.
The accounting and bookkeeping industry is the most growing industry throughout the emirate. The primary function is the outsourcing of financial services has attracted a lot of attention from the emerging business owners. This has made an excellent opportunity for all the entrepreneurs who are looking forward to setting up their accounting and bookkeeping services in Dubai. The most crucial step is to obtain a license to start your company.
The procedure to set up accounting and bookkeeping business is very complicated. We at commitbiz are here to make your business setup in Dubai smooth and hassle-free. Our experts are here to provide you with all the necessary services for your business set up in Dubai. Contact us- we are here to help.
What is the difference between accounting and book keeping?
Accounting – It is a discretionary look at what that data implies for your firm
Bookkeeping – It is a direct record of all transactions and sales your business does.
How to start an accounting firm in UAE?
Proceed with the following steps
Specify your business activity
Choose a company name
Choose a suitable location
Apply for license
Open a bank account
How can I register as an auditor in UAE?
You need to get an audit license for which you must be academically strong as well as pass entrance exam.
What is the cost of starting an audit form in UAE?
It depends on the location, services you offer, scale of your business etc.
Is audit mandatory for all companies in UAE mainland?
Yes, according to the law, book of accounts must be audited.