The United Arab Emirates is evolved into a lucrative business landscape. One of its Emirates, Dubai, offers compelling infrastructure and a fantastic commercial environment which is highly conducive to new business setup. Having lenient government policies, ease of setting up a company, transparency in business activities, and huge reservoir of manpower attracts scores of entrepreneurs from around the world.
Every business small or big needs a bookkeeper/accountant who will manage their finances. Business owners today realize more than ever before that if they are not careful about their finances, they soon won’t be in business. It can be costlier for smaller businesses to appoint a full-time bookkeeper or accountant, outsourcing this function has become very attractive to business owners and a great opportunity for bookkeepers or accountants to start up their own bookkeeping or accounting business in Dubai.
Benefits of Starting an Accounting & Bookkeeping Firm in Dubai
If you have characteristics of outsourcing bookkeeping accounting in UAE, here are the benefits you must know.
- Start up cost for Accounting and Bookkeeping business is minimal
- You can become a specialist in one accounting application for increased marketability
- Its consistent work that typically takes place on a regular schedule
- You can also work virtually and broaden your target market
Starting an Accounting & Bookkeeping Firm in Dubai
Accounting and Bookkeeping consulting firms are one of the most popular business services to start and they’re almost always in demand. The introduction of new levies and fine tuning of existing taxation system has led to unprecedented demand for accounting firms, especially those that offer integrated solutions to their clients and the scope of accounting and bookkeeping business start up in Dubai is increasing with every passing day. Before getting into the procedure of registering your business with the authorities, here are a few things you need to know.
Requirements to Set Up an Accounting and Bookkeeping Firm in Dubai
1.Degree in Accounting
As a consultant you will be engaged in providing services for business rather than private individuals. As an entrepreneur/professional you need to possess a degree in accounting or related area for business setup in Dubai. It also means that you need to have an authentic certificate that proves you are a veritable accountant. However, before opening an accounting firm in Dubai, entrepreneurs need to ascertain the legality of the degree they hold. You can also take local exams to enhance the chance of approval.
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.
In the UAE, it is mandatory to have an office space while setting up a company. Also 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.
Procedure to Start the Accounting and Bookkeeping Firm in Dubai
- The first step under this is registering a trade name for your company. It can be a name of your wish but under the legalities of the Government of Dubai
- The next step is to decide on the company structure. Whether you want to set up a Sole Proprietorship, Joint Stock Company, an LLC, or any other such entity.
- After this you need to obtain an initial approval from the DED. The initial approval typically states that the DED does not have any problem with you starting a business as far as you follow all the legalities required to start a business
- Next step is to register your business by submitting all the documents including the initial approval
- You will then need to rent an office space for your business as mandated by the authorities
- After which you will need to get a Professional License from the concerned authorities
- Once you get the license, you can legally start your accounting and bookkeeping business.
Accounting and Bookkeeping services in Dubai addresses wants and needs of several business entities. 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. If you are one of the interested entrepreneurs/investors who are eager to start this business, we at Commitbiz can help you with it. Contact us today- we’d happy to help you.