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 a huge reservoir of manpower attract scores of entrepreneurs from around the world.
Every business small or big needs a bookkeeper/accountant who will manage its 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.
- The 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 Services 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 the existing taxation systems 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-ups 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 businesses rather than private individuals. As an entrepreneur/professional you need to possess a degree in accounting or a 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.
2. 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.
In the UAE, it is mandatory to have 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.
Documents Required to Setup a Bookkeeping and Accounting Firm in Dubai
- Copy of passport and visa of the shareholders
- Business plan
- Trade name certificate
- Lease agreement
- Initial approval certificate
Accounting and Bookkeeping services in Dubai addresses the 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.
How to Start the Accounting and Bookkeeping Firm in Dubai?
To start an accounting and bookkeeping firm in Dubai, the following steps one needs to adhere:
1. Finalize the Business Trade Name
The first step under this is registering a trading name for your company. It can be a name of your wish but under the legalities of the Government of Dubai
2. Decide the Business Entity Structure
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.
3. Obtain the Initial Approval from DED
After this, you need to obtain 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
4. Submit the Respective Documents
The next step is to register your business by submitting all the documents including the initial approval
5. Get Your Office Space
You will then need to rent an office space for your business as mandated by the authorities
6. Obtain Your Business License
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.
Cost of Setting up the Accounting and Bookkeeping Firm
The cost of starting an accountancy, and bookkeeping consultancy firm in the UAE will depend on your chosen business activity, company size and where you set up.
As an approximation, you might expect a free zone set up to be around AED 20,000 – AED 25,000 for both license and visa. Keep in mind that there will be additional costs should you require qualifications or accreditations for your particular area of business.
How can we assist you?
While accounting and bookkeeping firm is easier to register, there are some legalities where you need business setup consultants. That we where we come into the picture.
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 be happy to help you.
What are the services provided by the accounting?
Accounting information system
What are the services provided by the bookkeepers in Dubai?
Settle up your bank accounts
Account for your financial transactions.
Organize bank feeds.
Organize your financial records.
Control your receivables and payables.
Carry out some payroll and human resource tasks.
Collaborate with your tax preparer and assist with tax compliance.
Chart of Accounts Preparation
Billing for services or commodities sold, keeping track of customer receipts.
Assign the account entries to the appropriate accounts.
Month-end or year-end closure and value-added bookkeeping
What are the coming trends in the accounting and bookkeeping industry in Dubai?
How can I benefit from the accounting services?
Accounting services will help your business improve its goodwill, financial stability, credit management, audits, and financial reporting, among other things.
What is the relevance of accounting and bookkeeping firms in Dubai?
In Dubai, accounting and bookkeeping firms help business owners with their financial status or tax services to control the cost.