New Startups are highly encouraged by the region as it has started to establish its economic stability in the local and international markets. Along these lines, it is starting a consulting business in Dubai, acquiring an extensive clientele base and excellent business provisions such as growth, stable profits, and incentives. Starting a tax consulting firm is the most favored venture in Dubai.
This blog explains how to start a tax consultancy business in Dubai.
Steps for Setting up a Tax Consultancy Service in Dubai
People who want to set up a tax consultancy firm in Dubai don't have to comply with specific legislation; however, obtaining a particular qualification or entering local associations recognized by the government will expand their success rate. Moreover, with a convenient registration procedure in Dubai, you can set up your tax consulting firm within a few days.
Below are a few Steps for Setting up a Tax Consultancy Service in Dubai.
1. Know the Business
You need to have a base of knowledge and appropriate information about everything related to taxes in Dubai. You can start with essential services to learn to prepare taxes for the general public. You can build your tax knowledge while you run your business to develop more complex returns and make more money in the future. It will help if you do a competitor analysis.
2. Get it Legalized
You are required to apply for a business license through the Department of Economic Development (DED). You must also register with the IRS and get your TAX Identification Number.
3. Fix a Plan
Ensure your success by doing research and preparing a business and marketing plan. Then fix on the point of who will market for you, the requirement of employees, settling on the need of clients as well. Finally, establish yourself for success by giving yourself a road map for growth.
4. Register your Business
Once you finish the licensing and planning part, it's time to hang your shingle. Register at DED to set up your business in the Dubai mainland. Here the requirement is to have a local sponsor who will own fifty-one percent of the shares in the company while you can hold the remaining forty-nine percent. If you want to incorporate your business in the free zone, follow the business setup procedure as the particular free zone mentions.
5. Trademark
Your trademark is an essential part of the legal procedure. The company name should ideally point to the nature of the business unless it is a branch of another company. In addition, it will help you restrain from plagiarism and copyright issues. Hence, you must safeguard your tagline, logo design, and, most importantly, your company name.
By creating a trademark, you will also have the security of credibility. People will look up to the brand as valuable and trustworthy. Moreover, most consumers nowadays are critical thinkers. So, they often compare you to the other competitors. Hence, your trademark is one of the essential considerations.
7. Local Support
A local agent, sponsor, or partner is a must; this is excellent support for foreign nationals. In addition, having a local contact can help to expand the business. However, this is optional, and Dubai, as a perfect business destination, boasts an easy setup for all business people regardless of nationality.
8. Get Clients
All that's left is acquiring clients for your tax business. Start with friends and family and then get some networking in. Word of Mouth is one of the best ways to expand your business, so ensure that satisfactory service has been provided to them, which should be your top priority.
9. Share Capital
Minimum share capital is usually out in the Memorandum of Association of your company. In most cases, you don't need to pay a minimum wage when setting up. Instead, share Capital refers to the funds a company raises in exchange for having an ownership interest in the company in the form of shares.
Dubai Outsource City Free Zone
Dubai's free zone facilitates the optimization of many business processes operated on the territory of the Emirate. One free zone is the Dubai Outsource Free Zone. This free zone intends to acquire leading organizations and individuals in the consultation industry in one place while offering excellent infrastructure and service standards. Registering and setting up a tax consultancy company in Dubai Outsource City Free Zone is a perfect opportunity for incorporating a business in a tax-free dominion along with economic stability and legal protection.
The Procedure to Set up a Tax Consultancy Business in Dubai Outsource Free Zone
Select a trading name for the company which is not the same as any incorporated business in the free zone. Once you decide on the name, you need to apply for registration to gather a professional License from DOFZ Authority.
After submitting all the documents, you must wait for approval from the Authority.
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