New Start-ups are highly encouraged by the region as it has started to establish its economic stability in the local and international market. Along these lines starting up a consulting business in Dubai, which means to acquire an extensive clientele base along with excellent business provisions such as growth stable profits and incentives. Starting a tax consulting firm is resulted to be the most favouring ventures in Dubai.
Steps to Set up Consulting Firm in Dubai
People who want to set up a tax consultancy firm in Dubai are not demanded to comply with specific legislation; however, obtaining a specific qualification or entering local associations recognized by the government will expand their success rate. With a convenient registration procedure in Dubai, you can set up your tax consulting firm within a few days.
Know the Business
You need to have a base of knowledge and appropriate information about everything which is related to taxes in Dubai. You can start with basic services so that you can learn to prepare taxes for the general public. You can build your tax knowledge while you run your business so that in future, you can develop more complex returns and make more money. You should also look into what your competitors are up to.
Get it Legalized
You are required to apply for a business license through the Department of Economic Development (DED). You are also required to register with the IRS and get your TAX Identification Number. To start legally, it is compulsory in Dubai to be certified in taxation from any University.
Fix a Plan
Ensure your success by doing research and preparing a business and marketing plan. Then fix on the point that who will market for you, the requirement of employees, settling on the need of clients as well. Establish yourself up for success by giving yourself a road map for growth.
Register your Business
Once you are done with the licensing and planning part, it's time to hang your shingle. At DED, You can register your business, if you want 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 business while you can own the remaining forty-nine per cent. If you want to incorporate your business in the free zone, you must follow the business setup procedure as the particular free zone mentions it.
Your trademark is an essential part of the legal procedure. The company name should ideally point the nature of the business unless it is a branch of another company. It will help you restrain from plagiarism and copyright issues. Hence, the things you have to safeguard your tagline, logo design and most importantly and also 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. Most consumers nowadays are critical thinkers. So, they often compare you to the other competitors. Hence, your trademark is one of the essential considerations.
It is a must to have a local agent, sponsor or partner, and this is marvellous support for foreign nationals. Having a local contact can help to expand the business. However, this is not compulsory, and Dubai as a perfect business destination boasts easy setup for all businessmen regardless of nationality.
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 make sure that satisfactory service has been provided to them, and that should be your top priority.
Minimum share capital is usually out in the Memorandum of Association of your company. In most of the cases, you don’t need to pay a minimum wage at the time of setting up. Share Capital names to the funds that 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 a lot of business processes operated on the territory of the Emirate. Such One free zone is the Dubai Outsource Free Zone. This free zone intends to acquire leading organizations and individuals of the consultation industry at one place while offering the premium standards of infrastructure and service. Registering and setting up tax consultancy company in Dubai Outsource City Free Zone is an excellent opportunity for incorporating a business in a tax-free dominion along with the economic stability and legal protection.
The Procedure to Set up a Tax Consultancy in Dubai Outsource Free Zone
Select a trading name for the company, which is not the same to any incorporated business in the free zone. Once you are set with the name, you need to apply for registration to gather a professional License from DOFZ Authority
After submitting all the documents, you are required to wait for the approval from the Authority.
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