The United Arab Emirates is an entrepreneurial nirvana for the budding businessman due to its tax free pro business landscapes, freezones, and straight-forward legal and commercial framework. New startups are highly encouraged by the region since it has started to establish its economic stability in the local and international market. Along these lines starting up a consulting firm in Dubai means acquiring an extensive clientele base along with respective business provisions such as growth incentives and stable profits. Especially, starting a tax consulting firm is found to be the most flourishing ventures in Dubai.
Procedure to Set up a Tax Consulting Firm in Dubai
Those who want to set up a tax consultancy firm in Dubai are not required to comply with a specific legislation, however obtaining certain qualification or entering local associations recognized by the government will increase their success rate. With an easy registration procedure in Dubai, you can set up your tax consulting firm in just few days. Here are a few things you must can do while registering your tax agency in Dubai.
You need to have a solid base of knowledge and accurate information about everything related to taxes in Dubai. You can start with basic courses so that you can learn to prepare taxes for general public. You can build on your tax knowledge while you run your business so that in the future, you can prepare more complicated returns and make more money. You must also look into what your competitors are doing.
You need to apply for a business license through the Department of Economic Development (DED). You must also register with IRS and get your Tax Identification Number. To start legally, it is mandatory in Dubai to be certified in taxation from any University.
3.Make a Plan
Ensure your success by doing a research and preparing a business and marketing plan. Who will you market? At what point you will need employees? How many clients do you need? Set yourself up for success by giving yourself a road map for growth.
4.Register Your Business
Once you’ve got your licensing and planning out of the way, it’s time to “hang your shingle”. You can register your business at DED if you want to setup your business in the mainland. Here, you need to have a local sponsor who will own 51% of the shares in the business while the remaining 49% can be owned by you. But if you want to set up your business in freezone, you must follow the business setup procedure as mentioned by that particular free zone.
All that’s left is getting clients for your tax business! Start with family and friends and then get some networking in. Word of Mouth is one of the best ways to grow your business so make sure that excellent service is your top priority.
Dubai Outsource City Free Zone
Dubai’s freezone facilitate optimization of many business processes operated on the territory of the Emirate. One such free zone is the Dubai Outsource Free Zone. This free zone intends to gather leading organizations and individuals of consultation industry at one place while offering the premium standards of service and infrastructure. Registering and setting up your tax consultancy company in Dubai Outsource Free Zone is a great opportunity for doing business in a tax-free dominion along with economic stability and legal protection.
Procedure to Set up a Tax Consultancy in Dubai Outsource Free Zone
- Select a trade name for the company which is not similar to any established business in the free zone
- Once you are settled with the name, you need to apply for a registration in order to acquire a Professional License from DOFZ Authority
- After submitting all the documents, you need to wait for the approval from DOFZ Authority
Company registration in the Dubai Outsource Free Zone is a great opportunity to carry out business activities in a tax-free jurisdiction, under the conditions of the effective legal protection and economic stability of UAE.
We at Commitbiz help leaders make distinctive, lasting, and substantial improvements to the performance of your organization. We tackle most difficult issues and serious challenges. We can help you start your tax consultancy firm in Dubai with the help of our advisors. Do contact us today-we’d be glad to help you.