Benefits of Setting Up an Accounting and Bookkeeping in Dubai

There is rapid growth in several accounting firms in Dubai. Dubai offers fantastic business opportunities attracting more investors and auditors to establish their setup in the city. The abundant availability of resources, workforce, and infrastructure is the key to gaining the attention of all the entrepreneurs in this smart city.

With the increase in several businesses in Dubai, the need for outsourcing financial operations has also increased. Every small or big business requires an accountant and a bookkeeper. The industry in recent times focuses more on their company's financial activities than any other aspect. Keeping audits and maintaining all the financial records are essential aspects of running any successful business.

Accounting and Bookkeeping Business in Dubai

Business owners and investors over the decade have realised the importance of maintaining finance of the company. Even small financial crises if neglected, can bring a company into a significant setback. As keeping an accountant or bookkeeper can be costly, so many organisations are outsourcing their financial operations, this is where all the financial firms come into the picture.

Accounting is a process of interpreting and summarising all the company's transactions. Accounting is to analyse, summarise, report and classify all your Financial Data of all the operations. An accountant of a firm carries out accounting. This accountant is responsible for all the records and financial transactions of the company. The accountant has to be a qualified and certified person. To be a certified accountant, the person must have a legal recognition from the Association of chartered accountants (ACCA).  A certified accountant is termed as Certified Public Accountant (CPA). 

Bookkeeping is a process of collection and sorting of financial record. It also identifies and measures financial data and records all the transaction. Accounting is the base of the bookkeeping process. All the financial data and the financial record are kept and secured in the bookkeeping process. A bookkeeper carries out the method of bookkeeping. The bookkeeper is responsible for handling all the recording part of financial transaction and maintaining them chronologically in the books. Bookkeepers are generally overseen and controlled by the Accountants.

Dubai has an enormous wave for this accounting and bookkeeping business setups. With the increase in need of outsourcing of financial operations, the need for these business setups has increased. These accounting and bookkeeping firms provide services to all the organizations who require financial management assistance.

Setting up an Accounting and Bookkeeping Firm

Accounting and Bookkeeping firms are becoming very popular over this last decade. These services are in high demand due to the growing business sector. The introduction of new services and taxations policies has made these firms very popular. The procedure of these firms to set up is complicated, so it is advisable to take help of the business consultancy firms like JAXA auditors. Following are the conditions required to set up an accounting firm:

• A  qualified and certified accountant

• Professional license to run the firm

• Office space with specified regulations

• Registration of the firm

• Documentation and approvals from authorities

• Completing all the legal formalities

• Prescribed fees to be submitted

Benefits of Starting an Accounting and Bookkeeping Business

Below mentioned are the reasons that make Dubai the best place to start any Accounting and Bookkeeping Firm

• Dubai is an emerging Business hub for all kinds of business

• Dubai is Tax-free emirate

• There are Favourable  government policies which are helpful for budding entrepreneurs

• The startup cost is minimal in Dubai

• There is a surge of accounting and bookkeeping services

• This sector is a never-dying sector

• Accounting and Bookkeeping is the most consistently growing industry

• This sector also accepts virtual office work

• Work flexibility is provided in this sector.

The accounting and bookkeeping industry is the most growing industry throughout the emirate. The primary function is the outsourcing of financial services has attracted a lot of attention from the emerging business owners. This has made an excellent opportunity for entrepreneurs looking forward to setting up their accounting and bookkeeping services in Dubai. The most crucial step is to obtain a license to start your company.

The procedure to set up accounting and bookkeeping business is very complicated. We at commitbiz are here to make your business setup in Dubai smooth and hassle-free. Our experts are here to provide you with all the necessary services for your business set up in Dubai. Contact us- we are here to help.