The UAE has evolved into a very lucrative business landscape. Now the Arab state is home to thousands of businesses especially Accounting and Booking firms in Dubai, having an expected growth rate of 3.1%. With the strong vaccination campaign in the UAE, the country can expect a sharp recovery of the economy. This means that there is a great opportunity for the entrepreneurs in the UAE who are looking forward to starting a business in UAE, particularly in Dubai.
Whether you wish to start an audit firm or a Chartered Accountancy company in Dubai, there are a few mandatory steps required to make a license application. Keeping the type of the accounting business in view, entrepreneurs must ensure whether or not they are licensed correctly. While Accounting and Bookkeeping license in Dubai is one of the requirements, there are more steps too which we will cover in this guide. Keep reading to understand the seamless processing of the accounting and bookkeeping firm in Dubai.
What is an Accounting and Bookkeeping Firm?
Firms that provide accounting and bookkeeping services have a team of chartered accountants and financial experts. Such companies provide services related to accounting, tracking income and expenses while bookkeeping keeps records of financial transactions and prepares financial statements including Profit & Loss Statements, Cash flow statements, and balance sheets. These types of companies are recognized to provide financial advice related to strategic matters in addition to being aware of the company's financial circumstances.
Accounting and Bookkeeping Business in Dubai
Accounting and bookkeeping companies are one of the most popular types of business services that many entrepreneurs like investing in. Also, they are the most highly demanded businesses in Dubai. It is due to the execution of the latest levies and amendments in the existing taxation system that has led to a tremendous demand for these accounting firms. In fact, Dubai is considered to be the financial hub by DIFC and is expecting to triple the size of the digital finance industry by 2024. Additionally, with the firms providing integrated solutions to clients, the magnitude of the start-ups of accounting firms in Dubai is significantly increasing with each day passing by.
Benefits of Starting Accounting and Bookkeeping Firm in Dubai
Several business investors and owners have realized the significance of maintaining the finances of the company. That is why more and more business entrepreneurs who have the know-how of the financial industry are beginning start-ups in this field. Here are a few reasons that make Dubai one of the best forums to begin an Accounting and Bookkeeping firm.
- Dubai is an emerging hub for all kinds of business
- The city of Dubai is tax-free
- It has favorable government policies for the aspiring and small business entrepreneurs
- The city takes minimal start-up cost
- The rising needs of accounting and bookkeeping in Dubai
- Dubai is a never-dying industry
- The industry is the most consistently growing sector
- Dubai encourages flexibility and accepts virtual/remote office work
Cost of Starting Accounting and Bookkeeping Firm in Dubai
The cost of the accounting and bookkeeping firm in Dubai is dependent on a few factors including location, goals, and type of business (brick and mortar or a virtual office). Particularly discussing the accountancy firms in the UAE and Dubai city, it can range from AED 20,000 to AED 25,000 for a free zone and for both license and visa. So, entrepreneurs must be careful while deciding the type of the business, the company size, and its set up appropriately for the cost of the business start-up.
Requirements to Open Accounting Firm in Dubai
If an entrepreneur wants to setup an accounting and bookkeeping business in Dubai, they must ensure meeting the below requirements.
- Degree in Accounting – Authentic certificate that proves that you are a certified accountant
- Professional License – Valid professional license issued by the Department of Economic Development (DED) in Dubai
- Office Space – Physical office with a team of Certified Professional Accountants and bookkeeping experts
Documents Required to Setup Accounting Firm in Dubai
To start any business in Dubai including Accounting and Bookkeeping firm, entrepreneurs need to submit the below-mentioned documents in order to successfully obtain the license for the company.
- Copy of passport and visa of shareholders
- Business Plan
- Lease Agreement
- Trade Name Certificate
- Initial Approval Certificate
Steps to Setup Accounting and Bookkeeping Firm in Dubai
Setting up an accounting and bookkeeping firm in Dubai requires a few time-consuming steps that are supposed to be followed by the business owners.
- Step No. 1: Register the name of the company
- Step No. 2: Decide the type of the company structure i.e. sole-proprietorship, Limited Liability Company, Civil Partnership firms
- Step No. 3: Obtain an initial approval from the DED, mentioning that the regulator doesn’t have a problem
- Step No. 4: Business registration by submitting all the necessary and required documents mentioned above
- Step No. 5: Rent an office space for the business as required by the UAE regulation
- Step No. 6: Get a professional license from a relevant regulator
Accounting and Bookkeeping Services in Dubai
Many business owners do not know how to keep track of their finances which is why credible accounting and bookkeeping service providers in Dubai assist in providing the below-mentioned services in Dubai.
- Record of financial transactions
- Planning and budgeting for future projections
- Control over cash flow
- Statutory compliance
- Payroll and employment taxes
- Sales and purchases
- Bank statements
- Profit and loss statements
- Cash flow analysis
- Tax planning
How Avyanco Can Help You Setup Accounting and Bookkeeping Business?
Avyanco, one of the best business setup consultants and auditing firms in Dubai has a team of qualified and expert professionals. Headquartered in the UAE, we offer full-fledged setup services, from company registration in Dubai to all financial compliance services for business owners. Our team has the knack to provide basic to advanced levels of financial services after considering the business’ diversity and dynamism of the sector.
Become a business owner in Dubai by contacting seasoned business consultants like Avyanco in Dubai. While the procedure of a business setup is daunting, Avyanco provides entrepreneurs with smooth financial services to effortlessly start an accounting and bookkeeping firm in Dubai or any other business.