The UAE has developed into a highly profitable corporate environment. Accounting and bookkeeping firms in Dubai are just two examples of the thousands of enterprises that have set up business in the UAE, where the economy is predicted to grow by 3.9% in 2023. In light of this, entrepreneurs in the UAE, specifically in Dubai, have a great opportunity to launch a business.
To succeed in accounting, you need to be able to keep your eye on the big picture while paying close attention to the smallest of details. Excellent accountants rely first on internal knowledge to determine what processes need to be done, and only then on external events for validation. By advising businesses that are struggling financially, they can convert this into a lucrative business venture.
A business license is required to start an accounting firm in Dubai, and without one, your services may be of little use to potential clients. To your relief, this is where we come in; we’ll be there for you every step of the way as you launch your accounting firm in Dubai, UAE.
What is an Accounting Firm?
Companies that offer accounting services employ a staff of certified chartered accountants and other financial specialists. Such businesses offer accounting-related services, such as maintaining records of financial transactions and generating reports such as profit-and-loss statements, cash flow statements, and balance sheets. Because of their familiarity with the company’s financial situation and their expertise in financial concerns, these firms are often sought out for strategic financial guidance.
Accounting Business in Dubai
Many business owners see accounting firms as a sound investment because of the value they add to their companies. Not only that, but their services are in such high demand that they dominate the market in Dubai. The recent imposition of new taxes and changes to the old taxation system has created an unprecedented need for professional accountants. Dubai International Financial Center (DIFC) predicts a massive expansion of the digital finance industry’s size by 2024, solidifying Dubai’s position as a global financial hub. Additionally, the scale of new accounting firm start-ups in Dubai is rapidly growing as a result of the increasing number of such businesses offering comprehensive services to residents.
How Can You Set-Up an Accounting Firm in Dubai?
If you have the mindset of an accountant, you will know how important numbers are.
Extra sugar, or no sugar? If you are an accountant, you will know that each person has his taste related to a cup of tea, as well as every accountant has a unique way of thinking. In addition, accounting is a profession that has a reputation for “counting the beans,” because the importance of its role in the success of a business is not well understood.
Because accountants play such a key role in the smooth running of business transactions, they have their subfield dedicated to the compilation of company financial records. Entrepreneurs hire accountants for their businesses for a variety of reasons, one of which is to save money. Having a specialist on staff is cheaper than hiring one from outside the business. One of these reasons is that the owners of the firm do not want to manage this aspect of the business themselves, or they want a professional to monitor the company’s compliance with laws and regulations.
After gaining substantial experience over several years, you will feel confident sharing your accounting knowledge with professional entrepreneurs.
If you have learned how to put the completion mark in the correct box, the door to a successful accounting career will open for you. Because accounting firms in Dubai have potential, even immense potential.
Benefits of Starting an Accounting Firm in Dubai.
Many owners and investors in businesses now understand the need of keeping their finances in order. This is why an increasing number of business people with knowledge of the financial sector are starting new ventures in this area. Several factors make Dubai an ideal location from which to launch an accounting business.
- There is a growing market for all types of businesses in Dubai.
- The city of Dubai has very few tax rates.
- Aspiring and small business owners can take advantage of the government’s supportive policies.
- Start-up costs in the city are low.
- Growing demand for accountants and bookkeepers in Dubai.
- The business sector in Dubai will never collapse.
- The market is the fastest expanding one.
- Work from home or in a remote location is permitted in Dubai.
Dubai Accounting Firms Have to Examine Numerous Factors
When deciding to open your accounting firm in Dubai, there are several important considerations you should make. A solid foundation can be laid if you have prior experience with the following.
- Providing advice to companies
- Legal accounting.
This is because several of these skills are in particularly high demand in the accounting industry in Dubai.
Criteria for Starting a New Accounting Firm in Dubai.
To successfully launch an accounting and bookkeeping company in Dubai, prospective business owners need to guarantee that they fulfill several prerequisites.
- Accounting Degree – A degree in accounting will provide you with a legitimate certificate demonstrating that you are qualified to work as an accountant.
- Professional License – A valid and legitimate professional license that was issued by the Department of Economic Development (DED) in Dubai.
- Office Space – A physical office supported by a group of Certified Chartered Accountants and financial management experts.
Required Documents for Starting an Accounting Firm in Dubai
The documents listed below must be submitted by entrepreneurs to receive a license for any business in Dubai, including an Accounting and Bookkeeping firm.
- Shareholders’ passport and visa copies
- Business Plan
- Lease Agreement
- Trade Name Certificate
- Initial Approval Certificate
The Procedures to Start an Accounting Business in Dubai
In Dubai, there are a few time-consuming procedures that business owners must go through to launch a profitable accounting firm.
- You must decide what you will concentrate on the most, i.e., what will be your area of expertise. Will you concentrate on auditing or accounting, or will you enter the legal profession?
- Choose a name for your business that is unique, easy to remember, and not already in use.
- Choose a business structure, such as a sole proprietorship, limited liability Company, or civil partnership.
- Get the DED’s approval, indicating that the regulator has no issues.
- Business registration by providing the necessary and relevant documents.
- To comply with UAE law, your company must lease suitable office space.
- Obtain a license to practice from the relevant authority.
- Like everyone else, you probably want to collect payment from clients, therefore it’s a good idea to open a bank account.
ExpressPRO Can Help You Setup up an Accounting Firm in Dubai
ExpressPRO, one of the top company setup consultants firms in Dubai, has a team of professionals that are both certified and experienced in their fields. From forming a company in Dubai to ensuring that our clients meet all financial regulations, we provide a complete range of setup services. We have the expertise to serve clients at all levels of financial expertise, keeping in mind the sector’s diversity and dynamism.
Although starting a business in Dubai can be daunting, ExpressPRO makes it easy for entrepreneurs to launch a successful accounting and bookkeeping firm in Dubai or anywhere in the UAE through its streamlined services. If you are interested in opening an accounting practice in Dubai, we are here to help you every step of the way.