The United Arab Emirates has developed into a prosperous corporate environment for budding Indian entrepreneurs. Moreover, Dubai, one of its Emirates, has advanced infrastructure and a superb economic ecosystem that’s ideal for offering accounting and bookkeeping services in Dubai.
Furthermore, the favorable government laws, simplicity of forming a firm, transparency in business operations, and a large pool of manpower attract a large number of entrepreneurs from around the world. In addition, every firm, large or small, requires a bookkeeper/accountant to oversee its accounts.
Today's company owners are aware that if they don't manage their funds carefully, they’ll soon be out of business. Moreover, outsourcing this role has become increasingly appealing to business owners. It’s because hiring a full-time bookkeeper or auditor can be costly for small firms. Therefore, it’s a terrific chance for bookkeepers or consultants to start a bookkeeping service in Dubai.
Documents Required
Documents Required to Set Up an Accounting & Bookkeeping Firm in Dubai- Photographs (passport size) of the company registration applicant
- A degree in Accounting from an established educational institute
- Entry Stamp or Visit Visa
- Passport copies of all the legal participants for verification
Steps to Start an Accounting & Bookkeeping Company in Dubai
Follow the steps mentioned below to start offering accounting and bookkeeping services in Dubai:
1. Make a Decision About Your Business Activities
What activities do you want to carry out daily when you offer accounting and bookkeeping services in Dubai? Make a list of all of them (you can choose up to ten, so plan in advance) and compare them to the DED's list of authorized activities.
2. Decide on a Trade Name
If you don't have a legitimate business name for your firm, you can't apply for a trade license in the UAE. The name should be one-of-a-kind, reflect your organization's values, and be devoid of any negative phrases.
Furthermore, when submitting the trade name reservation document, follow the naming convention standards. Furthermore, avoid using questionable words or concepts that may harm someone's sentiments.
3. Finalize a Location
You can choose a mainland trade license for your firm to take full advantage of Dubai's local market. Note that Dubai’s local marketplace ranks among the best in the world. Conversely, you can apply for a specialized trade license in the UAE and open your firm in one of the free zones at a low fee.
The DED approves businesses that ask for a mainland trade license, while the free zones are governed independently. In addition, it's vital to pick the correct location because you don't want to overburden your company with moving expenditures. Furthermore, keep in mind that all of this adds to the overall cost of a bookkeeping service license in Dubai.
4. Apply for a Bookkeeping & Accounting License
After you've completed the preceding steps, you can apply for a trade license. If the regulatory authority approves your application, the issuance fee will be included in the cost of your Dubai trade license.
Moreover, it's a requirement for all Indian investors, regardless of the type of commercial/professional activities they're seeking. In addition, ensure that all payments are made within the required timeframes and that you respond to any requests for resubmission from the relevant departments.
5. Maintenance and Validity of the Bookkeeping License
To keep your trade license valid in the UAE, you must renew it every year. In addition, defaulters who fail to renew their license on time are subject to fines and penalties. All you have to do is review your lease agreement and request a payment voucher for the renewal of your license. You're done once you've made the payment with that voucher.
Cost of Launching a Tax Consulting Business in the UAE
Starting a tax consulting business in the UAE typically costs between AED 15,000 and AED 30,000. This covers initial registration fees, professional license fees, and potential visa expenses. The exact cost depends on factors like business structure (mainland or free zone), location, and visa requirements.
Benefits of Opening an Accounting Agency in the UAE
Starting an accounting agency in the UAE offers immense potential due to the country’s thriving economy and business-friendly environment. Below are five key advantages that make this venture a smart choice for entrepreneurs.
Tax-Free Environment
The UAE’s tax-free policies are a major draw for businesses. Accounting agencies face no corporate or personal income taxes, maximizing profits. This allows firms to reinvest earnings into growth, technology, or client services, ensuring long-term success.
Strategic Location
The UAE’s position as a global trade hub connects Europe, Asia, and Africa. Accounting agencies benefit from easy access to international clients and markets. This prime location fosters networking opportunities and positions firms to serve diverse, high-value industries effectively.
Booming Economy
The UAE’s dynamic economy, driven by sectors like finance, tourism, and tech, creates high demand for accounting services. Agencies can tap into a steady stream of clients needing bookkeeping, auditing, and compliance. This growth ensures a stable revenue flow.
Business-Friendly Regulations
Starting an accounting agency in the UAE is streamlined by supportive government policies. Free zones offer full ownership, quick licensing, and minimal bureaucracy. These perks simplify setup and operations, letting agencies focus on delivering quality services.
Access to Talent
The UAE attracts skilled professionals globally, providing access to top-tier accountants and financial experts. Agencies can build strong teams to deliver exceptional client services. This talent pool enhances credibility and competitiveness in the market.
Start your Accounting & Bookkeeping Company Today!
Your decision to start an accounting & bookkeeping firm in Dubai is the right one, thanks to a plethora of business benefits. Moreover, the crime-free business ecosystem makes it a no-brainer for Indian investors to launch their companies in this region.
All you need to do now is get in touch with the business consultants at Shuraa India. We take care of all your business requirements. Furthermore, you don’t need to worry about licensing, banking, etc., when you work with us.
