How to get an Accounting Business License in Dubai, UAE
UAE is a hub for financial activities and there is a constant demand for accounting, auditing, and tax consulting business license in Dubai. Financial Services and Tax Consulting businesses play a vital role in the UAE’s financial landscape. We receive many enquiries on ‘How to Get an Accounting Business License in Dubai, UAE?’.
This blog will highlight the steps in obtaining an Accounting Business License in Dubai, UAE. So, let us get started.
Obtaining an Accounting Business License in Dubai will help entrepreneur to legally conduct accounting, book keeping, auditing, and tax consulting services for clients in the UAE and globally.
Demand for Accounting, Auditing, and Book keeping Companies in UAE
There is a constant requirement for professionals in the field of accounting, auditing, tax consulting, banking, and finance in UAE. It is due to the large volume of business transactions and deals getting signed and approved in UAE.
Also, to add on to that the tax structure in the country is very favorable for expatriates working and doing business in the region. UAE has over 200 nationalities working in the country. It is a global hub for trade and finance.
Hence, for the companies operating in the region having a financial reporting is essential to track their operating expense and revenue from the business operations. So, they require accountants, auditors, or tax consultants to check their accounts and authorize the financial transactions on a daily basis.
Also, in few services based activities such as management consulting conducting Independent annual audit is mandatory as per the regulatory authorities.
How to get an Accounting Business License in Dubai?
The Accounting Business License in Dubai can be obtained by the entrepreneur without any hassle from the Free Zones or the Mainland of Dubai. Various factors determine the choice of the business owner whether to get the Accounting Business License from Free Zone or the mainland.
A few of the main factors that determine the selection for setting up the business are the rent, overall business setup budget, office space requirements, investor’s personal preference, available business facilities, etc.
Expert Business Consultants at Pro Consultancy UAE will assist in obtaining the Accounting Business License in UAE by studying all your business requirements precisely.
To obtain an Accounting Business License in Dubai, it is advisable for the entrepreneur to have a financial background and expertise in the field of accounting, taxation, or business management.
The professional expertise of the investors helps in faster obtaining the Accounting Business license to start operating in UAE. There is a vast scope for entrepreneurs with an edge over numbers.
The requirements of accounting and book-keeping services, financial management, stock trading, and trade finance. Investment strategies, etc., are driving the demand for an accounting firm in Dubai, UAE
Steps in Obtaining an Accounting Business License in Dubai
An accounting business license in Dubai will permit the business owner to conduct activities related to cost accounting, bookkeeping, auditing, etc. They can provide these business activities as part of the service portfolio.
Professionals in the field of accounting, auditing, finance, etc., can become shareholders and start an accounting business in UAE without any hassle. They can take a small office space to accommodate the staff, conduct client meetings carry out auditing, book-keeping, and accounting projects on site.
One of the advantages of starting an accounting business license in Dubai is the projects can be handled remotely and without an office space if the investor wishes to do so. The Free Trade Zones in UAE provide a virtual office package at a comparatively low cost.
In Dubai-based Free Zone DSO-IFZA, the accounting business license with 1 visa and virtual office can be obtained at AED 14,900.
Obtaining an Accounting Business License in Dubai – Details Explained
There are a few steps in obtaining an Accounting Business License in Dubai. In the Free Zone and Mainland of Dubai, the company setup steps are almost similar with few variations in the process.
The first step is choosing a name for the company and selecting the list of related business activities to add to the Accounting Business License. Secondly, choose the right Free Zone or go with the mainland of Dubai. Now, proceed to obtain the initial approval from the respective business licensing authority.
At this stage, the business owner has to submit the application form, and professional CV, and make the fee payment for obtaining the Accounting Business License in UAE. Depending on the business requirements, take an office space and get the tenancy contract for the same.
Obtain the Accounting Business license and other company documents, start operating the business at full capacity, and scale up seamlessly.
Cost of Starting an Accounting and Auditing Consultancy Company in UAE
The cost of starting an auditing and accounting company in UAE Free Zones starts at around AED 14,900. The business owner will get a 1 Visa quota company license package with a virtual office in Dubai. The investors can apply for a UAE residence visa under the company.
They can hire more employees when required and scale up the company by taking large office space. Having an office space for Auditing and Accounting Company will enhance the credibility and help in gaining new customers easily.
Why Choose Free Zone for Obtaining an Accounting Business License in UAE?
The Free Trade Zones in UAE come with a lot of benefits. There is 100% foreign ownership, world-class services, networking opportunities, cost-effective office packages, and more. Obtaining an Accounting Business License from the Free Zone helps investors easily start their business operations.
Free Zones are the perfect choice for investors to set up their Accounting Company and obtain a Professional license to conduct accounting, auditing, & bookkeeping activities.
As most of the companies in the Free Zones will be foreign-owned, having a presence in a Free Zone will help the accounting firm quickly build a client network within the Free Zone and outside.
Why Choose UAE Mainland for Obtaining an Accounting & Auditing Company License?
Starting an Accounting and Auditing Company in the UAE Mainland is a prospective choice for business owners. There are a lot of advantages to obtaining the Accounting & Auditing Company License from the UAE mainland.
The 100% expatriate ownership in the Mainland is a major highlight for an investor to set up their offices on the mainland. The flexibility to hire more staff, expand office spaces, and open new branches seamlessly makes Mainland Company Setup a preferred choice among investors.
Opening an Accounting & Auditing Company in the mainland of Dubai will enable the investor to be in proximity to the business centers such as Business Bay, Sheikh Zayed Road, Internet City, etc.
Corporate Tax and Requirement of Auditor / Tax Consultant
UAE has introduced a 9% Corporate Tax for all companies that have a net profit of AED 375,000 or above. There are certain exemptions upon meeting the criteria. However, all companies that are operating in UAE must now maintain their accounts.
The Tax Consultant or Auditor will advise the companies on how to proceed with the Corporate Tax registration and filing of returns. Also, about the tax exemptions that are available for companies depending on their nature of business.
Hence, there is a growing opportunity for Auditors, Accounting, Tax Consultancy businesses, professional auditors, tax consultants, etc., to start an accounting company by obtaining a professional services license from the Free Zone or the Mainland.
Why Do Companies in UAE Need an Auditor?
Expatriates from Europe, India, etc., having business in UAE can avail of the Double Taxation Avoidance Agreement and save filing taxes on income earned in UAE in their home country.
Similarly, for companies operating in UAE, there is a requirement to pay 5% VAT, submit an economic substance regulation report, Ultimate Beneficiary Ownership, and special excise taxes depending on the business activity.
Hence, there is immense scope for an accounting and auditing company in UAE to prepare audit reports, coordinate with VAT & Corporate Tax Registration & Filing, and more. Companies and individuals in UAE are constantly on the lookout for a trusted tax advisor or accounting Services Company to manage their finances.
Register as an Auditor in UAE
Once the professional license is obtained, the company can demonstrate its expertise in the field of finance, accounting, and taxation.
Create a website and include the financial expertise of the team. Conduct webinars. trade shows, and industry meet-ups to strengthen their position in the financial and auditing industry.
Ready to obtain an Accountancy, Book Keeping, and Auditing License in UAE
Pro Consultancy is one of the best business setup consultants in the UAE. The team will provide the right company formation package. An Auditing & Accounting firm in UAE is a prospective business opportunity due to the availability of numerous companies operating in the region.
Also, with the introduction of a corporate tax of 9% in June 2023, there will be enormous opportunities for Auditing and Accounting companies in UAE.
To know more details about Obtaining an Accountancy, Audit, Book Keeping License in the UAE, connect with our expert team of Business Consultants right away!