Thousands of companies in the UAE need accountants, auditors or tax consultants to provide services. In certain industries, it is a requirement for holding a license for the use of such facilities to apply to an independent annual audit. This gives entrepreneurs with figures in the UAE a great opportunity. While some extra steps are necessary, it is still reasonably straightforward to apply for a license to work as an accountant, fiscal consultant, bookkeeper or auditor. To start an accounting, audit firm, or tax consulting business in Dubai, You will also need special qualifications in your profession, as well as a business license. Here’s all you need to know to begin the audit firms in Dubai.
Start your company in the UAE
If you want to set up accounting companies in Dubai, start audit firms in Dubai or are considering your own business setup in Dubai. You will have to take a few considerations before applying for a licence.
- The first thing is to define your business. To ensure that you are certified correctly, you must identify any practice you choose to conduct – tax consulting, audition, accounting etc.
- The next step is to choose the name of the company. It requires somewhat more thinking in the UAE than elsewhere in the world. In brief, any provocative or blasphemous words should be avoided. You must also verify that your given name was eligible for registration: avoid the name of well-known companies and avoid abbreviations after the company be called according to your company.
- Next, determine if you want to create accounting firms in Dubai in their free Zone area on the mainland. The benefits for both are numerous. Current business support, as well as financial incentives such as tax waivers and zero currency restrictions, provide benefits in the free zones of Fujairah Creative City, including a fast and simple incorporation process.
On the other hand, the mainland set-up enables you to trade directly with the UAE sector and to enter into potentially lucrative government contracts. You’ll focus largely on the design and size of the configuration that works best for you.
Is audit mandatory in UAE?
Presentation of the annual audit report in the UAE is a requirement for almost all onshore registered companies in the free commercial zones of the UAE. The annual license renewal is carried out on the basis of such a report. Reporting is typically conducted the following way – a report is sent to a licensed accounting firm in the UAE this company prepares and sends it to the auditor.
Companies registered on the territories of free commercial zones in the form of offshore companies are not subject to an annual report; they are however entitled to do so for example, by receiving loans from banks or reports from the group for example. There is a legal obligation to maintain the financial records of the company when reports are not sent. Reports shall not be submitted for companies registered in the UAE’s main territories and not in the group of companies requiring the filing of financial statements.
How can I get an audit license in Dubai?
The Department of Economic Development (Registration & Licensing Sector) enables Mainland companies to conduct their audit services in Dubai. You will also provide other organizations with auditing companies in Dubai. The business owner also requires trained and accredited audit and account management workers.
How to register as an auditor in UAE?
You would have to hold an accounting degree, or a similar qualification, again to obtain an audit license in Dubai, the UAE. You will need to be able to show relevant financial/audit experience. Finally, before you receive your auditing license, you must pass an inspection.
How do I start my own accounting firm?
Accounting firms in Dubai are among the most successful start-up companies and are almost always on demand. There are certain requirements to open it:
As a consultant, you have corporate rather than private services. You must have your degree in accounting or related business in Dubai as an entrepreneur/specialist.
You must have a valid professional license, usually provided by the Dubai, DED, in order to provide accounting services in Dubai.
Space for Office
In the UAE, it is mandatory for a company to have office space. A business district office also manages to get customers.
What is a Professional license in Dubai and how to get it?
A professional license gives international investors, as opposed to industrial and commercial licenses, 100% ownership and enables them the value of single ownership. However, to complete the judicial formalities, it is compulsory to nominate a UAE national as a local service agency. In applying for a professional license, the key step is to clearly define the activities performed in a company.
In order to obtain a professional permit in Dubai, the next move will be to nominate a local service agent, to look into all the legal formalities. Get initial approval from the Department of Economic Development (DED) following the nomination. Besides this, there is a need to make a trading name and then to send the document that’ll be needed for the clearance to the DED.
How to start a tax consulting business
You will need to show that you have a degree in accounting or a related area of experience in holding a professional service license. You would also have to take an examination to become a licensed tax consultant.
Cost of starting an auditing, accounting, or tax consultancy firm
The costs for setting up an accounting, audit, or tax consulting firm in UAE would depend on a variety of factors such as market operations and the size and location of a company.
For example, you can expect to pay in the AED 19000 – AED 25,000 region to obtain your license and visa if you plan to develop your business in Fujairah Creative City Free Zones. In particular, the estimated costs for creating a tax consultant as one shareholder with a visa, plus the use of the co-workspace in Fujairah Creative city, would be AED 20,575.
Furthermore, all additional qualifications and accreditations required must also be covered.
Although the steps necessary to start a company in UAE are not too complicated, background research of the process is required.