With Expo 2020 just around the corner, businessmen from across the globe are literally elbowing each other to open up their commercial ventures in Dubai, UAE. Ironically, a decade and a half back, this emirate was considered just a tourist and hospitality destination. Not anymore!
Today, Dubai offers a bouquet of opportunities in various sectors and areas. This is suitably complemented by state of the art infrastructure, transparent governance and a brimming reservoir of technical and nontechnical staff. As new businesses open up their commercial and manufacturing activities, the demand for ancillary services too has risen correspondingly. Accounting and bookkeeping is one such service which is in great demand these days.
Scope of opening accounting company in Dubai:
Whether it is an established enterprise or a new one, every business is required to maintain books of account. The said entities are also required to compute simple tax and Value Added Tax, and the same needs to be paid to the government on time. Hiring a full staff for this chore may not be possible for a new company. This could simply send their project budget into a tizzy. So, what is the solution? The answer is; outsourcing accounting and bookkeeping services.
This will provide two benefits; companies can keep their non-business expenses in check and two concentrate on growth and profits. Incidentally, even established businesses prefer to hire accounting services rather than accomplish this task in-house.
No wonder then, many professionals are eager to setup accounting & bookkeeping business in Dubai.
So, how to start Accounting & Bookkeeping services in UAE?
If you intend to open an accounting firm in Dubai you need to be qualified. This simply means, as a CPA, you need to possess a relevant degree. Having experience in this field will be an added advantage. Moreover, your degree needs to be recognized by the local government. This is mandatory. In case your degree is not recognized you can undertake local exams and increase your chances to getting the approval. Once it is ascertained that you have a valid and legal degree the next step is get a business license in Dubai.
What are some of the additional requirements for the same? A professional license in Dubai!
Accounting business setup in Dubai requires professional license that is issued by DED or Dubai Economic Department. As a new entity you will need to provide passport copies, visa details, a relevant form duly filled and of course you also need to pay associated fees. Forming an LLC or limited liability company will ensure that you do not fall into any financial loss in case your firm runs into trouble because of a catastrophic accounting error which has resulted in a loss for your client. Leasing an office space and opening a bank account follows suit.
All this requires time, knowledge and familiarity with Dubai’s local business laws which is a tall order for a new person. Business Link UAE is a professional firm that is well versed with all the local laws and requirements pertaining to bookkeeping business startup in Dubai. Call or mail us today for a competitive quote.
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