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How to set up accounting & bookkeeping service firm in the UAE

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The United Arab Emirates has emerged into a thriving corporate setting. Dubai, one of its Emirates, has a strong infrastructure and a superb economic outlook that is ideal for starting a new business. Having flexible government laws, ease of setting up a start-up, transparency in company operations, and a large pool of manpower attract a large number of entrepreneurs from all over the globe to the UAE.

Any business big or small needs an accountant or bookkeeper who will handle its finances. Many company owners are realizing now that if they are not vigilant about their finances, they will soon run out of business. It can be expensive for small businesses to hire a full-time accountant. Hence, outsourcing accounting and bookkeeping services seem plausible to business owners. It is also a great opportunity for bookkeepers/accountants to start their own booking and accounting business in UAE.

What are the benefits of starting an accounting and bookkeeping service in Dubai?

Here are some of the benefits of starting bookkeeping services.

• Accounting and bookkeeping businesses have a low start-up cost.
• For greater marketability, you can specialize in one accounting program.
• It offers constant work that is usually done on a regular basis.
• You can also work remotely while also reaching a larger audience.

How to start an accounting and bookkeeping services in Dubai, UAE

Accounting and Bookkeeping firms are one of the popular businesses in the UAE because they are always in demand. The new introduction of rules and regulations, fine-tuning current taxation systems, etc. have led many companies to hire Accounting and Bookkeeping Services especially those who offer integrated solutions.

Before you register your business with the authorities, here are some things you should know.

Requirements to set up an Accounting and Bookkeeping Firm in Dubai

1.         An Accounting Degree

As a consultant, you will be working with businesses rather than individuals. To set up a business in Dubai or anywhere in the UAE, you must have a degree in accounting or any related field to become an entrepreneur. It also implies that you must own a legit certificate that shows you are a qualified accountant. Entrepreneurs must, however, confirm the authenticity of their degree before starting an accounting firm in the UAE. You can also take local examinations to improve your chances of being accepted.

2.         Professional License

To start any company in Dubai, you must have a license. For starting an accounting firm, you must have a valid professional license that is usually issued by the Department of Economic Development (DED) in Dubai.

3.         Office Space

In the United Arab Emirates, having office space is necessary when starting a business. Having an office in a commercial zone also makes it easier to attract clients. Clients feel more confident dealing with an accounting business that has a team of committed CPAs in a physical work site. You can rent a space of your choice to initiate a bookkeeping business start-up in Dubai.

What are the procedures to start an accounting and bookkeeping firm in Dubai?

• The initial stage in this process is to register your company's trade name. It can be any name you like, as long as it complies with the legal requirements of the Government of Dubai.
• The next step is to choose a business structure. Whether you're looking to start a Sole Proprietorship, a Joint Stock Company, an LLC, etc.
• Next, you'll need to get DED's initial permission. Typically, the initial permission states that the DED has no objections to you starting a firm as long as you follow all of the statutory requirements.
• Once you get the approval, the following step is to register your company by completing all necessary paperwork, including the initial approval.
• After that, you'll need to hire an office space for your company, as required by the government.
• The next step is to get a Professional License from the appropriate authorities.
• Once you get the license, you can officially start your accounting and bookkeeping business.

What are the documents required to set up a bookkeeping and accounting firm in Dubai?

• Copy of passport and Shareholders’ visa
• Business plan
• Trade name certificate
• Lease agreement
• Initial approval certificate

Accounting and bookkeeping services in Dubai cater to the requirements of a variety of companies. While most accounting firms cater to the needs of corporate and medium-sized companies, some focus on individuals and small businesses.

What is the cost of setting up the accounting and bookkeeping firm?

The cost of beginning an accountancy and bookkeeping consultancy firm in the UAE will vary depending on the type of business you want to start, the size of your company, and where you want to set up.

As a rough estimate, a free zone setup should cost between AED 20,000 and AED 25,000 for both a license and a visa. Keep in mind that obtaining certificates or accreditations for your specific field of business can incur additional expenses.

How can we help?

Alchemist Accounting, Dubai has a highly efficient and effective digital marketing tool that can increase your revenue while also ensuring that the relevant clients are aware of your services.

Aside from accounting and bookkeeping, Alchemist Accounting provides a comprehensive range of business services in Dubai and the UAE, which includes VAT Consultancy, CFO Services, and many others.

Please do not hesitate to contact us if you have any questions. Our professionals are waiting to take your call and respond to your questions. Alchemist Accounting offers a free one-hour consultation.