Dubai has witnessed massive progress in the business world. The transformation from an oil-based economy to a business hub is a result of the favorable business policies of the government. Besides, best-in-class infrastructure, use of advanced technology, strategic location have also contributed positively to Dubai’s growth as a business destination. Along with the growth of the business, ancillary firms have shown major growth. Banks, logistics, event managers, insurers, accounting firms have grown massively. As the business grows, one should be careful with the finances. Inaccuracies and inconsistencies in finance may cost you a fortune. Appointing accountants may prove much costlier. Therefore, it may be best to outsource the accounts to an accounting and bookkeeping service company. This firm has professionals and experts to deal with the accounts with ease. Thus, Accounting and Bookkeeping Service license in Dubai are always in demand.
Benefits of starting an accounting and bookkeeping firm
A business that outsources accounting activities can concentrate more on its core activities. It can channelize its time and efforts in the core business activities to reap profits. Moreover, outsourcing the accounts will prove cost-effective than in-house accounting. Following are the benefits of starting an accounting and bookkeeping firm:
- The cost of setting up an accounting and bookkeeping firm is minimal.
- These firms are specialists in one accounting process and hence are very much in demand.
- The work performed is scheduled regularly and consistently.
- The accounting can be done virtually, therefore broadening the market.
Requirements of Starting an Accounting firm in Dubai
- To start the functioning of an accounting firm, the owner should get a professional license from the DED. The Free Zone authority grants license in case of an accounting firm set in Free Zone.
- The owner has to rent office space. The office should be in a commercial area as it attracts more clients and is more accessible.
How to start an accounting and bookkeeping firm in Dubai
- Initially, the owner has to register a trading name for the business. The trade name must be unique and according to the rules and regulations.
- Next, the entrepreneur has to decide the company structure. For instance, a sole proprietor, joint stock, etc., can be company structures.
- The owner has to get initial approval from the DED.
- Next, the owner has to submit the required documents and register the business.
- The owner has to rent an office space considering the accessibility to the location and facilities available.
- Finally, the owner gets a professional license, after which the owner can perform the business activities.
Conclusion
The business opportunities are increasing manifold in Dubai. So, is the risk of maintaining it. For a business to run smoothly, it is important to check the finances of the business. Inaccuracies in accounting may lead to a loss in business. Therefore, professional services of accounting and bookkeeping firms will be in demand. Therefore, getting an accounting and bookkeeping service license in Dubai has huge scope. We at Beyond View offer you best-in-class services to help you set up an accounting firm with ease.