The UAE’s economic landscape has become flourishing and extremely profitable for businesses. One of the major factors is that thousands of businesses face minimal bureaucracy and less paperwork burden. Having said that, it requires a keen expert eye for supervision and giving personal attention to each process. Many companies in the UAE are required to submit their annual accounts, while others have to maintain books. In the majority of firms, accounting functions are not handled internally and that’s when assistance from accounting and bookkeeping firm in UAE becomes imperative.Â
Given the surge in the number of companies forming in the UAE, many individuals with a strong finance background are looking to offer accounting services in UAE. Starting an accounting firm is a straightforward process, especially in prominent free zones like SRTIP. It requires a diligent approach and expert advice to navigate through the process.Â
Benefits of starting an accounting and bookkeeping firm in UAE
Setting up an accounting venture is a comprehensive process in UAE, in which each step is regulated and comes with a pre-requisite.Â
Conducting market research
UAE is renowned for its diverse business ecosystem, making it significant for individuals to focus on market research and analysis. Before planning for a business setup, you must understand the market dynamics, competitors and client base i.e. startups or multinational corporations. Accordingly, you can tailor your accounting services and position yourself distinctively in the market.Â
Registering business name
After understanding your company’s positioning, you have to apply for business registration. The UAE has a clear set of parameters for naming a company. You have to make sure that the name of your accounting and bookkeeping firm in UAE is religion-neutral and free from political biases. Â
Developing business plan
When setting up a business in UAE, it is important to align your business practices with the list of permitted activities in the free zone jurisdiction. For that, a well-structured business plan is crucial for your accounting firm in UAE. You can outline your long-term vision and mission and business structure.Â
Obtaining business license
Though UAE free zone is known for its flexibility in company formation, one needs to obtain a business license in UAE. You need to send the license application to free zone authority along with all your relevant documents. This will ensure that your accounting business setup is in complete compliance with UAE regulations.
Requisites for accounting business setup
Businesses in UAE are highly regulated, even in free zone jurisdictions like SRTIP free zone. That’s why the license holder becomes the expert of their business niche.Â
As part of the process, accounting and bookkeeping firm in UAE need to have qualification and certifications in accounting niche, along with a trade license. Â
Step by step approach
For individuals to start offering accounting service in UAE, here’s a step by step guide to navigate through the process:
Step 1: Apply for company name registration;Â
Step 2: Determine the business structure – limited liability company or a sole proprietorship;
Step 3: Send the company registration details to free zone authority for initial approval;
Step 4: Finalise an office space to showcase your business presence; and
Step 6: Obtain a professional business license to get started with your company.
Conclusion
Embarking on business setup journey in UAE is highly rewarding. With right planning and execution, you can establish a successful venture to cater to a diverse client base. Although the establishment process is simplified, it has to be undertaken by or under expert supervision.Â
To make it even more accurate for you, we at SRTIP Accelerator, understand all the nuances related to the process. Our seasoned team of professionals tailor the process to align with your requirements and business goals for sustained and long-term success.
Contact us now : +971 50 795 6303 – enquiry@srtipacc.ae
