Any business whether small or big needs an accountant or bookkeeping service to manage their finances. Every businessman faces the issue of hiring a full-time accountant since they are extremely costly. Hence starting a bookkeeping service in the UAE is one of the best business ideas for accountants.
How to start a bookkeeping service in Dubai?
Starting an accounting firm is one of the major business ideas that are in demand due to the introduction of new rules and demand for accounting firms in Dubai. But in order to set up an accounting firm, here’s everything you need to know.
3 major requirements to start a bookkeeping service in Dubai :
Obtain a degree in Accounting
It is important that you have a degree in accounting to start an accounting firm in Dubai. Also, a certificate will be proof that you are a professional accountant. The services in UAE are kept professional as per the relevant knowledge and the experience that you hold, hence it is necessary to hold a degree in accounting. Taking up the local exams such as the ECPA Exam would be highly recommended as it increases your chances of being approved.
A professional license is required to start an accounting firm in Dubai, you can obtain the license from the Department of Economic Development (DED), and start your business.
To start an accounting firm in Dubai, it is necessary to have an office space. Chances are you will get more clients when you have a professional office space. Physical office space will build confidence in your clients and increase your business. You can also rent office space of your choice in Dubai
Procedure for starting a Bookkeeping service in Dubai:
- The first step is to register the name of your company. The name can be of any choice of yours but it has to be with the legalities of the Dubai government.
- Decide on the company structure. Whether it is going to be a sole proprietorship, parentship firm, or an LLC
- Obtain initial approval from the Department of Economic Development (DED) and follow the legalities of the Dubai government
- Submit the necessary documents and proof of business to the government
- Rent an office space of your choice as mandated by the authorities for stating this business
- Obtain a professional license from the necessary authorities.
Benefits of starting this business:
- The cost of starting a bookkeeping service is minimum
- You can broaden your market by working virtually as well
- It is consistent work, that takes place on a regular basis
- You can become a specialist and increase your marketability
Now that you are aware of how to start your accounting firm business Why wait? If you have any difficulty in setting up a business in Dubai, contact MSZ Consultancy for the best business solutions.