Dubai is a home for businesses that require the service of tax consultants. This provides a great opportunity for entrepreneurs who wants to set up a tax consultancy business in the UAE. Starting a tax consulting business in Dubai means acquiring an extensive clientele base along with business provisions. If you are planning to set up a tax consultancy business in Dubai there are certain rules and legislation that need to be followed.
Steps to start a tax consultancy business in Dubai:
- Know the business:
The entrepreneur needs to have base knowledge and information about everything related to Dubai taxes. You can also build your own tax knowledge while you run your business so that you can develop more complex returns and run a good business.
- Legalize your business:
In order to start a tax consultancy business, you have to legalize it and obtain a license from the Department of Economic Development (DED). The entrepreneur also has to register with the IRS to obtain its tax identification number. It is mandatory to obtain a certified taxation certificate from any university in Dubai.
- Register your business:
Once you are done with obtaining the license from the necessary authorities, the next step is to register your business with the Department of Economic Development (DED) and obtain a local sponsor who will own 51% of the shares in the business and the remaining shares will be owned by you. If you are willing to start your business in the free zone then you must follow the business setup procedure as per the freezone authorities.
The company should apply for a trademark so that it will restrain the plagiarism and copyrights issues. By creating a trademark there is also a security of credibility and it will build trust among the clients. Hence the trade market is essential to process while setting up a business.
- Share capital:
Minimum share capital is usually mentioned in the Memorandum of Association of the company. However, in most cases, minimum wages are not required for setting up a business.
- Shareholders passport copy
- Visa status
- No Objection Certificate (NOC)
- Trade name
Benefits of opting for a tax consultant:
- Tax advisors help in identifying legal ways to pay less tax
- Saves time in preparing tax returns
- Sorts the complicated computations
- Helps in building strategies to minimize the tax to be paid
- Up-to-date information is received with respect to any changes in the tax policies.
MSZ Consultancy for setting up your tax consultancy business:
If you are willing to set up a tax consultancy business in Dubai, MSZ Consultancy will help you build your dream business. MSZ Consultancy provides LLC company formation and related-setup services in Dubai and across UAE to get your business up and running.
Our team of experts will offer you complete solutions for setting up a business in Dubai. We also help in providing trade licenses, company registrations, government approvals, PRO services, and everything that involves the formation of a company in Dubai. Get in touch with us today!