Start Your Accounting Business in Dubai: 2020 Guide

It’s perhaps unsurprising that business support services occupy such a thriving market in Dubai. The emirate is the home of business, attracting entrepreneurs from around the world.

Most of those businesses require support – be it tax assistance, bookkeeping, or accounting. Any business that can provide these services to a high level at a fair price is likely to be in demand.

Accountancy firms are also very simple to set up in the UAE, providing you work with a setup expert and hold the relevant qualifications. So, if you’re looking to start an accounting company in Dubai, you could be trading in a matter of weeks.

Getting started

Before starting the application process, it’s a good idea to research the market that you’re going into. In particular, you should familiarise yourself with the Dubai’s free zones.

There are plenty to choose from here, all offering benefits such as 100% customs tax exemptions and capital and profit repatriation. Most also offer office and coworking space, reception cover and access to meeting and conference rooms, as well as the use of telephones, broadband and the like.

On top of this, each free zone will bring its own benefits. Dubai Technology Entrepreneur Campus (Dtec), for example, is a technology-focused free zone offering a supportive environment for a range of industries, as well as workspace packages at a scale and price to suit all budgets.

Starting your accounting business in Dubai

Once you have familiarised yourself with the local market, you can begin the formal process of starting your accounting business in Dubai. At this stage, you should partner with a local free zone or a company setup agent who can manage your applications and guide you through the process.

One of the first tasks your agent will undertake is helping you outline your business activities. These must be specific to the type of accounting or bookkeeping that you intend to carry out. Making this clear upfront will make the rest of the process much easier.

Next, you need to choose your company name. Again, it’s best to do this upfront as you’ll need to register it before you can trade in the UAE. There are a few naming conventions that you must comply with. They include:

• Only full names allowed, no abbreviations.
• Cannot include any potentially offensive or blasphemous words.
• Must be available to register.

With these decisions made, you can make your license application. There are several steps to this process.

First, you should apply for your trade license. You can make this application yourself but is advisable to work closely with a free zone or company setup agent at this stage. They can make sure your application is correct and prevent any undue hassle further down the line.

If you’re setting up in the mainland, you should apply to the Dubai Department of Economic Development. Alternatively, you can apply directly to your chosen free zone.

As part of your application, you will be asked to provide some basic documentation such as a passport copy and business plan. You will also need to show proof of your accounting qualifications. This would normally take the form of a recognised degree in accounting or another relevant field.

As you will be working in a heavily regulated industry, you will also need to apply for additional approvals. These approvals must be sought from the UAE Ministry of Economy and the UAE National Accountants and Auditors Association (UAE AAA).

As free zones are self-regulating, these additional approvals are not required when setting up in a free zone. This is yet another reason why so many international entrepreneurs opt for this type of setup.

Visas and costs

You’ll also require a visa to live and work in the UAE. When making your own application or applying to set up a mainland business, you should make this application to the relevant immigration department.

When setting up in a free zone, the visa application forms part of the main company formation process.

Dtec offers several packages inclusive of multiple visas. The flexi desk package, for example, includes a service license, the use of a workspace in a common area and eligibility for two visas. This package starts at AED 18,000 per year.

Dtec also offers a license with fixed desks and eligibility for three visas for AED 24,200 per year, plus furnished private offices, inclusive of two visas per desk, for AED 47,820 per year.

Starting your business at Dtec

If you’re looking to start an accounting company in Dubai, UAE, there’s no better base than Dtec. Apply with us, and we’ll handle every step of the process for you – helping to outline activities, register your company name, applying for your license and visas, and supporting you once you’re up and running.

If you’re looking for flexible coworking or office space in Dubai, Dtec offers a nurturing, supportive community from which to set up your new business.

As well as a great workspace, Dtec is home to a vast network of mentors, advisers, and educators, with many receptive to collaboration, pitches, and investment opportunities. The 10,000 sqm facility is home to an integrated ecosystem for hundreds of startups, SMEs and entrepreneurs from around the world.

Along with organic opportunities to engage and collaborate, Dtec also runs a range of formal events, including Partner Labs, the Corporate Partner Network, an annual pitch competition, and several acceleration programs.

So, have you got a great idea you want to see realised? Everything you need can be found in Dtec.

Our coworking space encourages collaboration, our accelerator programs and funding arm give a young business set up in the UAE a head start, and our networking events ensure you get your name out there and stay on top of industry trends. We take care of everything, leaving you to take care of your business.