Dubai has evolved into a very profitable business hub. The UAE is growing incredibly with an expected growth rate of 3.1%. It means that there is an inordinate opportunity to start an audit firm in Dubai. Audit firms in Dubai are essential in the consolidation of public confidence in financial reporting. They empower well-versed decisions to enhance economic growth. The services of audit firms are not bound by just compliance. They help in the units of a business’s financial health, analyzing data, and risks, and making actions to enhance working efficiency. In this article, we will see how you can start an audit firm in Dubai successfully.
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Table of Contents
Preparation
The first step to starting an audit firm in Dubai is preparation. You must know some basic fundamentals of the auditing industry. It is essential to plan everything strategically. To get the perception of understanding, you can get help from other Audit Firms in Dubai such as Farahat & Co. to understand them;
- Processes
- Standards
- Requirements
Also, you must have specialized qualifications. To handle all the complications in the auditing sector, you must have the auditors have degree in;
- Certified public accountant
- Chartered public accountant
- Other certifications in the field of auditing
By effective preparation and planning, you can progressively build a web with professionals. The most important factor in the preparation phase is that you must be mindful of all the rules, legal obligations, and protocols to start your Audit Firm in Dubai. You must have a strategic team of experts with experiences and expertise to match.
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Market Research
The next step is to conduct market research. You have to start by defining what type of service in auditing is very demanding. By this method, you will be pointing to offer those services which are very prominent and in demand. You can offer;
- Payroll and employment taxes
- Expenses
- Sales and purchases
- Record of financial transactions
- Planning and budgeting for future projections
- Control over cash flow
- Statutory compliance
- Auditing
- Bank statements
- Profit and loss statements
- Cash flow analysis
- Tax planning
It is important to first target local demand such as in Dubai. It is always respectable practice to pursue information from experts such as Farahat & Co.
You can conduct research on those firms which are already well-established. You can analyze their status, prices, customers, and what they are offering. By this, you can differentiate yourself and aim at a good target.
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Gather documentation
After conducting market research and deciding which services you are going to offer, the next step is to gather documentation to register your audit firm in Dubai. You have to submit the following documents with the aim of effectively obtaining the license for the company. It includes;
- Business Plan
- Lease Agreement
- Trade Name Certificate
- Initial Approval Certificate
- Copy of visa and passport of shareholders
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Registration to get an official license
After gathering essential documents, the next step is to register in order to get an official license. It includes the following steps;
- Register the name of your audit firm
- Select the type of the company structure. It may include sole-proprietorship (SP), Limited Liability Company (LLC), or Civil Partnership firms (CPF)
- Get an early approval from the Department of Economic Development.
- Register your audit firm by submitting all the essential and obligatory documents as we mentioned above
- After that, rent a space for your office. Because it is required by the UAE regulation
After completing all the steps, you will get a professional license from a relevant regulator
What is the cost required for starting an audit firm in Dubai?
The cost required for starting an audit firm in Dubai is reliant on a few factors. It generally includes;
- Location
- Goals
- Type of business
Particularly for the audit firms in the UAE and Dubai, it may range from AED 20,000 to AED 25,000. It is subject to a free zone and for both license and visa. It is mandatory to be careful while deciding;
- The category of the business
- The company sizes
- These factors help to set up properly according to the cost of the audit firm in Dubai.
Conclusion
Starting an Audit Firm in Dubai demands a careful actionable team to follow the procedure. It has a great importance of compliance and brilliance in a globalized market. By starting your audit firm in Dubai, you are tactically capitalizing on the global robust market as an international financial center. For any guidance or help, Farahat & Co. is one of the best and leading audit firms in Dubai. Their proficient team is always ready to guide a business toward success.