4 Points to Consider for Setting up a Bookkeeping and Accounting Firm in Ajman
Warren Buffet has rightly said that ‘Accounting is the language of business.’ Hence, bookkeepers, accounts and auditors are experts in the language of business. The services of accounting consulting firms are indispensable for businesses and they have highly sought after. Thus, an accounting consulting firm is a highly respectable and lucrative business in Ajman Media City Free Zone. For starting your accountancy or auditing firm pr consultancy service in UAE, you need to meet the following requirements:
Qualification and Expertise
To open an accounting firm in UAE, you need to have proper qualifications as well as certification and technical licenses, such as having a CPA, CFA, CMA, etc. Your degree and certifications should also be recognized and approved by the Knowledge Department of Dubai. You may even have to pass some local certifications and exams. Secondly, you need to accordingly hire qualified and competent employees and senior-level professionals who will ensure that standardized services are given to clients.
For operating a consultancy business in Ajman Media City Free Zone, you would have to register your company by submitting all the required documents, then make it an LLC or corporation. Next, you would be needing a business license to operate in UAE. Once these prerequisites have been fulfilled, you can officially start your business.
Using advanced softwares or automated accounting system for accounts are the norms in UAE, along with cloud-based and Cross-Platform integration. Therefore, accountancy firms practicing in UAE need to have full competency in the latest accountancy and bookkeeping softwares like QuickBooks, Zoho Books, Giddh, Xero, HDPOS Smart Accounts and Billing, GCC VAT PRO, ProfitBooks.
Understanding of the VAT Rules in UAE
Since 2018, Value Added Tax (VAT) has been introduced in the UAE at a rate of 5%. Under this law, at the end of each tax period, VAT registered businesses and taxable individuals have to submit a ‘VAT return’ to the Federal Tax Authority (FTA). That’s why the accountancy firms operating in UAE need to be aware of all these laws and regulations to meticulously document their clients’ income, costs, VAT charges and file them accordingly.
Increase in Business Activities Means Increase in Demand of Accountancy Firms
As a result of the initiatives and schemes of The UAE authorities, the business community is showing greater confidence in the economic growth of the region through opening new businesses. All these new businesses would eventually be needing accountancy services on weekly, monthly or annual basis, which automatically means a greater and consistent demand for accountancy firms. Therefore, opening an accountancy firm in Dubai is certainly worth it because of brighter business prospects. In case you are wondering which place is ideal for your business then do consider Ajman Media City Free Zone because the entry barriers and set-up costs are low, competition isn’t that tough and opportunities are ripe.
Registering your company and obtaining a license can be daunting if it is improperly executed. However, Makateb is a business set-up guidance and solution provider that can simplify the process of setting up of your accountancy firm in Ajman Media City Free Zone. Makateb has affordable and value-laden packages.