The economic stability of the UAE is offering numerous opportunities to entrepreneurs. In the past few years, new company setups and industry formations are on the rise. So, you can start a tax consulting business in Dubai to facilitate startup owners during 2024.
Mostly, the new ventures are sprouting everywhere in the region due to the favorable regulatory policies. The government of the UAE is highly conducive for company incorporation and the consequent financial growth.
Taking account of all the above, setting up a business to provide consultations in Dubai is a very profitable venture. Basically, you can assist other company owners by delivering business support. For this purpose, you need to have experience in tax reporting and managing other consulting activities in the finance industry.
Steps for establishing a tax consultancy company in Dubai
What are the steps to open a tax consultancy business in Dubai?
These are the steps to start a tax consulting business in Dubai.
- Select a suitable business name for your company
- Ensure name is not chosen by any already running business
- Register your business in the right jurisdiction
- Apply for a professional license from the relevant authority
- Trademark the business name
Idea: Incorporate a civil company in Dubai
Considerations for forming a tax consulting business in Dubai
Which things you need to consider for starting a tax consulting business in Dubai?
First-of-all, to start a tax consulting business in Dubai, then you have to register your company with the UAE government. You require to acquire the necessary license, so that your consulting firm can provide its services within the legal bounds. Accordingly, you have to consider these things before establishing a tax consultancy firm.
Now, we will take a thorough look on the factors to contemplate before tax consulting business setup.
Understand the basics
This is the pre-requisite before venturing into the world of entrepreneurship and jumping head first in your tax consulting business. Foremost, you need to first have a basic knowledge and information about everything pertaining to taxes in Dubai. During the time you are gleaning the necessary know-how, you can begin offering basic services to your customers.
So that you can learn to effectively prepare taxes, and do the compliance reporting. This is known as trial-and-error-learning. It will greatly benefit you in running your business, and serving other companies in the future.
Later on, you can offer more complex services as you develop your skills. Also, you should keep an eye on your competitors and look into what they are up to. It includes getting awareness of the market dynamics and industry best practices.
Learn from other tax consultants
Make sure to have an extensive conversation with someone having prior experience to start a tax consulting business in Dubai. However, your immediate competitors will never give you advice on how you can successfully run your tax consultancy practice. Because, they are not crazy to teach you the trick of the trade.
Nonetheless, there are entrepreneurs around you who own a tax consulting business and are not your competitors in any way. They will definitely share their entrepreneurial wisdom and secrets of success with you. Believe it, many business owners are happy to help budding entrepreneurs, and they love to dispense advice to encourage them.
It can take a while to find an entrepreneur who is willing to talk. Nevertheless, it is well worth the effort when you encounter someone who is eager to share their experiences. They may shed light on some of their bitter experiences and their triumphs.
Make a business plan
Prepare a business plan that details all that you want to achieve through your business. Set short-term and long-term goals and make a comprehensive marketing strategy. Hire competent and expert staff to achieve the aims that you have laid out in your road map.
Tip: Commence a facility management company in Dubai
Process of beginning a tax consultancy company in Dubai
What is the procedure of launching a tax consulting business in Dubai?
Here is the process to start a tax consulting business in Dubai.
Going forward, we briefly look upon this procedure of commencing a tax consultancy company in the UAE.
Get a business license
Before you start a business in Dubai, you have to legalize it. To address this, getting a business license through the Department of Economic Development (DED) is the way to go. Also, you have to get your Tax Identification Number.
You have to register with the IRS as well. Furthermore, you must have some sort of degree or certification from any university. After all, a relevant qualification empowers you to initiate a business in the taxation sector.
Register your company
You are done with the planning and the licensing part of setting up a business. Finally, it is time to hang your shingle. To proceed with your company formation in mainland Dubai, you can apply with the DED.
Or you can opt for any appropriate free zone in Dubai as the base of your operations. Then, you have to follow the rules of that trade zone’s authority. Whether, you pick Dubai mainland or a free zone, your tax consultancy can effectively thrive in the UAE.
Trademark your business
An essential part of legalizing your consulting business is trademarking your company name. Come up with a unique and a remember-able company name. So that upon hearing the name, one can instantly join the dots and points to the nature of your business.
Refrain from copying or plagiarizing other brands while naming your enterprise. By trademarking your tax consulting business, you will secure the credibility for your business. Also, clients will look up to the brand and deem it valuable and trustworthy.
Read more: Influence of VAT in the UAE
Promoting a tax consultancy firm in Dubai
How to promote a tax consultancy firm in Dubai?
These are a few suggestions to grow a tax consulting business in Dubai and the UAE.
Next, we briefly discuss these tips to boost a tax consulting business in Dubai and across the UAE.
Improve your credibility
Make your company more credible to increase its appeal among the clientele. Join hands with professional organizations that the government of the UAE recognizes to make your business an instant success. Besides, you can obtain a specific qualification to enhance your credibility.
Acquire local support
It is advantageous for a foreign entrepreneur to get the support of a local agent. Likewise, having a local sponsor can help you in expanding your business. Having said that, this is not in anyway compulsory. You can grow your business easily in Dubai, despite not having any local contact in the region.
Get the clients
Now, all you need is getting the clients to get your business off the ground. Dubai’s free zones are built with the sole purpose of facilitating the business setup that is operating in the territory. For example, most suitable free zone for starting a tax consultation business in Dubai is Dubai Outsource City free zone.
It is a trade zone that is built for accommodating organizations and entrepreneurs of the consultation industry in one place. Moreover, it offers superior standards of service and other amenities. Therefore, setting up your tax consulting business in Dubai Outsource City free zone is the most fitting tax-free dominion.
Bonus: Begin a company in Dubai Production City
Conclusion
Are you still clueless regarding the company setup process in Dubai? Let the knowledgeable business experts take care of your problem, and help you plan better. Connect with KWS Middle East today and book your exploration call with our team.
