In the past few years, new Business setups in Dubai are on the rise; this favorable turn of event is partly because of the economic stability that the UAE is currently enjoying.
But mostly the new start-ups are sprouting every which way in the region due to the UAE’s government policies that are highly conducive for company formation and its consequent growth.
Taking account of all the above starting up a consulting business in Dubai –where you basically assist other entrepreneurs in start a business in Dubai– is a very profitable venture.
Particularly, if you are good with taxes or have some experience in the finance industry, then you can start a tax consulting firm in Dubai.
Process of Starting a Tax Consulting Business in Dubai
If you want to start a tax consulting firm in Dubai, then there is some good news for you, and that is: The government of the UAE does not demand you to comply with specific legislation. However, you still have to get your company registered and get the necessary license so that your venture can provide its services within the legal bounds.
PRO TIP: To make your business an instant success it is recommended that you enter local associations recognized by the government or obtain a specific qualification.
Now, we will take you through the process of Tax Consulting Business set up step by step:
Understand the Business
Before you venture into the free world of entrepreneurship and jump head first in your tax consulting business you need to first and foremost have a basic knowledge and information about everything pertaining to taxes in Dubai.
During the time you are gleaning the required know-how you can start providing basic services to your customers so that you can learn to effectively prepare taxes.
This is called trial-and-error-learning, and this will greatly benefit you in running your business so that in the future, 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.
Learn from Others Who are Already in the Tax Consulting Business
If you want to start a tax consulting business in Dubai, be sure to have an extensive conversation with someone who is already in this business.
But if you really think that your immediate competitors will give you advice on how you can run your business successfully, then you, my friend live in a fool’s paradise! It would be crazy for them to teach the trick of the trade.
Despite that, there will be entrepreneurs around you who own a tax consulting business and are not your competitors in any way.
They will be willing to share their entrepreneurial wisdom and secrets of success with Believe it or not, 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 and shed light on some of their bitter experiences and their triumphs.
Get a Business License
Before you start a business in Dubai, you are required to get it legalized, i.e., getting a business license through the Department of Economic Development (DED).
You also have to get your Tax Identification Number and are required to register with the IRS.
Lastly, you must have some sort of degree or certification from any university to start a business in the taxation sector.
Make a Plan
Make a business plan that details all that you want to achieve through your business. Set short-term and long-term goals and prepare a comprehensive marketing strategy.
Hire competent and talented staff that can help you in achieving the goals that you have laid out in your road map.
Get Your Company Registered
As soon as you are done with the planning and the licensing part of setting up a business, now it is finally time to hang your shingle.
To get your Mainland Company Formation Dubai, you can apply with the DED.
But bear in mind that you need to have a local sponsor who:
- Will be the owner of fifty-one percent of your business and
- Needs to be a UAE resident and citizen.
Or if you want to opt for a Dubai Free Zone as the base of your operations, then the rules and regulations for starting a business would be according to that trade zone’s authority.
Trademark Your Tax Consulting Business
An essential part of getting your consulting business legalized is getting your company name trademarked.
PRO TIP: The company name should be such that upon hearing the name one instantly joins 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 also have secured the credibility for your business. Clients will look up to the brand and deem it valuable and trustworthy.
Get Local Support
It is advantageous for a foreign entrepreneur to get the support of a local agent or sponsor. 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.
Now, all you need are clients to get your business off the ground.
Most Suitable Free Zone for Starting a Tax Consultation Business in Dubai— Dubai Outsource City Free Zone
Dubai’s Free Zones are built with the sole purpose of facilitating the business setup that is operating in this territory.
Dubai Outsource City Free Zone is a trade zone that is built with the intent of 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.
Steps for Setting Up a Tax Consultancy in Dubai Outsource City
- Select a suitable name for your company, which is not similar to any other business running in the free zone.
- Get the name trademarked.
- Get your company registered from DOFZ authority.
- Apply for a professional license from the free zone authority.
Still clueless regarding the business setup process in Dubai? Contact KWS Middle East and we will take care of your problem and will help you plan better.
Contact Us today and book your Commitment-free consultation call with our team!