We know very well that Dubai is a fantastic business hub or commercial capital in the Middle East. It’s a home for businesses that need the service of tax consultants. Dubai offers an excellent opportunity for traders and entrepreneurs who wish to start a tax consultancy business in Dubai and other parts of the United Arab Emirates (UAE). Set up a tax consulting business in Dubai means getting an extensive clientele base along with business provisions. If you are willing to set a tax consulting business and wonder how to start a tax consulting business in Dubai, here we highlight the crucial that will help you start your tax consulting business in Dubai.
Dubai is an entrepreneurial paradise for budding entrepreneurs because of its tax-free pro-business landscapes, free zones, and straight-forward legal and commercial framework. The new start-ups are highly motivated by the region as it has started to establish its economic stability in the local and international markets. Set up a tax consulting company is resulted to be the most favoring enterprise in Dubai. To set a tax consultancy business in Dubai, specific rules and legislation require to be followed.
Those who wish to set up a tax consultancy company in Dubai do not need to comply with scientific legislation. However, getting certain qualifications or entering local associations recognized by the government will increase their success rate. With a smooth process in Dubai, you can start your tax consulting company in only a few days.
There are three major common routes to starting a consultancy business in Dubai either by setting up a company in the mainland doing the same in a free zone or setting up either as a freelancer. If you want to start on the mainland, you should apply to the Department of Economic Development (DED) or local municipality. You are free to set up anywhere and can take on government work when trading in the mainland. And if you start your business in a free zone, you can make your application directly to the suitable officials. When you do business from a free zone, you will advantage from a 100 % customs tax exemption, zero currency restrictions, and the ability to repatriate all capital and gains to your home country.
Here Are The Steps To Start A Tax Consulting Business In Dubai
1. Know The Business
While start a tax consultancy business the first and foremost step is to know the business. The entrepreneurs require to have a base of knowledge and relevant information about all the things related to Dubai’s taxes. You can also set your tax knowledge when you run your business to make more money and develop more complex returns.
2. Legalize Your Business
To set up a tax consultancy business, from the Department of Economic Development (DED) you have to get a license and legalize it. The traders and entrepreneurs also have to register with the IRS to get its tax identification number. It is mandatory in Dubai to get a certified taxation certificate from any University.
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3. Create A Plan
By doing research and preparing a business and marketing plan, make sure you succeed. The fix on the point that who will market for you, the needs of employees, settling on clients’ requirements also. For success, set yourself up by providing yourself a road map for development.
4. Register Your Business
When you are done with the licensing and planning from the necessary authorities, the next step is to register your business with the Department of Economic Development (DED) and get a local sponsor who will own 51 % of the business, and you will own the remaining shares. If you want to start your business in the free zone, you have to follow the business setup process mentioned by that specific free zone.
The trademark is a vital part of the legal process. The company name should perfectly point to the business’s nature unless it is a branch of another company. It will assist you in handling plagiarism and copyright issues. Therefore the things you have to safeguard your logo design, tagline, and, most essentially, your company name. By generating a trademark, you will also have reliability and security.
6. Local Support
It must have a local agent, partner, and sponsor, which is marvelous support for overseas nationals. Having a local contact can assist in enlarging the business. Therefore this is not mandatory, and Dubai as an ideal business location possesses a smooth setup for all entrepreneurs regardless of nationality.
7. Get Clients
After having a local sponsor, the next step is to get clients. Getting clients for your tax business is also a vital step. Begin with friends and family and then get some networking in. To enlarge your business, word of mouth is one of the best ways to ensure that satisfactory service has been offered to them.
8. Share Capital
In the Memorandum of Association (MOA) of your company, the minimum share capital is out. In most cases, at the time of setting up, you do not require to pay a minimum wage. Share capital names to the funds that a company raises to have an ownership interest in the company in the form of shares.
Also read, How To Start A Tourism Business In Dubai