Accounting and auditing services are in great demand throughout the United Arab Emirates. As one of the world’s fastest-growing – and diverse – economies, an audit license in Dubai will allow your business to help many of these companies correctly submit their annual audits to the UAE’s tax authorities.
In this article, we’ll cover the following:
- What is an audit license in Dubai, UAE?
- Benefits of starting an audit company in Dubai
- Steps to start an audit company in Dubai
- Cost of starting an audit business in Dubai
- How can I become a licensed auditor in UAE?
- Business setup in Dubai with Trade License Zone
What is an audit license in Dubai, UAE?
Simply put, an audit license allows your business to offer auditing services to other companies. The license allows holders to practice accounting services and conduct audits for companies. Only licensed and registered auditors can carry out auditing services in the UAE.
In addition to an audit license, you will need to hold specific qualifications in your field – such as a degree in auditing, accounting or bookkeeping. If you don’t possess such qualifications but have the required experience in your specific field, you can sit exams in Dubai to increase your chances of getting an audit business license.
Benefits of starting an audit company in Dubai
With your accounting license in Dubai or audit license in the UAE, your business services will be highly sought-after by companies, from small businesses to large corporates. Your services and expertise can boost auditing and accounting departments, helping them remain compliant with the UAE government’s financial and tax regulations.
Dubai is a competitive market, but the growing number of businesses in the emirate continues to climb – and all those businesses require auditors.
As an entrepreneur and investor starting an audit business in the UAE, your company will not pay any capital gains tax, one of the world’s lowest VAT rates, zero personal and corporate income tax, and access to a thriving economy, high standards of living in Dubai, and more.
Steps to start an audit company in Dubai
There are a few key steps you must take to start an audit company in Dubai. These seven steps will help you to get your audit license in the UAE.
Step 1: Team up with Trade License Zone
When starting an audit company in Dubai, you should partner with Trade License Zone. Our professional team will manage all aspects of your business license application and company setup on your behalf.
Step 2: Choose your business activity
Part of the application process requires you to specify your business activity on your trade license. You can only carry out the selected activities. If a company conducts business in the UAE without the relevant business activities listed on its trade license, it may face severe penalties from the Dubai authorities.
Step 3: Choose a company name
The UAE has strict naming regulations for businesses. The company name must not include offensive or blasphemous language or references to Allah or Islam, avoid names of well-known brands, and contain no abbreviations when using your name.
Trade License Zone will help you choose and register your audit firm’s business name with the UAE’s Registry Office.
Step 4: Choose a business jurisdiction and setup
You must choose whether to set up your business on the Mainland or in a Free Zone in Dubai. There are numerous benefits to both business jurisdictions, but each has specific attributes that determine the company’s formation setup.
Free zone companies are the most popular and cost-effective of the two types of business jurisdictions in Dubai. They offer foreign nationals 100% ownership of their companies, but additional steps (such as opening a branch) may be necessary for an audit company to trade within the UAE legally.
A mainland company setup allows you to trade within the UAE market without extra steps. Still, a local sponsor (an Emirati citizen) must hold 51% of the company’s shares.
Selecting the correct business setup for your auditing business might seem complicated, but Trade License Zone can make it much easier. We will help you choose the most suitable company setup formation to ensure you can start trading as soon as possible.
Step 5: Applying for your audit license in UAE
Once you’ve completed the above steps, you can submit your audit business license application to the Department of Economic Development (DED). Trade License Zone can help you with this critical step to avoid errors, delays or rejections.
Step 6: Apply for your visa
Once you’ve completed the trade license application process, you can apply for your UAE residency visa to live and work in Dubai. Your trade license may entitle you to sponsor the visas of family and staff, depending on the conditions of the trade license.
Step 7: Open your corporate bank account
Opening your audit company’s corporate bank account is the final step before you can begin trading. For advice and assistance with this vital step, contact Trade License Zone‘s helpful team.
Cost of starting an audit business in Dubai
The cost of starting an audit business in Dubai ranges from AED 19,000 – AED 30,000. The price depends on many factors, such as trade license costs, accreditations, visa processing, location and office rent or co-working space, and other government and municipal fees.
For an accurate quote, contact Trade License Zone’s highly experienced team. We’ll offer you a free quote and all the relevant information to help you decide on the steps to getting your audit license in the UAE.
How can I become a licensed auditor in UAE?
As we’ve mentioned, to get an audit license in the UAE, you must hold relevant qualifications for your field. You must also show relevant experience in this particular field. In some cases, you may need to sit for an exam in the UAE in order to fulfil the requirements to get an auditing license and be registered as an auditor in the UAE.
Business setup in Dubai with Trade License Zone
When you partner with an expert such as Trade License Zone, business setup in the UAE is streamlined. When you apply for an audit license in Dubai, Trade License Zone will save you from the frustration of unnecessary delays or rejections and simplify the entire application and company setup process for your auditing business.
The specialists at Trade License Zone can get started as soon as you provide us with some basic documentation. After that, just sit back and let our team take care of the rest. We’ll manage your audit license application, communicate with all relevant government departments and authorities, and report back to you when you’re ready to launch your new company. It really is that simple.