In view of the increasing compliance requirements being imposed by the government, setting up an audit firm in Dubai mainland makes business sense. However, the process of business setup in Dubai can be complex for a foreign investor who is new to the region. As per the Department of Economy and Tourism (DET), audit business is a special activity that requires approvals and permits from concerned ministries and government departments.
Business setup consultants in Dubai can make the process simple by advising you on how to obtain the necessary approvals and permits. In this blog, you can learn about the approvals and permits that are mandatory for registering an audit firm in Dubai mainland. Keep reading to learn more:
Trade License for Starting an Audit Firm in Dubai
A trade license issued by the DET is mandatory to register an audit firm in Dubai. The audit of accounts license in Dubai mainland is a professional license with the activity code 6920001. The license is necessary for businesses specialized in practising accounting services and qualified to audit accounts of companies and firms and make comprehensive examinations and auditing of all kinds of accounts, records and accounting books of an establishment, the outcome of its business, and reports on its financial position. Consult with business setup consultants in Dubai for navigating the DET licensing procedure.
Special Approval to Start an Audit Firm in Dubai, UAE
Since it is a special activity, auditors need to get approval from the Ministry of Economy to practice the profession in the UAE. Auditors need to register in the Ministry of Economy’s register of auditors to start an audit firm in Dubai, UAE. Audit professionals wishing to register a company in Dubai mainland should hold a university degree in accounting or a higher educational qualification in the same field from a university or a higher institute recognized by the UAE.
The auditor may be required to undergo a test to qualify for practising the profession. The Ministry may ask for a copy of the company’s insurance policy against professional errors (Professional Indemnity), including the name of the auditor (after passing the test). The applicant should submit valid copies of fellowship certificates. Certificates showing experience in the field need to be presented to the Ministry of Economy.
Steps to Start an Audit Firm in Dubai Mainland
The DET has set out a series of steps to issue an audit license in Dubai mainland. Business setup advisers in Dubai can help you navigate each of the steps. The following are the steps for opening an audit company in Dubai:
- Choose the audit of accounts as your activity
- Select a name for the company
- Choose an appropriate legal structure
- Obtain initial approval from DET
- Rent an office space and sign the tenancy contract (Ejari)
- Obtain Ministry of Economy approval and audit license
- Submit the documents and pay the fees
- Receive the trade license
- Apply for visas
- Open a corporate bank account
Business Setup Consultants in Dubai can Help You
Even though starting an audit firm in Dubai is a highly rewarding opportunity, you have to navigate several complex steps and obtain special permits. The steps of business setup in Dubai can be daunting for foreign investors but you can easily manage them by hiring professional assistance. Business setup consultants in Dubai such as Jitendra Business Consultants (JBC) can help you open your audit company without any hassle.
We are one of the leading providers of company formation services in Dubai with years of experience. JBC can help foreign investors to navigate complex procedures such as document drafting, visa processing, bank account opening etc. We also help the companies avoid hefty penalties by providing compliance services related to ESR, UBO & AML-CFT. Company registration in Dubai becomes easier with JBC’s guidance and assistance.
