Across Abu Dhabi, there are thousands of businesses, and all of them need audit or accounting services of some sort. For businesses in some sectors in Abu Dhabi, a yearly audit is a requirement of holding a business licence.
This means that accounting services are always in demand in Abu Dhabi – and always will be – and this presents opportunities for potential entrepreneurs with an accounting background.
But if you want to start a business providing audit and accounting services, what do you need and how much will it cost? Our guide tells you all you need to know. This article covers the following topics:
• Accounting licence Abu Dhabi – what is it?
• Steps to open and audit and accounting business in Abu Dhabi
• Cost of an accounting licence in Abu Dhabi
• How can I get an auditor certificate in Abu Dhabi?
• Benefits of starting an auditing and accounting business in Abu Dhabi
• Why choose Creative Zone?
Accounting licence Abu Dhabi – what is it?
If a person wants to start up an audit and accounting business in Abu Dhabi, then they will need to apply for a professional licence.
Professional licences are applicable to businesses that use intellectual abilities in their primary activities, rather than physical products. These licences are usually given to qualified professionals such as engineers, lawyers, doctors and accountants.
Those looking to obtain a professional licence can come from any country across the world – the only stipulation is that they comply with the regulations set out by the Department of Economic Development of Abu Dhabi.
Steps to open an audit and accounting business in Abu Dhabi
The process of opening an auditing and accounting business in Abu Dhabi can be broken down into three main steps:
Step 1: Firstly, the entrepreneur must set out all the services the business will provide – auditing, tax, accounting, bookkeeping etc. – to ensure that it is licenced correctly.
Step 2: Then, a name for the business has to be chosen. This might seem straightforward, but there are certain rules in Abu Dhabi that must be adhered to when naming a business. The rules stipulate that the name must be unique to your business, that the wording contains no profanity or blasphemous language and that no abbreviations can be used: if you are intending to have your name in the business – which is quite common for accountancy businesses – it must be first name and surname, rather than initials.
Step 3: Apply for your licence. This requires an application form to be filled out and various supporting documents included when it is sent to the relevant authority.
Company formation specialists, such as Creative Zone, are experts in this process and can help businesses with the application and ensure that all the correct information and documents are provided the first time to ensure there are no delays with the application. Contact us for more information.
In addition to the licence, anyone setting up an auditing and accounting business will need proof of their qualifications – such as a degree – in whatever financial fields they intend to practice in.
Cost of an accounting licence in Abu Dhabi
The cost of starting an accounting business in Abu Dhabi is between AED 19,000 and 25,000. This is an average figure and depends on several factors, including where you decide to base your business, and which licences you require to practice – and the costs of any additional qualifications or certificates you may need.
Of course, there are a variety of other costs that need to be considered when setting up a business in Abu Dhabi. This can include rent on business premises, the costs of furnishing it initially – although there are plenty of affordable and flexible workspaces available – and for visas, either for yourself or for any employees you wish to employ who are not native to Abu Dhabi.
For more information on the costs of starting a business, contact Creative Zone for a personalised quote.
How can I get an auditor certificate in Abu Dhabi?
Getting an auditor certificate in Abu Dhabi is relatively straightforward – it just requires taking a course, and there are various ones available.
For example, there is the Certified Internal Auditor (CIA) course, which is awarded by the Institute of Internal Auditors in the US. While it is a demanding course, in terms of the work and expertise needed to gain the certificate, it is a globally recognised certification and demonstrates the holder’s proficiency with internal staff and external clients and knowledge of best practices. It also enhances the holder’s credibility with the sector and with potential clients.
There are a variety of learning establishments in Abu Dhabi that offer such courses, many offering them on a flexible basis to fit in with your schedule, whether that is classes on a weekday, evening or weekend.
Note that to qualify for the course, applicants must have proof of a degree in an accountancy-related subject or five or seven years of verified experience in internal audit.
Benefits of starting an auditing and accounting business in Abu Dhabi
There are many benefits of starting and auditing and accounting business in Abu Dhabi. There are new businesses setting up in Abu Dhabi every day, as well as established businesses choosing Abu Dhabi as a base because of the business-friendly conditions – and they all require auditing and accounting services.
Many will choose a local auditing and accounting business because they will want the in-depth knowledge of the local laws and business norms to ensure their financial affairs are kept fully compliant and as efficient as possible.
With an ever-expanding pool of potential clients – and no sign of the growth in businesses coming to Abu Dhabi slowing – auditing and accounting specialists have the potential to grow as much as they desire to.
With the relative ease of securing visas to work in Abu Dhabi, specialists can be brought in from overseas too to help grow the business. As Abu Dhabi offers a very high standard of living, such as its advanced healthcare and education systems, it can be relatively easy to attract people to come and work for your business.
The favourable tax regime – where employees do not have to pay tax on their earnings – can also be a significant factor in convincing people to come to Abu Dhabi.
Why choose Creative Zone?
As outlined above, there are many reasons to set up an auditing and accounting business in Abu Dhabi. However, the business setup in Abu Dhabi process does have complexities that entrepreneurs, especially those from overseas, may not appreciate.
Likewise, the process of mainland company formation in Abu Dhabi can be difficult for those trying to do it by themselves.
This is why it is recommended to work with consultants like Creative Zone to set up your auditing and accounting business in Abu Dhabi, as they can make sure that the process is handled as smoothly and quickly as possible.
Creative Zone is vastly experienced in setting up businesses in Abu Dhabi and our consultants can navigate the complexities of the system with precision and speed to ensure your business is operational quickly and not held up by any errors in the application process.
For more information and a personalised quote, please contact Creative Zone.