The tax is a mandatory contribution paid by citizens of any nation to the government so that it can provide essential public services. It is applicable to both nationals and expatriates. When a company is established in a foreign nation, the payment of corporate tax becomes an obligation. Similarly, people who earn within the slab of taxes of any nation must pay the individual income tax according to the rules of that specific country. At this point, opting for a tax advisor acts as a better option that makes us aware of the specific nation’s fiscal policy. A tax advisor is a person or organization that helps business entities and people understand and deal with the tax structure and disclose legal ways to pay less taxes.
Dubai, one of the fastest developing cities in the world and the heart of the UAE, has been a center of attraction for companies worldwide. Be it a new company or an established business, one of the first cities that clicks on the mind of a businessman is Dubai, because the emirate offers several tax-free areas that attract investors from all corners of the world. Let’s take a deeper look.
Procedure to establish a tax consulting firm in Dubai
Those who wish to establish a tax consulting firm in Dubai are not required to comply with specific legislation, however, obtaining a certain rating or entering local associations recognized by the government will increase their success rate. With a simple registration procedure in Dubai, you can set up your tax consulting company in just a few days. Here are some things you should do when registering your tax agency in Dubai.
- Business knowledge
You must have a solid knowledge base and accurate information on everything related to taxes in Dubai. You can start with basic courses so you can learn to prepare taxes for the general public. You can develop your tax knowledge while managing your business so that in the future you can prepare more complicated returns and earn more money. You should also analyze what your competitors are doing.
- Legalize your work
You must apply for a business license through the Department of Economic Development (DED). You must also register with the IRS and obtain your tax identification number. To start legally, it is mandatory in Dubai to be certified in taxes from any university.
- Create a plan
Ensure your success by doing research and preparing a commercial and marketing plan. Who will you market to? At what point will you need employees? How many customers do you need? Prepare for success by giving yourself a roadmap for growth.
- Business registration
Once you have removed your license and planning, it is time to “hang your tile.” You can register your business in DED if you want to set up your business in the emirate. Here, you must have a local sponsor who will own 51% of the shares in the business, while the remaining 49% can be your property. But if you want to set up your business in the free zone, you must follow the commercial configuration procedure mentioned by that particular free zone.
- Get customers
All that remains is to get customers for your tax business! Start with your family and friends and then establish contacts. Word of mouth is one of the best ways to grow your business, so make sure your excellent priority is an excellent service.
At Business Link UAE, we help leaders make distinctive, lasting and substantial improvements in the performance of their organization. We address the most difficult problems and the most serious challenges. We help you start your tax consulting firm in Dubai with the help of our advisors. Contact us today; we will be happy to help you.