Accounting and Bookkeeping Business Setup in Dubai

1. Set up an accounting and bookkeeping business is a mandatory practicein Dubai. Irrespective of the legal entities involved in the business, it is required for every business setup, either small or big. Let us first know what accounting and bookkeepingare. What does Setup Accounting andBookkeeping Businessmean? Anaccountingsetup is usedforaccountingforoneormorethanonelegalentity orbusiness.Anaccountingsetupisbasedoncertainfactorssuchas, • Basicandotherneedsofyourbusiness • Legalsurrounding • Needforthetransactionprocess • Legal entitiesinvolved Legal entities are mandatory for transactions.However, there is no need fora legal entity assigned to the accounting setup if the business does not require legalcontext.Iflegalentitiesareassignedtoanaccountingsetup,theneachlegal entitywillneeditsprimaryledger. Now, the bookkeeping business simply refers to organizing and recording the company’s financialtransactions. Ifyou areasmallbusinessownerwithfewerteammembersorindividualowners, you must also keep your financial records and transaction history updated. Bookkeepinginvolvescertainotherthingsaswell,suchas, • Loanandrelatedpaymentsofthecompany • Paymentstothesuppliersandtheirotherexpenses • Creatingreportsoffinancialactivities

2. Now, let’s think of the difference between setup accounting andbookkeeping business.Wesaythatsetupaccountingisanaggregateconceptofmanagingall the company’s finances,while bookkeeping focuses on management and recordingthecompany’sfinancialactivities. Benefits of Accounting and Bookkeeping foryour business inDubai Therecanbeseveralbenefitsofaccountingandbookkeepingbusiness,suchas, • Prevents financial crisis infuture Accounting and bookkeeping involve recording and maintaining all thefinances. With the help of all the financial records, business executives and owners can easilyanalyzethefutureofthemarketdemand,andalltheexpensescanbedone accordingly. • Better analysis of the performance of thebusiness Financialrecordsarethereflectionofyourbusiness’sfinancialconditions. Accounting your business helps you in analysing the financial condition and requirements ofyour business. • Preparation ofbudget Betterpreparationandplanningcanleadtothesuccessfulfunctioningofyour business.AccountingandBookkeepinghelpincreatingrecordsthatcanhelpyou understand the fields of investment and other financial requirements. And for thatexpenditure,youcaneasily prepareabudget.Thiswillalsoreduceadditional expenses,andyoucansavealot. Thesearesomemajorbenefitsofaccountingandbookkeeping.

3. Accounting and Bookkeeping services inDubai InDubai,accounting is consideredamandatoryandimportantprocedureforany business. You can imagine the importance of accounting by knowing that every business, irrespective of its nature and size, has to serve accounting services in Dubai. In Dubai, it is an essential requirement to create and maintain an accounting sheetorrecord.IfyoudonothaveaprofessionalteaminDubaiforyourbusiness that can handle accounting for your expenses and keep a record of them, then you can be charged for that. You would be liable to pay a fine for improper bookkeeping. If you are planning a business setup in Dubai, then do not forget to get accounting and bookkeeping services for your business to avoid unnecessary fines andpunishment. Setup business in DubaiFreezone IfyouplantosetupyourbusinessinDubaiFreezone,youmustknowsomebasics aboutDubaifreezone.Belowissomerequiredinformationyoucanlookatbefore planningbusinessintheDubaifreezone. What is Freezone, and why is itfamous? Free zones are geographical areas in Dubai in which all the trade of goods and servicesare available without much interference from custom rules and regulations.Itisanidealplaceforcarryingoutallthetransportationsetups. What are the steps for setting up a businessin DubaiFreezone? For setting up your business in Freezone, you have to follow the below-listed steps.

4. Legal entitytype Thefirststepistodeterminethetypeoflegalentityforyourbusinesssetup. • Tradename Youhavetogiveyourbusinessaname,andthatwillfurtherbecomeitsidentity. • Businesslicense Then you have to apply for a business license in UAE, which is avery important steptowardbusinesssetup. • Pre-approval Aftergettingyourbusinesslicense,youmusttakepre-approvalandsubmitallthe requireddocumentstotheauthoritiestoavoidanyfurthercomplications. • Registration of yourbusiness At last, you have to register your business, and do not try to provide any fraudor illegaldocumentswhileregisteringyourcompany. What is the cost of settingup business in Dubai Freezone? There isnoactualcostyoucanpredict.However,byaddingalltheexpenses,you canhaveanestimatedvalueoftheaggregatecostofbusinesssetupinUAE. Forexample,sayifyouwanttoopenarestaurantinFreezone,then,firstofall,you havetofollowallthelegalsteps.Belowaresomestepsandcautionsyoucanread tohaveanideaoftherestaurantbusinesssetupinDubai. • Legaltermsandconditionsofthecountry • Determiningthenameofyourbusinessandlegalentityinvolved • ApplyingforaFoodbusinesslicenseinUAE

5. Finishingallthepaperworkandregisteringyourrestaurant • Salariesforworkersandstaff • Rent • Investments • Other unavoidableexpenses Excluding staff salary and rent, the estimated cost for business setup wouldbe aroundAED9,000toAED10,000. Note-Thisis just anestimationforonlythebasicsetup.Sotherecanbechances of difference in your expenditures depending upon your business requirements andmarketdemandsaswell. Conclusion Setup accounting and bookkeeping business in Dubai is essential if you are administering a business in Dubai. There are strict rules and regulations for ensuring proper management and recording of all the financial status of the companies. In Freezone, you can setup your business by following some basic stepsandgettingyourlicensefromtheUAEgovernment.