The UAE’s accounting market presents a compelling opportunity for accounting professionals seeking to establish a practice. As the UAE’s economy becomes more sophisticated, so too does the regulatory landscape, requiring specialised knowledge and expertise in areas such as international financial reporting standards (IFRS), tax compliance, and corporate governance.
The UAE’s embrace of digital technologies has also created new opportunities for accounting firms. By leveraging cloud-based solutions and accounting software, firms can streamline their operations, improve efficiency, and offer innovative services to their clients. Furthermore, the UAE’s strategic location at the crossroads of Europe, Asia, and Africa makes it an attractive market for international businesses seeking accounting services. By understanding the key trends and opportunities in the UAE’s accounting market, firms can position themselves for success and capitalise on the growing demand for their services.
If you want to set up an Accounting Firm in the UAE, these are the business activities you can choose:
6920.05 – Other Financial Service Activities, Except Insurance And Pension Funding Activities
This category encompasses a wide range of financial services that don’t fall under insurance or pension funding. These services can include factoring, forfaiting, and financial leasing. Factoring involves purchasing a company’s invoices at a discount and collecting the full amount from the debtor. Forfaiting is a type of export financing where a bank or financial institution buys a company’s export receivables at a discount. Financial leasing is a type of financing where a lessor leases an asset to a lessee with an option to purchase at the end of the lease term
6920.06 – Recovery Analysis Services
This involves analysing a company’s financial situation to assess its ability to recover from financial difficulties or losses. Recovery analysis services can include debt restructuring, financial forecasting, and turnaround management. Debt restructuring involves developing plans to reorganise a company’s debt to improve its financial health. Financial forecasting involves predicting a company’s future financial performance. Turnaround management involves implementing strategies to help a struggling company improve its profitability.
6920.07 – Taxation Procedures Follow Up
This refers to services related to ensuring compliance with tax laws and regulations. It might involve tax return preparation, tax audits, and tax planning. Tax return preparation involves preparing and filing tax returns for individuals and businesses. Tax audits involve assisting clients in responding to tax audits conducted by tax authorities. Tax planning involves developing strategies to minimise tax liabilities.
6920.08 – Billing Services Provider
This involves handling billing and invoicing processes for businesses. Billing services providers can generate invoices, process payments, and manage accounts receivable. Invoice generation involves creating and sending invoices to customers. Payment processing involves receiving and processing payments from customers. Accounts receivable management involves following up on overdue payments.
6920.09 – VA Proprietary Trading
VA proprietary trading refers to a type of investment activity where a venture capital firm invests its own capital in financial markets. It’s essentially a form of speculative trading where the firm aims to generate profits by buying and selling securities such as stocks, bonds, or derivatives. Unlike traditional venture capital investments, where the firm invests in early-stage companies, VA proprietary trading involves direct investments in financial instruments. The goal is to capitalise on market trends, volatility, and arbitrage opportunities.
6920.94 – Auditing Of Accounts
Auditing of accounts is a process of examining a company’s financial records to ensure their accuracy, completeness, and compliance with accounting standards. It’s typically performed by independent auditors who are not affiliated with the company being audited. Auditors review financial statements, such as the balance sheet and income statement, to verify that they accurately reflect the company’s financial position. They also examine supporting documentation, such as invoices, receipts, and contracts, to ensure that transactions are recorded correctly.
6920.95 – Tax Consultant
A tax consultant is a professional who provides advice and assistance on tax matters. They can help individuals and businesses understand and comply with complex tax laws and regulations. Tax consultants can perform a variety of tasks, such as:
- Preparing tax returns
- Advising on tax planning strategies
- Representing clients in tax audits
- Resolving tax disputes
6920.96 – Accounting & Bookkeeping
This involves recording and maintaining a company’s financial transactions. It includes tasks like journal entries, ledger maintenance, and financial statement preparation. Journal entries involve recording financial transactions in a journal. Ledger maintenance involves maintaining ledgers to summarise financial data. Financial statement preparation involves preparing financial statements like the balance sheet and income statement.
This class excludes specific activities such as data processing and tabulation, management consultancy (including accounting system design, cost accounting programs, and budgetary control procedures), and bill collection.
Third-party Approval: These business activities do not require third-party approval.
Filing of Economic Substance Returns: This requirement does not apply to the business activities mentioned in this article.Anti-Money Laundering Compliance: This requirement does not apply to the business activities mentioned in this article.
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