6 Most favorable factors for setting up an Audit and Consultancy firm in UAE
If you are interested to setup an audit and consultancy firm, then UAE is the best choice of location to consider. Perhaps, there are many reasons to support this idea, but I would like to mention some of the major factors below.
1)Expo 2020 and Growing UAE market… Right time to setup a firm
Due to upcoming events in UAE like Expo 2020 and FIFA world cup in GCC, it is a best time to setup business in UAE. All the major businesses have eyes on Expo 2020 and they would like to promote their business in such a valuable event. A consultancy or audit firm can enjoy same benefits as other businesses like general trading in order to promote themselves and become an international brand.
2)Easy employability and access to recruitment
Many people come every year in search of jobs as they consider UAE is a good location for them. A consultancy and audit firm needs professionals with sound experience in audit and consultancy. The firm can recruit these professionals easily. Also there are very low visa requirements to hire professionals and very less time in hiring process as compare to other countries. This makes UAE an attractive place. UAE is very competitive market for job seekers and a firm can get maximum benefits by hiring fresh graduates and experience professionals.
3)Investment opportunities due to zero taxation policy
UAE has no capital gain tax, personal income tax, value added tax, corporate tax and withholding tax policy. A consultancy and audit firm can save so much money and use it to increase long term capital of the firm. Hence the firm can grow quickly. The extra money saved from taxation can also be used to meet working capital requirements of the firm.
4)Availability of residence visa and family support
One of the most important reasons to setup the firm in UAE is to get your residency visa and get family sponsorship. Other benefits include your own current account. you can enter and exit the country multiple times.
5)Safe place to do business and enjoy the happiness of life
It is worth noting that when you want to have your own business then off course you want to establish it for long term. Dubai is the best place to live as it provides all the facilities of life such as security, leisure and comfort.
6)Opportunities to interact with worldwide firms
As a world most suitable business location, the interaction between companies is up to large extant. The firm can have international growth quickly in term of learning different regimes of the world. In UAE there are many events which took place especially for updating IFRS, IAS and ISA changes. These events are organized in order to have updates and sound knowledge of key areas of consideration while doing external audit. A firm can get great benefit from these events in order to update their professional knowledge on time.
Considering all of above factors, it can be said that UAE provides a perfect opportunity for consultancy and business setup in UAE. As growing need of audit worldwide, where it is a legal requirement for most of the companies in UAE like main land and free zone companies to have compulsory audit, it’s a great opportunity to setup a consultancy and audit firm.
This blog post is written by Mr. Sohaib (Business Consultant at flyingcolour Business Setup Services)
