In Dubai, it is essential to acquire an audit license in dubai before offering auditing services. This license allows your company to help businesses accurately submit their annual audits to the tax authorities in the UAE. The regulatory authority grants this license to individuals or organizations to conduct a thorough review of financial records and other documents, ensuring their accuracy and compliance with relevant rules and regulations.
Before establishing your audit business, you must fulfill specific prerequisites and obtain the necessary authorizations. Although the process is not overly complex, it requires some preparatory steps to start an audit company in the UAE.
Requirements for Securing an Audit License in Dubai
The Ministry of Economy (MoE) has issued Ministerial Resolution No. 111-2, which details the updated criteria for aspiring auditors in Dubai. To obtain an audit license and begin operations in Dubai, the following conditions must be fulfilled under the new regulations:
- At least two partners with a minimum of five years of auditing experience must be involved.
2. You must hold a bachelor’s degree in finance, accounting, or a related field.
3. You are required to pass exams on International Financial Reporting Standards (IFRS), International Standards on Auditing (ISAs), and the UAE-specific tax and regulation requirements.
4. A minimum of three years of auditing experience is necessary, along with a certificate verifying your professional background.
5 .You need to demonstrate the ability to make the required minimum investment to establish a business in Dubai using financial records.
How to Obtain an Audit License in Dubai
Starting an auditing firm in Dubai involves a process similar to launching other types of businesses. To ensure a smooth setup, follow these steps:
Step 1: Choose Your Jurisdiction
Decide whether to establish your audit firm in the mainland or a free zone.
Step 2: Select a Trade Name and Structure
Choose a name for your company. Propose at least three names that are not associated with existing businesses, avoid derogatory or inappropriate language, and do not reference Islam. The Department of Economic Development (DED) or the free zone authority will approve the most suitable and available name.
Step 3: Apply for an Audit License
- Mainland: Obtain your audit business license from the Department of Economic Development (DED) and a professional service license from the Ministry of Economy (MoE).
- Free Zone: The free zone authority will issue your business license, but you will also need external approval from the Ministry of Economy (MoE).
Step 4: Open a Business Bank Account
Before commencing operations, open a corporate bank account for your audit firm.
Benefits of Holding an Audit License in Dubai
- Serve Diverse Clients: Conduct audits for government entities, private companies, and public organizations.
- Expand Your Network: Increase your connections within the financial services industry.
- Provide Accepted Reports: Deliver audit reports that meet the expectations of investors and regulators.
- Enjoy Tax Advantages: Benefit from tax savings, including no capital gains tax, minimal value-added tax, and no personal income tax.
Cost of Obtaining an Audit License in Dubai
The cost of acquiring an audit license in the UAE varies based on several factors, including your business structure, location, scope, number of employees, and services offered. Contact us for detailed pricing information.
Why with Firmz Business Setup?
Firmz Business Setup provides a distinct advantage in obtaining Audit License in Dubai. With expertise in UAE business regulations, personalized solutions, and a comprehensive service range, Firmz Business Setup ensures a smoother and cost-effective license acquisition process. The team’s commitment to ongoing assistance contributes to the success of your business setup journey in Dubai.