Accounting and Bookkeeping Business Setup in Dubai (1)

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Set up an accounting and bookkeeping business is
a mandatory practice in Dubai. Irrespective of
the legal entities involved in the business, it
is required for every business setup, either
small or big. Let us ?rst know what accounting
and bookkeeping are. What does Setup Accountin
g and Bookkeeping Business mean? An accounting
setup is used for accounting for one or more than
one legal entity or business. An accounting
setup is based on certain factors such as,

• Basic and other needs of your business
• Legal surrounding
• Need for the transaction process
• Legal entities involved

Legal entities are mandatory for transactions.
However, there is no need for a legal entity
assigned to the accounting setup if the business
does not require legal context. If legal
entities are assigned to an accounting setup,
then each legal entity will need its primary
ledger. Now, the bookkeeping business simply
refers to organizing and recording the companys
?nancial transactions. If you are a small
business owner with fewer team members or
individual owners, you must also keep your
?nancial records and transaction history updated.
Bookkeeping involves certain other things as
well, such as,

• Loan and related payments of the company
• Payments to the suppliers and their other
  expenses
• Creating reports of ?nancial activities

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Now, lets think of the difference between setup
accounting and bookkeeping business. We say that
setup accounting is an aggregate concept of
managing all the companys ?nances, while
bookkeeping focuses on management and recording
the companys ?nancial activities. Bene?ts of
Accounting and Bookkeeping for your business in
Dubai There can be several bene?ts of accounting
and bookkeeping business, such as,

• Prevents ?nancial crisis in future

Accounting and bookkeeping involve recording and
maintaining all the ?nances. With the help of all
the ?nancial records, business executives and
owners can easily analyze the future of the
market demand, and all the expenses can be done
accordingly.

• Better analysis of the performance of the business

Financial records are the re?ection of your
businesss ?nancial conditions. Accounting your
business helps you in analysing the ?nancial
condition and requirements of your business.

• Preparation of budget

Better preparation and planning can lead to the
successful functioning of your business.
Accounting and Bookkeeping help in creating
records that can help you understand the ?elds
of investment and other ?nancial requirements.
And for that expenditure, you can easily prepare
a budget. This will also reduce additional
expenses, and you can save a lot. These are some
major bene?ts of accounting and bookkeeping.
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Accounting and Bookkeeping services in Dubai In
Dubai, accounting is considered a mandatory and
important procedure for any 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 sheet or
record. If you do not have a professional team in
Dubai for your business 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 ?ne 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 ?nes and
punishment. Setup business in Dubai
Freezone If you plan to set up your business in
Dubai Freezone, you must know some basics about
Dubai free zone. Below is some required
information you can look at before planning
business in the Dubai free zone. What is
Freezone, and why is it famous? Free zones are
geographical areas in Dubai in which all the
trade of goods and services are available
without much interference from custom rules and
regulations. It is an ideal place for carrying
out all the transportation setups. What are
the steps for setting up a business in Dubai
Freezone? For setting up your business in
Freezone, you have to follow the below-listed
steps.
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• Legal entity type

The ?rst step is to determine the type of legal
entity for your business setup.

• Trade name

You have to give your business a name, and that
will further become its identity.

• Business license

Then you have to apply for a business license in
UAE, which is a very important step toward
business setup.

• Pre-approval

After getting your business license, you must
take pre-approval and submit all the required
documents to the authorities to avoid any further
complications.

• Registration of your business

At last, you have to register your business, and
do not try to provide any fraud or illegal
documents while registering your company. What
is the cost of setting up business in Dubai
Freezone? There is no actual cost you can
predict. However, by adding all the expenses, you
can have an estimated value of the aggregate
cost of business setup in UAE. For example, say
if you want to open a restaurant in Freezone,
then, ?rst of all, you have to follow all the
legal steps. Below are some steps and cautions
you can read to have an idea of the restaurant
business setup in Dubai.

• Legal terms and conditions of the country
• Determining the name of your business and legal
  entity involved
• Applying for a Food business license in UAE

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• Finishing all the paperwork and registering your
  restaurant
• Salaries for workers and staff
• Rent
• Investments
• Other unavoidable expenses

Excluding staff salary and rent, the estimated
cost for business setup would be around AED 9,000
to AED 10,000. Note- This is just an estimation
for only the basic setup. So there can be chances
of difference in your expenditures depending
upon your business requirements and market
demands as well. 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
?nancial status of the companies. In Freezone,
you can setup your business by following some
basic steps and getting your license from the
UAE government.