Attracting probably the largest number of expats on the planet, Dubai is considered the best place to start a business. Britons are seeking this Middle Eastern city for excellent opportunities. Also, with the radiant climate, unblemished white seashores, high-end lifestyle and security, who wouldn’t have any desire to move here.
Which is why I chose this city too. Businesses here are facing multiple challenges in their workflow after the coronavirus pandemic and especially their accounting departments are struggling way too much. I wanted to help the SMEs of Dubai to focus on their core business activities rather than handling bookkeeping and VAT filings all day.
Helping them save time by providing expert accounting and bookkeeping solutions is the core offering of Zyla Accountants. We completely understand how difficult it is for small and medium-sized businesses to allocate resources without feeling the burden.
Why did I choose Dubai?
Dubai has made itself a hub of global trade, attracting investors and stakeholders alike. Check any business sectors profitability here, you’ll only find positive results. Due to multiple opportunities and ease of doing business, Britons come to this city.
Need for accounting firms
A business relies upon multiple sections: management, sales, marketing and finance including our beloved accounting. Each one of them is equally important. After the implementation of VAT in the UAE, it has become necessary for businesses to keep accurate records of transactions daily.
Startups, SMEs and Corporates in Dubai don’t have many resources when it comes to assigning finance and accounting work. They are always looking for accounting firms to outsource their finance departments. Also, the FTA authority is strict when it comes to checking the authenticity of business transactions.
Looking at this opportunity, I chose Business Bay to start a fully digital remote accounting practice, so that businesses don’t have to hire an extra pool of talent and set up an in-house team to manage accounting books. It helps businesses to cut down their fixed costs into variable costs and free up themselves from complex tax preparation and filing.
Dubai is located between Africa, Asia and Europe. It automatically becomes an excellent place to start a business of anything, for example – logistics, tourism, trading, event planning, accounting, entertainment and so on. Located around the biggest airports and sea, this city has access to more than 2 billion consumer markets.
One thing that every business owner must definitely know that Dubai applies zero taxes on most businesses. If you are coming from the Uk or anywhere in the world, remember that you won’t have to pay:
- Withholding tax
- Corporate tax
- Personal income tax
- Capital gains tax
Also, there are various Dubai free zones that are entirely tax-free. For financial services providers and institutions, there is a Dubai International Financial Center or DIFC.
Easy-to-get entrepreneur Visa
Setting up a business in Dubai and other emirates of UAE allows you to get a residency visa through which you can bring your dependents and expatriate employees. This visa comes with a lot of perks, such as:
- Permission for the opening of a current account in UAE Banks.
- Apartment leasing for long-term
- Exit and enter the UAE legally anytime
To sum up:
The quality of living conditions in Dubai is one of those things which brought me here. As per the UN World Happiness Report 2018, UAE ranked 11th. Entrepreneurs who are considering moving to this city are on the right track because in the coming years the economy of the UAE will be booming.
Have you set up your business in Dubai? Let’s catch up! Meet us for a coffee at our office in Bay Square, we would love to hear about your business in Dubai!