The demand for Auditing Services is increasing progressively in the UAE. Still, the question is how to get audit license in Dubai to open an audit firm and work as an auditor legally. To get a UAE auditor certificate, you must fulfill specific conditions set by the authorities.
The role of auditors is significant as they provide annual audits for tax fulfillment, and verification of financial records of the company. Hence it is vital to get appropriate training and expertise before starting your audit firm. In the upcoming lines, we will discuss in detail how you can get an audit license in the Emirates.
What is an Audit License in UAE
An audit license is a legal document that enables you to help businesses submit annual audits to the tax department of the United Arab Emirates. With the help of auditors, the company can examine its financial records and documents to ensure they are precise and legal.
Requirements to Get an Auditor License in Dubai
A UAE auditor certificate or license is provided by the Ministry of Economy (MOE), and there are certain requirements you need to fulfill in order to get it. These requirements are:
- Bachelor’s degree in accounting and finance or any other related field, given that he has fifteen credit hours in accounting courses accepted by the Ministry.
- You need to pass the International Financial Reporting Standards (IFRS), International Standards in Auditing (ISAs), and tax regulation exam, which is You must have a minimum of five years of experience in auditing and a certificate of practice from an acclaimed institution.
- You must have a certificate of equivalency.
- Professional behavior is of utmost importance in the auditing field. A clean record, free from any penalties issued by a disciplinary committee associated with professional behavior and morals in the past three years, is a mandatory requirement.
- You must have the minimum required investment if you want to acquire your UAE auditors certificate.
Finally, to complete your application, you’ll need to demonstrate your commitment to the profession by partnering with two individuals who share your dedication. These partners should each have a minimum of five years of experience in auditing, a requirement that underscores the importance of collaboration in this field.
How to Open Audit Firm in Dubai
The procedure for starting an auditing company in UAE is the same as starting any other company. To establish your company seamlessly and in accordance with legal authorities, you need to follow the steps mentioned below.
Select a Business Name
Selecting a unique name for your business is a key step in starting your audit firm in the UAE. Pick a name that represents your company’s attributes and nature. Also, make sure the name has not been registered before in the UAE.
Select a Business Structure
In UAE, there are many business structures to choose from
- Partnership Company
- Sole Proprietorship
- A Limited Liability Company (LLC)
- A Free Zone Company
According to the new amendments implemented by the Ministry of Education (MoE), sole proprietorship is not applicable.
Choose a Business Jurisdiction
In order to get an audit license in Dubai, you need to choose a jurisdiction for your company. There are two types of business jurisdictions in Dubai: Free zone and Mainland. The free zone is more economical and preferred by foreign investors, granting them full ownership of the company.
Get Your Audit License
To run your audit business smoothly in Dubai, you’ll need to get an audit license from the Department of Economic Development (DED) and a professional Services License from the Ministry of Economy (MoE). Depending on the type of your business activities, you may also need additional permits.
A Suitable Office
To run your audit firm smoothly in UAE, you need an office space that meets the regulations of Free Zone authorities and the Department of Economic Development.
Open Your Corporate Bank Account
Auditors in Dubai need a corporate bank account for the smooth flow of their audit firm’s financial transactions. Select any suitable Bank Account in the UAE.
Get Advice from Consultants
It’s not easy to run a business in the UAE’s competitive market. Therefore, you must seek advice from business consultants to overcome any obstacles you may face. They will help you with business planning, documents, a UAE auditor certificate, and other necessary approvals for your audit firm.
Recruitment and Coaching
Professional growth is really important for auditors in Dubai. Therefore, you should recruit and coach your audit team. Your audit team should be certified and sufficiently skilled in legal regulations and foreign auditing laws. An experienced team will play an important role in establishing your company.
Documents Required to Get UAE Auditors Certificate
To get a UAE auditors certificate, you need the following documents
- Colored Photograph
- ID card
- Certificate of Good Conduct
- Fellowship Certificate from Emirates Association for Accounts and Auditors
- Photocopy of certified academic qualifications
- Photocopy of experience certificate
- Photocopy of approved stamp from the auditor
- A letter to certify that the person is practicing in the described profession nowadays.
Cost of Opening an Auditing Firm in Dubai
In a free zone, getting a license and visa for your auditing firm can cost from AED 20,000 to AED 25,000. However, the cost can be different depending on your company size, business structure, office space, and other government fees.
Benefits of Getting an Auditing License in UAE
Getting an auditing license and setting up your auditing firm in the UAE comes with many benefits. The services of an experienced audit firm in Dubai are in high demand, as they can help private, public, and government enterprises improve their auditing and accounting departments.
The role of auditors is to help companies comply with general tax laws implemented by the government. You can amplify your network of customers, which will help you enhance your professional reputation and experience. Furthermore, you do not have to pay income tax, capital gains tax, or the world’s lowest value-added tax rates.
Final Comments!
If you want to start your audit firm and want to know how to get audit license in UAE, seek the help of professional consultants. A professional will help you with the smooth process of getting your UAE auditor certificate and document submission without any delays.
The process of getting an audit license can be confusing for new investors, but there’s no need to worry. Al Riyady Corporate Services is here to assist you with registration and license procedures. We can also help you with the estimated expenses of managing your audit firm in the UAE.
Contact our experienced team today for services related to Accounting and Auditing, UAE Golden Visa, and all problems related to business setup in the UAE.
