As one of the world’s top 20 financial hubs, Dubai is home to a robust ecosystem of banks and venture capital firms. It, therefore, is a preferred destination for early-stage startups looking to raise funds. The fact that the total number of members of the Dubai Chamber of Commerce increased by 7% in Q1 of 2024, with more than 19,000 new companies joining, is not surprising.
However, if you’re a new business owner in the Venice of the Gulf, you probably already know the importance of having a good tax consultant on your side. The UAE’s tax laws are always changing, and with the new corporate tax regime, it can be difficult to keep up with tax regulatory compliance. A competent tax consultant has a solid grasp of the region’s tax landscape, the local business environment, and the unique challenges faced by emerging companies in our city.
Whether you’re an aspiring entrepreneur in need of company formation services or a multinational seeking auditing, bookkeeping, or strategic financial transformation, Oblique Consult stands out for qualified, reliable, and affordable tax advisory services in Dubai. Their accountants bring more than forty years of combined experience and expertise to the table and deliver a tailored solution that aligns perfectly with your needs and budget.
Now, let’s explore the key considerations to evaluate your options before you make a hire.
1. Qualifications and Credentials
Ensure that the candidate you’ve shortlisted holds certification or chartered status from a global professional management accounting body like the Association of Chartered Certified Accountants (ACCA), the Chartered Institute of Management Accountants (CIMA), or the Chartered Institute of Public Finance and Accountancy (CIPFA). Members of these accounting bodies are required to adhere to a code of ethics and participate in ongoing training and education programs.
2. Experience and Specializations
There are many tax consultants in Dubai, and not all of them are created equal. There are those who can handle a wide variety of tax and accounting services, and then there are those who specialize in particular industries or disciplines. Your accountant should have prior expertise working with companies similar to yours. You can trust them to provide you with the appropriate tax services and business guidance.
For example, if you run a tech startup, you should hire an accountant with knowledge of innovation, financing, and scalability in order to navigate the opportunities and threats that come with these areas. But for freelancers and sole proprietors, it’s better to hire an accountant who is well-versed in self-assessment, expenditures, and value-added tax. A tax professional who specializes in international tax matters may be useful if you are a non-resident or foreign national.
3. Location and Accessibility
Yes, online accounting software and other digital technologies have made global collaboration with your accountant quite easy. If you’re comfortable working remotely or online, geography might not be an issue for you.
Still, it’s always a good idea to find an accountant in Dubai or the nearby Emirates. This can facilitate face-to-face meetings, quick accessibility, and prompt communication. Taxes are often time-sensitive, and the success of tax audits and filings depends largely on a tax consultant who can deliver results when it matters most, such as nearing auditing or filing deadlines. A reliable tax consultant knows how important it is to be reachable and responsive to clients’ queries at all times.
4. Fee Structure
Even if price isn’t your key criterion, you want to make sure you get excellent value for the services your accountant offers.
Find out if they charge a flat rate, a percentage of revenue, or a combination of the two. Also, inquire about the services they provide, and see if they have any special deals or packages for smaller companies. Can you get a discount by paying for the year upfront, or are monthly payments the only option?
Dubai houses an overwhelmingly large number of accountants who can handle all your business needs, no matter if you’re a sole proprietor or a limited liability company. Be straightforward about your budget and expectations to avoid unpleasant surprises later on.
5. Client References and Testimonials
Referrals are a great way to build trust in your choice and get valuable insights for making an informed decision. Find out what other people’s experiences have been like dealing with your prospective tax consultant, how satisfied they were, and whether or not they saw any positive returns on investment.
Ensure your candidate has a solid reputation, with previous customers praising their dependability and competence. A proven track record is crucial for experienced business tax consultants, since they can greatly improve your tax compliance and financial optimization.
Final Thoughts
We hope that this blog post has provided you with sufficient information to make an educated choice when selecting a corporate tax consultant in Dubai. If you don’t want to lose sleep over tax penalties, it is crucial that your Dubai business is fully compliant with corporate taxes. Don’t look at it with a one-size-fits-all approach. Keep the above-mentioned considerations in mind and find someone who fully understands your business needs, stays current on the changes in UAE tax legislation, and offers you smart advice to help your business grow.