It is mandatory to obtain an audit license before providing auditing services in Dubai. Having an audit license in Dubai will enable your company to assist businesses in accurately submitting their yearly audits to the tax authorities in the United Arab Emirates. A regulatory authority will provide an audit license to a person or organization to perform a systematic review of financial records and other documents, to ensure that they are correct and in compliance with applicable rules and regulations.

Before you can get started with your audit business formation, you must complete certain prerequisites and obtain the necessary authorizations. While the process isn’t particularly difficult, it does need some pre-work to launch an audit company in the United Arab Emirates.

Prerequisites for Obtaining an Audit License in Dubai

Ministerial Resolution No.111-2 was released by the Ministry of Economy (MoE) outlining revised standards for potential auditors in Dubai. The following requirements must be met to receive an audit license and begin practicing in Dubai, according to the revised terms,

1) A bachelor’s degree in finance or accounting, or a similar discipline, is required.

2) The International Financial Reporting Standards (IFRS), International Standards in Auditing (ISAs), and the UAE-mandated tax and regulation exam must all be passed.

3) You must have at least three years of auditing experience and a certificate attesting to your professional background.

4) Using financial records, you should be able to demonstrate that you can make the required minimum investment to launch a business in Dubai.

5) You must have at least two partners with at least five years of auditing experience.

How to Get an Audit License in Dubai

In Dubai, launching an auditing firm is similar to launching any other kind of business, but to ensure a seamless launch, make sure you stick to the following procedure:

Step 1: Choose the jurisdiction for setup

You can either set up your audit business in the mainland or a free zone authority.

Step 2: Select a trade name and structure

Choose a name for your company. Try to come up with at least three names that aren’t associated with well-known businesses, contain no derogatory or blasphemous language, or make reference to Islam, and the DED or the free zone authority will approve the most appropriate and available one.

Step 3: Apply for an audit license

In the mainland, the Department of Economic Development (DED) will issue the audit business license while the Ministry of Economy (MoE) will issue the professional service license. In case of free zones, the business license is issued by the free zone authority while an external approval is required from the Ministry of Economy (MoE).

Step 4: File an application for a business bank account

The last step before you start trading is to open a corporate bank account for your audit company.

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Benefits of an Audit License in Dubai

  • Conduct audits for government agencies, private businesses, and public companies.
  • Expand your network of clients and prospects in the financial service industry.
  • Provide audit reports that investors and regulators are willing to accept.
  • Tax savings such as the absence of capital gains tax, minimal value-added taxes, and there is no personal income tax to pay.

Price of Obtaining an Audit License in Dubai

In the United Arab Emirates, the license fee to establish an audit business will vary depending on several variables, such as business structure, company location, scope of your business, number of employees, and the services you offer. Get in touch with us to find out the pricing details.

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