TFS Gulf 
- Hi, I am Thomas Vanhee, Founding Partner at Aurifer.
- We started as a boutique tax firm in the UAE now we’re building our audit practice.
- Since the introduction of Corporate Tax, demand for high-quality audit firms has skyrocketed.
- The UAE audit market isn’t easy to crack, with a steep barrier to entry. But we are betting on it!
First, we rode the tax wave
I first landed in Dubai in 2014.
At the time, I’ll be honest: I wasn’t immediately sold. But destiny and a secondment with Deloitte Legal brought me back.
As I immersed myself in the dynamic business culture of the UAE and Saudi Arabia, the sheer ambition of the region won me over.
I had planned to return to my homecountry Belgium, to continue my career. Then came 2017.
With the introduction of the Excise Tax in 2017 and VAT on the horizon for 2018, the landscape shifted.
Overnight, a clear gap emerged for high-quality, specialised tax advice.
I knew this was the moment to build something meaningful.
In 2017, I quit the Big 4 and started Aurifer.
Stepping away from the “Big 4” brand meant the rules of the game changed instantly. I returned to the same clients, but without the shiny global badge behind me.
Some signed; some didn’t. For those who did, we worked twice as hard to prove that a boutique firm could deliver elite results without the institutional overhead.
It was a humbling experience.
The “Aha” moment: Underserved audit market
Historically, audits in the UAE were largely a formality, except for listed entities or regulated firms in hubs like the DIFC and ADGM.
The introduction of Corporate Tax in 2023 flipped that script.
The law mandates audits only for larger taxpayers (with revenue of AED 50M+) and certain qualifying free-zone entities.
But even when a formal audit isn’t required, the UAE Ministry of Finance still expects tax filings to be backed by verifiable financial statements.
What happened next?
Suddenly, thousands of companies were looking for auditors, as errors or incomplete records in Tax filings can lead to fines, penalties, or red flags.
In my research, I found that finance leaders weren’t complaining about audit fees; they were complaining about service.
They were frustrated by:
- Glacial response times and lack of accessibility.
- Audit delays that dragged on for months.
- Superficial quality that felt rushed.
This was my second “Aha” moment. If clients are willing to pay for quality and communication, there is a massive opportunity for a firm that operates differently.
Breaking the “Big 4” myth
There is a common misconception that only the Big 4 can serve large corporates. This is simply not true.
While those firms are virtually unbreakable worldwide due to their integrated audit departments, there is considerable room for niche firms that prioritize close client relationships and reliable delivery.
As the market size grows, we are noticing that the clients we serve match the same profile as those typically handled by the global giants.
The high barrier to entry
Today, we’re officially licensed in the DIFC (Dubai International Financial Centre) to provide audit services.
But the UAE market has a steep barrier to entry, and we have spent the past year navigating it.
The licensing hurdle: It took us over a year from identifying the opportunity to actually receiving the audit license. This wasn’t a “file and forget” application.
- We had to submit a detailed plan
- Show that we had the right internal controls and qualified team members
- Basically, prove that we were ready to meet a very high bar
The talent problem: We assumed the hardest part would be getting the DIFC license. But that’s not true.
Finding the first set of high-quality people was the toughest part of setting up the practice.
One wrong hire and you could lose 1-2 years of progress in an instant.
Navigating the market: The UAE is a patchwork of regulations. An auditor licensed in one free zone can’t always operate in another. Success requires a mix of patience, goodwill, and strategic partnerships.
Well, it doesn’t end here
The hardest part is always getting started. Once you take the first step, things start to get a little easier.
Then came the next steps, the ones people rarely talk about.
Compliance is a never-ending game. The regulatory work never stops. We’re constantly making sure we’re compliant with every single requirement.
Handling conflict of interest. There’s always the question of what happens when your tax clients start asking for audit services. But I don’t think that is a matter of concern for us, yet!
Right now, we’re signing clients who are not listed or regulated. Why? Because that automatically reduces independence issues.
At this stage, conflicts simply don’t arise because we’ve structured it that way.
- Independent teams
- Independent systems
- Clear separation in how we operate
- Everything is fully compliant
We’ll get to listed and regulated entities later, but only when the foundation is rock solid.
Reaching out to clients. People imagine that once the license arrives, clients start lining up.
Absolutely not true!
You still need to:
- Build visibility
- Pitch your services
We even ran a two-week branding campaign across DIFC, with massive signboards everywhere, just to plant the seed in people’s minds.
Also read: Quit PwC Dubai to join boutique tax firm. Bet pays off – Dhruva winning in Middle East
Wrapping up…
Looking back, I wish we had started sooner. The traction we’re seeing in audit is incredible.
While our tax practice continues to see double-digit growth, I can guarantee that within five or six years, our audit revenue will match it.
Starting a firm in the UAE isn’t for the faint of heart.
When I left my previous role to start Aurifer, I didn’t take a salary for two years. Every Dirham went to staff and training.
I even remember an early moment when I almost called my parents for payroll backup. But thankfully, the business pulled through on its own.
In a city where it’s easy to reinvent yourself every week, I believe in playing the long game. We are building a firm based on specialised expertise and unwavering quality.
A few years from now, we’ll see if this bet was smart or just bold.
FAQs
1. How long does it take to get an audit license in the DIFC or other UAE free zones?
Getting an audit license is anything but simple. The approval process can take 4-6 months. Firms must meet strict regulatory standards before being approved.
2. What qualifications do professionals need to work in tax or audit in the UAE?
To build a credible career in tax or audit in the UAE (mainland or free zones), the following credentials and skills are typically expected:
- A bachelor’s degree in accounting, finance, or a related discipline from a recognised institution.
- Membership or qualification such as ACCA, CPA, CA (or equivalent recognised accounting bodies) helps significantly. These are often prerequisites for audit license eligibility.
- Familiarity with International Financial Reporting Standards (IFRS), International Standards on Auditing (ISA), local tax laws (Corporate Tax, VAT), and UAE regulatory environment is vital.
