Victoria
August 26, 2025
3 minutes

Victoria: Providing Expert Accounting and Financial Services for Businesses in Dubai

What brought you to Dubai and inspired your entrepreneurial journey?

I relocated to Dubai four years ago due to the war in Ukraine. My husband and I initially left in January, spent six months in Georgia, and then moved to Dubai. The transition was challenging, as emigration often is—it is described as one of the most painful experiences a person can endure. I had no mentors or established connections upon arrival. However, securing my first job at The Capital, a major Ukrainian real estate company with a branch in Dubai, was instrumental. Working in their finance department provided me with essential experience and helped me integrate into the local Ukrainian community. Many colleagues from that role became close friends and business partners. This foundation, combined with Dubai's straightforward company registration process and simplified tax system, inspired me to launch my own accounting firm three years ago after a brief four-month stint at Ecapital.

How do you define yourself – as an entrepreneur or an expert?

I identify solely as an entrepreneur. My background is rooted in startups and business ownership—I currently manage two companies, with no additional expertise beyond that. In Ukraine, I began my career on the third year of university at an audit firm, where I worked for seven years and eventually became a 50% partner. I later sold my share due to burnout and transitioned to a financial director role at a cosmetics distribution company we had audited. After relocating, I rebuilt in Dubai on practical experience and intuition rather than formal guidance or business literature. Unlike my husband, who reads extensively, I do not rely on books; I develop my businesses through hands-on practice, learning from mistakes, and understanding operations intuitively. While I value reading laws and regulations essential to my field, theory alone does not drive success—practice does.

What is your core competency in the market?

Our firm, DAO Financial Solution LLC, specializes in comprehensive bookkeeping, financial reporting, and tax services for businesses in Dubai. We operate under international standards, which align closely with those I applied in Ukraine, making the adaptation straightforward for someone with my decade of accounting experience. We offer monthly subscription-based support, handling everything from routine financial operations to complex tax optimization. Our services are tailored to Dubai's unique regulatory environment, where taxes are relatively simple at 9% corporate rate, but compliance requires precise knowledge of local laws. We also provide one-time services, such as corporate tax filings, and collaborate with legal firms for company setups that lack in-house accounting.

Who are your primary clients and what results have you achieved?

Our clients span diverse industries, from arms sales and procurement to online education schools, with a strong presence in real estate—many stemming from my Ecapital network, where former brokers now run their own agencies. We currently serve 50 companies on ongoing subscriptions and handle 10-20 additional one-time clients monthly, with peaks up to 50 during tax seasons like the upcoming September corporate tax deadline. The firm, based in a Dubai free zone with an office there, employs five people: mostly Ukrainians working remotely from Europe, plus one local Indian staff member for on-site tasks. Financially, we generate approximately $30,000 monthly, achieved $150,000 in revenue last year, and project around $800,000 this year. Growth has come organically through referrals, Ukrainian community ties, and partnerships with legal firms referring clients for accounting support.

What differentiates your approach in this specialized field?

What sets us apart is our deep understanding of expatriate challenges and Dubai's market dynamics, where many businesses fail due to mismatched expectations from their home countries. We emphasize practical, customized strategies over generic solutions—clients appreciate our ability to "feel" the business intuitively, optimizing taxes and structures for minimal burden while ensuring compliance. Unlike competitors, particularly Indian outsourcing firms charging as low as 500 dirhams ($150) monthly, we price subscriptions at $1,000, justifying it through superior service quality, reliability, and expertise in international standards. We face intense competition from about 5,000 similar firms, but our edge lies in serving non-English speakers from the CIS region and building trust through personal recommendations. We also navigate seasonal slowdowns, like Ramadan and summer, by maintaining stable operations and avoiding overexpansion.

What has been your greatest achievement so far?

My proudest accomplishment is establishing a stable, profitable company in a highly competitive market without external mentorship. We've built a strong team that delivers exceptional service, resulting in consistent monthly revenue growth and no summer dips—a rarity in Dubai. Clients choose us over alternatives due to recommendations, even amid cheaper options, which validates our quality. We've successfully expanded our client base through word-of-mouth and referrals, closing numerous underperforming companies while optimizing others for success. This stability, combined with our ability to thrive where others fail (e.g., real estate agencies lasting only 1.5-2 years), demonstrates the effectiveness of our intuitive, practice-driven approach.

How do you define happiness and success?

Happiness, for me, centers on family—it is the foundation that provides calm and unconditional support, regardless of business outcomes. With half my family still in Ukraine, including my brother and father whom I haven't seen in four years due to the war, I cherish visits to Dubai and planned reunions. Success extends from this base to professional realization through business growth and self-fulfillment. While family fills me emotionally, achievements like building a resilient company and strong team contribute to a sense of progress. I remain hopeful the war will end soon, allowing full family reunions.

What challenges did you face building business in Dubai without a mentor?

Building the business without a mentor was demanding, as I relied entirely on personal experience and consultations with certified tax agents for nuanced legal questions. Emigration's emotional toll was significant, but my Ecapital role facilitated integration via the Ukrainian community. Key challenges included adapting to Dubai's expatriate-dominated market, where most residents (primarily from India and Pakistan) focus on essentials rather than luxury spending, leading many imported business models to fail. Seasonal factors like Ramadan and extreme summer heat halt operations, requiring strategic planning. Marketing proved difficult—social media and targeted ads yielded only two clients in three years despite $6,000 investments, as finances demand personal trust over digital promotion. Many clients operate under NDAs, limiting testimonials and public exposure.

Who are you looking to connect with in Dubai?

I am seeking skilled videomakers and content creators to enhance our social media presence. Despite having a marketing team, SMM specialist, and targeting efforts, our Instagram and other platforms underperform in client acquisition—recommendations drive nearly all business. High-quality, engaging videos could build brand recognition, as potential clients often check our online presence before committing. While not expecting immediate conversions due to our field's trust-based nature, improved content would support decision-making and visibility. I am also open to collaborations with legal firms, referral partners, and experts in Dubai's business ecosystem to exchange insights and grow mutually.

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