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NISQ era devices suffer from a number of challenges like limited qubit connectivity, short coherence times and sizable gate error rates. Thus, quantum algorithms are desired that require shallow circuit depths and low qubit counts to take advantage of these devices. We attempt to realize this with the help of classical quantum chemical theories of canonical transformation and explicit correlation. In this work, compact ab initio Hamiltonians are generated classically through an approximate similarity transformation of the Hamiltonian with a) an explicitly correlated two-body unitary operator with generalized pair excitations that remove the Coulombic electron-electron singularities from the Hamiltonian and b) a unitary one-body operator to efficiently capture the orbital relaxation effects required for accurate description of the excited states. The resulting transcorelated Hamiltonians are able to describe both ground and excited states of molecular systems in a balanced manner. Using the fermionic-ADAPT-VQE method based on the unitary coupled cluster with singles and doubles (UCCSD) ansatz and only a minimal basis set (ANO-RCC-MB), we demonstrate that the transcorrelated Hamiltonians can produce ground state energies comparable to the much larger cc-pVTZ basis. This leads to a potential reduction in the number of required CNOT gates by more than three orders of magnitude for the chemical species studied in this work. Furthermore, using the qEOM formalism in conjunction with the transcorrelated Hamiltonian, we reduce the errors in excitation energies by an order of magnitude. The transcorrelated Hamiltonians developed here are Hermitian and contain only one- and two-body interaction terms and thus can be easily combined with any quantum algorithm for accurate electronic structure simulations.