Business Consultants In Dubai: Business plan

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Read Article on: https://www.kwsme.com/start-your-interior-designing-business-in-Dubai

Established in September 2004, Dubai International Financial Centre (DIFC) is the world’s fastest growing international financial center, that caters to the financial needs of the region. This federal financial free zone aims to develop to the same stature as New York, London, Tokyo and Hong Kong, and primarily serves the global financial centers between Western Europe and East Asia due to the time-zone advantage. Since its establishment, DIFC has attracted top-notch firms across the globe, owing to its efficiency, operational transparency and core value of integrity. DIFC is home to a world-class stock exchange, the Dubai International Financial Exchange (DIFX), which was opened in September 2005.

This onshore financial center is set up in a sprawling area of about 110 acres and has a distinct legal system with absolute jurisdiction over matters related to employment, corporate security, commercial trusts and civil bodies. Dubai Financial Services Authority (DFSA) is an independent risk-based regulator and the governing body that regulates financial and banking services conducted by DIFC and provides them a growth-oriented, secure and stable platform to conduct business. This regulatory body issues business licenses to companies planning to set up operations in this largest intercontinental financial cluster located between Singapore and Europe.

Benefits of Setting Up a Business in DIFC

No restrictions on foreign exchange
100% foreign ownership
0% tax on corporate or personal income
Full repatriation of capital and profits
Dollar denominated environment
Strict money laundering laws
State-of-the-art office accommodation, advanced technology, well-connected transport, communications and internet infrastructure
Data protection/security
Operational support and business continuity facilities of high standards
Transparent operating environment
Availability of skilled professionals
Transparent business environment complying with internationally accepted laws and regulatory processes in accordance with global best practices
An international stock exchange with debts and equity listings (primary and secondary)

Financial Activities Allowed in DIFC

Businesses operating in Dubai International Financial Centre free zone are allowed to perform the following activities in the region:

Accepting deposits
Advising on financial products
Arranging for the custody, and investment credit or deals
Carrying out contracts of insurance
Dealing in investments as agent or as principal
Effecting insurance contracts
Insurance broking and management
Managing assets
Managing profit sharing investments
Operating a collective investment scheme
Providing credit
Providing custody
Providing pecuniary services

Types of Legal Entities Allowed in DIFC

Dubai International Financial Centre offers a lucrative value chain to individual or corporate investors in the form of multiple incentives. It allows an entity (individual or corporate) to register a business in any of the following legal forms:

Company Limited by Shares
Limited Liability Company (LLC)
Branch Office
Partnership

Types of Licenses Available in DIFC

Ancillary Services
Asset Management and Fund Registration
Banking Services

Business Processing Operations
Capital Markets
Islamic Finance
Reinsurance & Captive Insurance

How to Set Up a Business in DIFC?

Dubai ensures the financial sustainability of DIFC free zone and the companies established in the center through a program of resource alignment, financial risk management, and competitive benchmarking. Not just the financial aspects, DIFC free zone is home to a privately held financial exchange, retail shops and convenience stores, along with business services outlets, medical clinics, more than 100 cafés and restaurants offering a variety of cuisines and event spaces & venues to suit any occasion. Coming to DIFC company formation, the authority does not allow companies operating in the non-financial sector. To set up a company in Dubai free zone, one needs to have a commercial license. The procedure is as follows:

Procedure to Set Up a Business in DIFC

Fill out the application form
After initial approval, move on to the registration process
Submit all the required documents with a proof of minimum share capital of the business
Open a bank account of the company
The license will be issued within a few weeks after analyzing every document provided, and the certificate of incorporation will also be issued along with it

Documents Required to Set Up a Business in DIFC

Anti-money laundering procedures and controls
Applicant company's financial position and regulatory history, in case of a branch
Company's internal audit functions and compliance system
Detailed business plan
Detailed information on operating systems and controls

Names of key controllers, major shareholders having above 5% shares, and key staff
Propriety certificate confirming the institution's fitness to conduct business
Proposed institution's organizational structure
Audited account of shareholders of the last 3 years

Why Set Up a Business in DIFC?

Dubai International Financial Centre is a perfect base for companies related to finance due to its systematic legal framework, independent regulations, tax-friendly regime and advanced infrastructure. DIFC Authority (DFCA) oversees the operational administration and strategic development of DIFC.

Company incorporation in Dubai International Financial Centre is a cherished business proposition because of the following reasons:

Unique legal framework
Financial sustainability
Developed and standard infrastructure
Client-centric policies
Vision for unhindered growth

Business setup in Dubai International Financial Center is easy if you take the assistance of a business consultant, who helps business owners and investors belonging to the financial sector with company incorporation in the free zone, so that you don’t have to worry about the legal formalities and bureaucratic red-tape. We at KWSME handle the entire business formation process in this global financial center from start-to-finish, ensuring unhindered business growth.

Complete operational transparency and client-centric procedures are the hallmarks of company setup process at KWS Middle East. Our specialized team of expert consultants treads an extra mile to guarantee hassle-free company formation experience to our clients, and ensures that our clients get all the amenities for business setup in this unmatched financial hub of the Emirates. Contact us for business setup in DIFC, our team will be glad to assist you.

Business Consultants in Dubai - October 11, 2018

Dubai International Financial Centre

Established in September 2004, Dubai International Financial Centre (DIFC) is the world’s fastest growing international financial center...

The city of Dubai has become a global destination for business start-ups. It has diversified itself to incorporate business activities of all kind and every element in this city is fragmented to support entrepreneurs who are coming from all over the world. The reason for its outstanding growth lies in its key strategic position for international trade, the government’s no tax policy and availability of world class infrastructure for businesses.

Dubai is the most populated city of United Arab Emirates providing opportunities to more than 1.5 billion consumers markets around the globe. According to Dubai’s department of Economic Development (DED), it has issued over 26,700 new business licenses in Dubai. This is more than number of total licenses issued in 2015 i.e. 22,691. The statistics indicate that the business activity in the emirate is growing substantially leading to economic growth and according to Sheikh Ahmed Bin Saeed Al Maktoum, chairman of the Economic Development Committee in Dubai; the city is expected to exceed last year’s economic growth of 2.7%, up to 3.1% in 2017.

While the statistics indicate the upward trajectory in Dubai’s investment projects, doing a business in Dubai comes with lot of challenges. These challenges need to be overcome and pitfalls have to be avoided if you want to setup your business in Dubai. According to Bloomberg, 8 out of 10 businesses fail within the first eighteen months. So, what is the right thing that 2 entrepreneurs do that makes them successful? There is no exact or easy answer to this but here are some points which must be considered by a businessman if he wants to be a successful entrepreneur in Dubai.

Prepare a Sound And Comprehensive Business Plan

Come up with a viable and detailed business plan which should illustrate a sound business model. You must have a clear vision, well defined targets and set deadlines for each measurable goal. There are major decisions which need to be taken for example choosing the form of business, type of ownership, legal structure and choosing the right location for carrying out business operations. Of course, financial management is a crucial process whereby you prepare according to your budget, manage your capital and carry out ways to increase your cash inflows. This phase requires thorough research. You should have an extensive knowledge about the region as well as your target area before stepping in.

These are the critical measures which must be taken to keep your business afloat. Indeed implementing a sound business plan does indicate that you as an entrepreneur are going in a right way but is it enough to guarantee that your business will be successful?

We have learned to work in specific ways so we follow them but the key here is to change your way of thinking and adapt to changes in order to be successful.

Networking Is the Key

Networking is the key to establish your client base, increase your sales and expanding your skills. Dubai is all about in-person networking events, socializing and developing close personal relations. If you need to market yourself or your product you cannot just sit there and hope that sales will come to you. You will have to be proactive. Make it as a daily exercise to reach out to people as there are small networks within each industry; word of mouth really matters a lot so be your own brand ambassador, be a part of important social and business events and use the platform to advertise yourself.

Generating a network of positive business contacts will help you in your business endeavor one way or the other. Additionally, it can lead to further business opportunities and possible future alliance with strategic partners can help in your business growth in Dubai.

Be Aware of Your Client’s Price Comfort Zone

It is important to give strong consideration to your valuable clients. Customers who regularly come back to you provide the backbone for your profits. So give due attention to the price point you offer for your customers and sustain it for a longer term because specially in Dubai as there is so much competition, if your prices are too high, your good client relationship can crumble.

Understand the Culture and Local Traditions and Be Part of It

If you want to live in Dubai as an entrepreneur then develop a cross cultural communication mindset. This means to stop seeing Dubai’s culture as a foreign by comparing the behavior to what you used to see at your home. Instead try to understand it from the context of where it exists.

Hire Right Employees and Choose Your Partners Carefully

It is highly suggested to hire right employees, strategic partners and choose good mentors because recruiting the talent which shares your vision will not only transform your business but will accelerate the growth process. Also help build a culture that promotes team work. Employees should be comfortable enough to express their thoughts and ideas freely and work together to make your business a successful enterprise.

Digital Marketing

According to a survey, people in UAE spend more than five hours on social media through their mobile phones. It is a good practice to market your business online. Try to bring out content that is informative and attracts your target audience because when you distribute your content to blogs, social media pages and press releases, there are higher chances that people who follow you and share your posts will become your clients.

Stay Focus On Your Goals, Be Determined, Believe In Yourself And Be Your Own Person

Stay focused- give utmost importance and time to your work and do not chase unrealistic opportunities as they negatively impacts on your time you spend on your high valued activities of your business.

Be determined-The path to success is not easy. There will be challenges as well as unforeseen circumstances that will test your perseverance. Those who stay determined, passionate, have belief in their abilities and stay confident in their decision making will come out as successful entrepreneurs.

Be your own person: Nowadays everyone has his own opinion or comment about business. It can create confusion for you if you pay attention to all the voices. So develop a strong mind and will to overcome adversity.

One of the better options for businesses is to hire business consultants and save there time and money in experimenting different things because the consultants have the expertise of different businesses and can make the process smooth for entrepreneurs, who want to start a new business in Dubai.

Business Consultants in Dubai - October 18, 2017

What Every Entrepreneur Must Know To Be a Successful Businessman in Dubai

The city of Dubai has become a global destination for business start-ups. It has diversified itself to incorporate business activiti...

Business Consultants In Dubai

New Investment Law in UAE which allows 100% Ownership to Foreign Investors

UAE Cabinet approves new labor insurance system to replace bank guarantees for workers

Start your interior designing business in Dubai

Benefits of Setting Up a Business in DIFC

Financial Activities Allowed in DIFC

Types of Legal Entities Allowed in DIFC

Types of Licenses Available in DIFC

How to Set Up a Business in DIFC?

Procedure to Set Up a Business in DIFC

Documents Required to Set Up a Business in DIFC

Why Set Up a Business in DIFC?

Dubai International Financial Centre

Prepare a Sound And Comprehensive Business Plan

Networking Is the Key

Be Aware of Your Client’s Price Comfort Zone

Understand the Culture and Local Traditions and Be Part of It

Hire Right Employees and Choose Your Partners Carefully

Digital Marketing

Stay Focus On Your Goals, Be Determined, Believe In Yourself And Be Your Own Person

What Every Entrepreneur Must Know To Be a Successful Businessman in Dubai

3 Simple steps to renew business license in dubai

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