Economics

License renewal – A guide to saving costs

 Choosing the right place Licensing regulations for businesses operating in Dubai’s free zones and its mainland are different. This is important information to know and understand, if you’re considering where to set up a business in the city, as regulations correspond to different advantages and limitations in each jurisdiction. This way you can make the right choice for revenue optimisation,...

One belt one road – How to take advantage of the changing market in Dubai

Another major international collaboration is Dubai’s partnership with China for ‘One Belt One Road’ (OBOR), an ambitious infrastructural endeavour that aims to revive its historic Silk Road trade network. The $900 billion initiative involves building roads, railways and shipping lines between China and more than 60 countries in Asia, Middle East, North Africa and Europe. It is said that the...

Why shareholder’s agreements are important in UAE

  Shareholders’ Agreements Provisions Shareholders’ agreements usually include some of the following provisions: Directors and management structure within a company setup Buying/ selling provisions A shareholder’s agreement may grant titles and management roles to one or more of the stakeholders in a company being setup in the UAE i.e.  to be a director on a board, or decide the composition...

Setting payment terms for your clients

When setting payment terms for your clients, here are a few things to keep in mind:   Set a reasonable payment schedule In the Middle East, a payment contract needs to comply with the laws of the UAE, or the Dubai International Financial Centre (DIFC), if the parties opt-in to its jurisdiction. Whilst it is reportedly common for clients to push for a payment schedule with a three-to six-month...

How to invoice international clients

Here’s a few things to keep in mind for a new business startup when invoicing international clients:   List the details It is mandatory to issue an invoice for any product or service that is up for sale in the UAE. In addition to detailing the nature of the work, it also needs to include the following: -       Complete customer (name and address) and supplier information, including the...

How to create a company culture

These are all rather abstract questions, and tough to know the answers to before you actually start work, which can seem like a big risk. How do I know if I’ll succeed in a work environment I know next to nothing about?   If these are questions job seekers are thinking about, that’s a clear sign employers need to be thinking about responses if they want to attract the best applicants and build...

How do I navigate taxes in Dubai?

 As far as Dubai is concerned, the taxes owed by a business depends on the nature of its activities, geographical zone and trading partners. In UAE, it’s also important to know what kinds of tax concessions are currently being offered to foreign investors and startup founders. This can impact what kind of organisational structure and location you choose when you start a business in Dubai.   In...

Noor Takaful and CAFU sign partnership to bring essential services to your door

Noor Takaful | Ethical Insurance and CAFU signed a partnership virtually, giving their customers savings and service benefits that are geared towards helping customers keep their vehicles and insurance in top shape while society stays at home in an effort to curb the spread of the Covid-19 pandemic. As the lockdown mandate is lifted, this partnership will ensure that customers continue to save...

UAE’s first virtual signing takes place to signify partnership and announce new finance solutions for SMEs and corporates

Noor Takaful | Ethical Insurance and Deem, a digitally-led financial services provider, have signed a partnership that brings the best of insurance and personal finance together. In light of the impact caused by the COVID-19 pandemic, this partnership will create new solutions for corporates and SMEs to access Insurance products online while they are working remotely and quarantined from their...

Benefits of starting your business in Ramadan

However, this should not deter new entrepreneurs from opening a business in Dubai during the Holy Month. When examined closely, we see that the Ramadan routine actually brings with it certain strategic advantages for business owners. Below we examine just some of those benefits.     Ramadan offers opportunities to extend your network   For entrepreneurs who are new to Dubai and looking to...

5 Key tips to starting your company in Dubai

   Below are five things to remember when you are planning on setting up a business in Dubai:   1) Research your niche in the market:  Before starting your business in Dubai, research the market thoroughly. Study your niche and focus your business plan on how your company can tackle a pain point neglected by other businesses. Through your marketing, emphasise to your prospective clients that...

Decisive Zone – A startup catered to startups

 If you’re thinking of opening a startup business in Dubai, read on to learn how a professional startup-services provider, can help you along the way.   Business support New entrepreneurs starting up a business in the UAE for the first time, often need professional advice on how to make the right business decisions. As a UAE business set up advisory agency, Decisive Zone can play a significant...

How entrepreneurs overcome challenging times in Dubai

Discovering a niche Take, for instance, the case of Jon Richards, CEO of yallacompare.com, whose personal experience of feeling frustrated by the lack of easily available information about financial services back in 2011 led to his decision to launch a comparison website for the same. As he was driven by a hunch, Richards did not invest all his resources into a single big idea. Instead, he...

How to avoid burnout when opening a new startup

As an entrepreneur, it’s important to pay attention to such feelings of stress and anxiety in yourself and in your staff’s behavior because these could be indicators of burnout. The good news is, burn out can be both prevented and addressed, so that you and your employees can stay mentally healthy, and maintain positive energy levels for launching a new project. Read on to learn how.   Take...

USD 12.9 billion worth of energy projects were awarded in the GCC in Q1 2020 registering a 53% QoQ hike

Key Highlights Oil & gas projects worth USD 7.3 billion were awarded across the GCC in Q1 2020 USD 19.2 billion worth of urban construction projects were completed in the first quarter of 2020 UAE construction sector leads Q1 2020 with 12.4 billion worth of new project announcements, 9.4 billion worth of contract awards and 18.4 billion worth of project completions  The GCC construction...

How to implement the perfect employee incentive scheme

Business startups in the UAE tend to offer two main kinds of incentives to employees: cash bonuses and stock ownership.    Cash bonuses  Simply put, cash bonuses are pre-set payments that are awarded to employees when their performance empowers the company to fulfil certain objectives. Some companies choose to offer annual bonuses to staff; others stagger payments over a more extended time...

5 Women Entrepreneurs Making Waves in Dubai

Here are five entrepreneurial women that you should definitely know about.   Nadine Mezher – SARWA Cofounder of financial investment and advisory firm, Sarwa, Nadine Mezher wanted to start a business that made financial loans more accessible to new and young startup owners in Dubai. Partnered with a Canadian team, and now the chief managing officer, her company offers minimum-account options,...

Should I hire foreign employees or local nationals in UAE?

Therefore, when starting a new company in Dubai, entrepreneurs have to choose between the time-tested strategy of hiring foreign jobseekers or offer the same opportunities to the local talent, while availing the government concessions that come with hiring them.  For entrepreneurs setting up a business in the UAE, below are some factors to consider when hiring expats over Emiratis:  Additional...