Business Setup I 2014

khaleej times / ADVERTISING SUPPLEMENT / ThURSDAy, SEPTEMbER 11, 2014

Build on

your

dreams

Business-friendly regulations, an environment conducive for growth and presence of professionals that help launch and run businesses make the UAE a haven for entrepreneurs and firms

BY Suneeti AhujA-Kohli

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Entrepreneurs and firms can locate their ventures either on the mainland in partnership with an Emirati, or a free zone where they can exercise propriety.

f an exemplary business idea has been lurking in the corners of your mind for months, it is now the right time to realise its potential and build up a strong business for yourself.

The reason: It is never too late to start on a dream project, and especially in the UaE, which is ranked as the 12th most competitive nation globally by the World Economic forum’s Global Competitiveness Report 2014.

Home to a number of businesses and business setup companies, the UaE has been lauded in the report for offering an excellent quality of infrastructure and primary education, and its readiness of regulations and institutions in helping businesses. Such factors have played a key role in encouraging entrepreneurs and firms to setup base here. The UaE places high value on the private sector and investors — unrelentingly

trying to ensure a safe context for businesses. Consequently, it is among the safest places to do business, not just in the Middle East, but internationally.

The UaE also ranks high in the World Bank’s Ease of Doing Business report 2014.

The report termed the emirates as one of the most economically progressive places to do business in. The safety, security and an environment conducive to the growth of businesses are agreeably paired with a wide choice of where to open a business. Entrepreneurs and firms can locate their ventures either on the mainland in partnership with an Emirati, or a free zone where they can exercise propriety. In both cases, the prowess and readiness of business setup companies come in handy for a quick and efficient foundation.

Businesses can look forward to the expertise of business setup companies for doing the initial paperwork, setting up the IT and

other necessary paraphernalia, locating and hiring apt human resource, ascertaining business requirements, dealing with taxation issues, and much more. Regus, a global work place provider, for instance, provides convenient, high-quality, fully serviced spaces for people to work, whether for a few minutes or a few years. It has a network of more than 2,000 business centres in 100 countries, and a notable list of clients that include Google, Toshiba, GlaxoSmithKline, and many more. from a one-man band to vast multinationals, Regus helps customers to be more productive.

There are endless possibilities for a mind that has been set free. as you concentrate on building up a successful empire, let business setup companies handle the ancillary jobs for a prosperous outcome.

There are endless possibilities for a mind that has been set free.

As you concentrate on building up a successful empire, let business setup companies handle the ancillary jobs for a prosperous outcome.

— suneeti@khaleejtimes.com

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BusIness setup

khaleej times / ADVERTISING SUPPLEMENT ThURSDAy, SEPTEMbER 11, 2014

Creating market entry strategies Dubai hospitality attracts global players with business activity streamlined in the sector

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ubai’s ambitious growth strategy for its hospitality sector is proving to be a big draw among international players and Dubai investment Development agency (Dubai FDi) in the Department of Economic Development (DED), in collaboration with foremost company formation specialists The Links Group, is simultaneously making a strong pitch to bring more global operators into the emirate.

Fahad Al Gergawi

John Martin St Valery

With Dubai expecting to attract 20 million tourists by the end of the decade, according to the emirate’s ‘Tourism Vision for 2020’, investment in hospitality infrastructure and services is a top priority for the government. Dubai’s hotels welcomed more than 11

million guests in 2013 — an increase of just over one million on 2012 figures and an indication that Dubai is on track to achieve its 2020 visitor target.

“The hospitality sector in Dubai is set to experience a massive boom, with more than 24,000

hotels and serviced apartments expected to enter the market in the next three years. Coupled by our successful bid to host Expo 2020, Dubai is becoming an increasingly attractive investment destination for foreign hospitality companies. it is important we continue to evaluate and evolve commercial activity in the sector in order to attract the most innovative companies to the emirate,” said Fahad al Gergawi, Chief Executive of Dubai FDi. While the tourism sector is well recognised as a significant driver of Dubai’s GDP, some of the larger international hotel management companies have been slower to enter the market.

However, Dubai’s willingness to review and evolve commercial activities permitted in the hospitality sector has given a strong reason for such companies to move to the emirate.

Latest venture of Ghaf Kitchen in Dubai “Previously, international hotel operators had to partner with local property owners to operate in the emirate. This restricted potential expansion opportunities and meant a gap existed in satisfying internal risk criteria for a lot of

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these companies.

“Now, with the help of Dubai FDi, we have specific commercial activity for hotel management services introduced in Dubai and this has attracted owner-operator brands like Four seasons Hotels and Resorts to Dubai as well as seen the restructuring of brands like Radisson blu. it has also allowed property developer The First Group expand into serviced hotel apartments and hotels,” said John Martin st Valery, Founding Partner, The Links Group.

“With the help of Dubai FDi, Department of Tourism and Commerce Marketing (DTCM) and The Links Group, we were able to get hotel management operations recognised as a highly demanded and relevant activity that should be supported in line with the vision of Dubai Government to grow the tourism and hospitality sector. This means The First Group can now independently own and manage our line of serviced hotel apartments and hotels, which bring significant revenue potential to our Dubai-based business, while supporting the market’s need for additional hotel keys,” said Rob burns, Chief Operating Officer for The First Group.

PaCHa, one of the world’s most recognised entertainment brands, is also set to open the largest combination dining and night club experience in Dubai later this year.

“Dubai has long been in our business development sights. it has a sophisticated, cosmopolitan social scene that is globally recognised and a vibrant tourism sector that continues to grow. PaCHa makes perfect sense for this market from both a resident and tourist perspective. We’re glad the authorities recognised this potential, sat with us to understand our business and have created the appropriate commercial activity to cover our specific needs,” said umesh amarnani, Founder and CEO of utopia, the master franchisor for PaCHa in the Middle East.

While the tourism sector is well recognised as a significant driver of Dubai’s GDP, some of the larger international hotel management companies have been slower to enter the market.

However, Dubai’s willingness to review and evolve commercial activities permitted in the hospitality sector has given a strong reason for such companies to move to the emirate.

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Earlier this year, Dubai welcomed the launch of another hospitality concept under the revised list of commercial activities. Ghaf Kitchen is a high-end catering concept and dining experience with a difference, bringing the first gourmet restaurant on wheels to the uaE. as preferred partner of Dubai FDi, The Links Group played an instrumental role in enabling these companies start their operations in Dubai.

David Obrien, Co-founder of Ghaf Kitchen, said: “Ghaf Kitchen was the collective brainchild of three highly experienced professionals with a passion for food and entertainment. Having worked around the world, we could immediately recognise the potential of Dubai. Not only is food an essential element in its social scene, the community here is always on the lookout for new and novel. While we can’t pretend that there weren’t challenges in the beginning in terms of getting our business up and running, when you’re a pioneer in any market tenacity becomes part of your success. We are delighted to be operational and even more delighted with the response we have received to date.”

BusIness setup

khaleej times / ADVERTISING SUPPLEMENT ThURSDAy, SEPTEMbER 11, 2014

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Responding to customer needs Mashreq offers solid support as financial partners of SMEs across the UAE

Affordability in Downtown Dubai Regus, a global flexible workspace provider, offers best-in-class facilities in the emirates through its 12 business centres Regus, one of the world’s largest providers of flexible workplaces, reaffirmed its commitment to the Gulf ’s SME and international business community when it opened its flagship centre in the heart of Dubai Downtown in January this year.

Providing 1,500 square metres of best-in-class office facilities, the Regus Dubai Downtown centre in Emaar Square next to Dubai Mall and Burj Khalifa, provides the opportunity for a business to work affordably from Dubai’s most prestigious commercial address. It is the group’s 12th business centre in the UAE. Offering more than 180 desks, multiple meeting rooms, a drop-in business lounge and video conferencing

facilities, the centre’s services are flexible providing short and long termterm agreements, without the high overhead costs involved in leasing independent space. This makes it a costeffective working environment for both visiting associates and local businesses alike.

Explains Kory Thompson, Country Manager, Regus UAE: “Dubai is one of the world’s most exciting international business hubs and we are committed to enabling anyone who wishes to have a foothold in the city.

Location is key to many of Regus’ 1.5 million customers worldwide, and the UAE is no different. You can’t get much better than next door to the world’s tallest building.

“Of course, it is not only visitors who wish to do business in Dubai. The

city is home to a burgeoning SME scene, bursting with creative talent and our latest centre provides the perfect office space for these companies to flourish, without the worry of signing up to costly long-term leases.

“We look forward to welcoming members, new or old, to the Regus Dubai Downtown centre and to demonstrating firsthand how world-class opportunities are created in worldclass working environments.”

Regus now offers 12 locations in the UAE — seven in Dubai, five in Abu Dhabi, including Sowwah Square, which opened last October, and one by Sharjah Mega Mall.

Businessworld Gold card members can access this or any other drop-in business lounge in the UAE or around the world, without charge.

Dubai is one of the world’s most exciting international business hubs and we are committed to enabling anyone who wishes to have a foothold in the city. Location is key to many of Regus’ 1.5 million customers worldwide, and the UAE is no different.

— Kory Thompson

SMEs and entrepreneurs play a significant role in all economies, and are the key generators of employment and income, and the drivers of innovation and growth. SMEs today participate in every industry and their prosperity ultimately translates into macro-economic growth. There must be continuous support towards the SME sector as it is the engine of the development for most economies.

Mashreq believes in extending the required support to the SME segment through its distinctive financial solutions. It has designed innovative banking solutions, tailormade to SMEs requirements and start-ups can benefit from these services in a big way.

The bank has established itself as a trusted partner associated with Small and Mediumsized Enterprises sector in the UAE through several initiatives and business development activities undertaken to boost this sector.

Rohit Garg, Head of Business Banking at Mashreq, said: “At Mashreq, we always focus on delivering innovative solutions to our customers based on their needs. As a commitment to help the start-ups, we sponsor a monthly series of Academies for Start-ups where they can benefit from the advice of industry experts free of cost. These seminars focus on issues that are relevant for start-up companies. We are launching a portal called SME Exchange wherein start-ups will find valuable information, tools and resources for their benefit. We anyways have the entire gamut of financials solutions and services which the SMEs and start-ups can benefit from.”

Mashreq offers diversified propositions such as Small Business Loans (SBL) with high loan amounts of up to Dh1.75 million as well as Self-employed personal Loans (SEPL) of up to Dh750,000. These propositions are collateral-free with a flexible repayment period of up to four years to give a peace of mind and empower business owners to make more effective decisions towards achieving their business goals.

Other financing solutions include Trade and Working Capital solutions and the unique Merchant Over Draft Facilities of up to Dh2 million, which is exclusively offered based on the company’s Point-of-Sale throughput. Furthermore, the bank also offers Business accounts and Debit Cards, Foreign Exchange and Remittance solutions,

Rohit Garg, Head of Business Banking

Mashreq believes in extending the required support to the SME segment through its distinctive financial solutions. It has designed innovative banking solutions, tailormade to SMEs requirements and start-ups can benefit from these services in a big way.

Business credit cards and Business Insurance packages for the benefit of SMEs. Some of these products like Business Insurance packages, Business Credit cards and self-employed personal loans are extremely useful for start-up companies in particular.

The SME-dedicated relationship managers at Mashreq are well trained on evaluating credit needs of the SMEs and offer sound financial advice to the clients. To service a customer’s financial needs close to their business, RM’s are available across a wide branch network strategically located across the UAE. Mashreq has a dedicated call centre to service the needs of the SMEs and is launching an Internet banking platform specific to the needs of the SMEs. Mashreq ensures that it offers guidance and support to its customers as financial partners in their business.

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BusIness setup

khaleej times / ADVERTISING SUPPLEMENT ThURSDAy, SEPTEMbER 11, 2014

CBI ups SME offering The bank opens a new dedicated business banking centre in JAFZA, and allocates Dh1 billion to support SMEs in the UAE Commercial Bank International (CBI) has more than doubled financing to small and medium enterprises, allocating Dh1 billion in 2014 in support of small and medium enterprises (SMEs) operating in the UAE across diverse economic segments, with the launch of innovative business banking solutions and services.

Kris Babicci, CBI’s Chief Executive Officer, commented: “We are seeing significant growth in the SME sector as the UAE economy continues to strengthen. CBI intends to be a significant player in the SME and trade markets. We are committed to supporting government initiatives aimed at boosting business in the country and we are confident that CBI will add a new dimension to the environment in which our SME clients operate, thereby benefiting the national economy as a whole.

“Small and medium enterprises are important contributors to the UAE economy as they help develop national entrepreneurial spirit in young generations. As a UAE-based banking institution, we are proud to lend our support in breeding a new class of entrepreneurs and support the UAE economy at large.”

In support of its SME business expansion strategy, CBI has recently opened its first dedicated business banking centre in Jebel Ali Free Zone. The opening of the facility has been driven by increasing demand from the burgeoning SME sector. Com-

We are seeing significant growth in the SME sector as the UAE economy continues to strengthen.

CBI intends to be a significant player in the SME and trade markets.

We are committed to supporting government initiatives aimed at boosting business in the country and we are confident that CBI will add a new dimension to the environment in which our SME clients operate, thereby benefiting the national economy as a whole.

— Kris Babicci

prising of tellers, ATMs, Bill Payment Kiosk, and a team of dedicated Relationship Managers, our new branch is located at Block no 1, The Galleries, Downtown Jebel Ali. It offers convenient and comprehensive bank-

ing services to meet the banking needs of CBI’s corporate as well as well as retail clients.

Commenting on the new dedicated facility opening, Ali Sultan Rakkad, CBI’s Head of Wholesale Banking Group, said: “SMEs represent a growing percentage in our portfolio. The opening of the new Business Banking Unit in JAFZA represents an important step in CBI’s long-term strategy aiming to meet the transaction, trade, and lending needs of SMEs. By establishing a dedicated Business Banking Unit, we will be able to decentralise our service delivery and be closer to the trading community in one of Dubai’s most-established business districts with over 6,000 businesses

registered in the Free Zone.”

Natasha Abdulelah, Head of SMEs at CBI, said: “Our JAFZA dedicated branch will be easily accessible by the vibrant SME community located in this area, and will certainly position CBI to better respond to their growing needs for a comprehensive range of financing and banking solutions.”

The new centre servicing the SME business community is open from 8am to 4pm from Sunday to Thursday.

CBI was awarded the title of ‘Fastest Growing Bank in the UAE’ and ‘Most Improved Bank in the MENA Region’ on the coveted Banker Middle East Industry Awards 2013. The awards were

based on the quantitative analysis of key measure indicators such as assets, liabilities, total income, net attributable profit and return on assets, collating data on real size, real growth, and percentage growth to identify the region’s leading financial institutions.

In 2012, Qatar National Bank (QNB), the leading financial institution and largest bank in the MENA region, completed the acquisition of 40 per cent of CBI shares. CBI’s new brand launched in March last year reflects this partnership. With an expanding network across the UAE, an enhanced product suite and a renewed customer-centric approach, CBI remains well positioned for future growth.

Our JAFZA dedicated branch will be easily accessible by the vibrant SME community located in this area, and will certainly position CBI to better respond to their growing needs for a comprehensive range of financing and banking solutions.

— Natasha Abdulelah

When freedom rings Top tips to help launch your own business

Invest judiciously

Smart ways for small business owners to spend their cash

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OMMERCIAl fee and taxes are a headache for most people, and small business owners are no exception. A large percentage of small business owners say taxes are one of the top factors affecting their success.

But if you look beyond taxes and commercial fee, there are a number of sources you can turn to if you aren’t sure of the best course of action for your business.

“A first step you should take is to speak with your banker,” says Robb Hilson, Small Business Executive for Bank of America. “A dedicated small-business banker who knows you and your market can help you make the best decisions for your business, all year round.”

Here are a few tips to get the most out of your business: Invest in technology: Purchase new technology that will make your business run more smoothly. For example, replace traditional cash registers with tablets that allow you to check out customers from anywhere in the store, or switch to electronic invoicing so you get paid faster. Technology that makes your life easier will allow you to focus on doing what you love instead of taking care of the books, filing paperwork or trying to fix old equipment.

Upgrade your environment: Is your office space getting a little run-down? Consider sprucing it up a bit. According to experts, employee satisfaction and productivity rise in aesthetically appealing workplaces. You don’t have to spend much — even the colour of the walls can make employees feel more inspired or more compelled to collaborate.

Get the word out: Help get the local

Put the money towards one of your most important assets — your people. Pay for training courses to help them better their existing skills or to learn new skills. Or reward them for their hard work with a small bonus or gift.

community buzzing about your business by investing into a strategic marketing campaign. There is a lot you can do to reach new customers — from traditional

advertising in the newspaper and on your local TV channel to marketing yourself in innovative ways online. Consider purchasing a software tool, which allows you to develop a targeted email marketing campaign, or hire a local videographer to create some interesting content for your Facebook or YouTube page.

Invest in your staff: Put the money towards one of your most important assets — your people. Pay for training courses to help them better their existing skills or to learn new skills. Or reward them for their hard work with a small bonus or gift. By fostering an environment of employee value and appreciation, you’ll likely get back what you put in.

Start thinking about growth: Have you been looking for some seed money to purchase more property or hire additional staff? Think about how this money could jumpstart a bigger investment you’ve been waiting to make. A little extra capital can go a long way when making a larger investment that you would have otherwise needed more financing for. This money could be just what you need to get your loan started.

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ITH cooler months bringing a bit more flexibility to our schedules, it’s also a time to reflect on the UAE’s entrepreneurial spirit. For many residents, this means seeking success and prosperity by building their own business.

A sizeable proportion of people in the UAE are self-employed. These small business owners are the lifeblood of the economy, accounting for 63 percent of net new jobs creation. Many small business owners find running their business extremely rewarding, precisely because of three reasons: having enough money to support their family, being their own boss and doing what they love.

However, entrepreneurship takes extreme dedication; a number of small business owners make significant sacrifices in their personal lives to run their business. While running a business can be exciting and liberating, it can also be challenging. So how do you know if it’s the right time to take the leap and start your own business?

“Starting your own business can seem daunting, but most of the time, once you go solo, you will never look back,” says Steve Strauss, a Small Business Expert and Columnist. “Small business owners embody a dream. There are seemingly endless opportunities when you are your own boss. It allows for more creativity and flexibility, not to mention more independence. But before you begin, talk to experts and other small business owners who have gone through the process. Just because you are in charge does not mean you have to figure out everything alone.”

Here are four tips to consider before you launch your own business: Do your research before writing a business plan. As a first step, analyse the market to make sure your idea is something that will resonate with people in your area. Are you filling a void? Are other businesses already offering the same product or service? Figure out what sets your business apart, and then write a detailed plan taking everything you’ve learned into consideration.

This document will serve as your roadmap for the first three to five years.

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Set up a support system. Find an accountant who specialises in your type and size of business. Retain an attorney to review your paperwork and help you identify the best legal structure for your business. Connect with other

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A dedicated small business banker who knows your community and industry can provide advice on what traditional financial products, such as term loans and lines of credit, your business may qualify for. small business owners through online platforms or through networking events and ask them to share their best practices. Having a reliable support system that you can depend on for guidance and advice will ensure you get started on the right foot.

Determine your source of financing. A dedicated small business banker who knows your community and industry can provide advice on what traditional financial products, such as term loans and lines of credit, your business may qualify for. Crowdfunding, venture capital, lending clubs and angel investors are also potential options, depending on the size and structure of your business.

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Leverage your digital assets.

With the rise of the mobile revolution, the size of your business doesn’t matter nearly as much as how connected it is. learn how to manage your business accounts on your phone or tablet.

Develop a social media or mobile marketing campaign to reach new customers. Download apps that help with everyday tasks like note taking, scheduling and website building. A multitude of affordable tools are available online to help you get started quickly.

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“Entrepreneurship allows individuals to pursue their dreams and to contribute to the success of their neighbourhoods,” says Robb Hilson, Small Business Executive at Bank of America.

khaleej times / ADVERTISING SUPPLEMENT ThURSDAy, SEPTEMbER 11, 2014

khaleej times / ADVERTISING SUPPLEMENT ThURSDAy, SEPTEMbER 11, 2014