Being an entrepreneur means you have to be an efficient manager, a skilled multi-tasker, and an innovator all the same time. When you carry the title of the leader of an entire company, you carry responsibilities that distinguish you from those who work with you in various specialized departments. An entrepreneur needs to establish communication and a platform for effective decision-making between inter-department activities to ensure each component of the company functions in a union for the overall success of the business. With a juggernaut load of tasks that an entrepreneur performs on a daily basis, we bring to you a few lifelines that can assist an entrepreneur in his/her journey for business setup in the UAE.
1.Incorporate Technology in Management
It is the year 2020, and if you did not expect this point to pop up sooner or later, we're afraid you haven't been up-to-date on how the corporate ecosystem has transferred. Even the most labor-intensive businesses have incorporated technology in their business operations to simplify the business activities and become efficient in completing tasks in uniformity. The use of corporate tools in frequent business activities has entitled employees and managers to communicate, record, analyze, and strategize for future operations. The inclusion of Management Information Systems (MIS) has helped large corporations, and SMEs connect with each other effortlessly and place orders for buying or selling raw materials, restocking inventory, estimate and negotiate client pricing as per market standards.
2. Hire an Experienced Company Secretary
Company Secretarial Services in the UAE is extremely crucial for a business entity to operate in the Emirate business market. A seasoned legal assistant will help an entrepreneur from the very start of the journey. The initial administrative activities involve company incorporation in the UAE, which requires specific expertise and knowledge, not to mention a substantial amount of patience to complete various legal obligations. These include the legal registration of the business, company name registration, patenting and trademarking of intellectual property, drafting and submission of company documents – Memorandum of Association (MoA), Partnership Deed, etc. to the Department of Economic Development (DED).
The Department of Economic Development (DED) of the United Arab Emirates is the corporate governance authority responsible for authorizing economic activities and business operations across the seven Emirates in the UAE. Legal advisors interact with the DED for various statutory requirements such as business/trade license, permits, tax registration, and filing, etc.
2.Employ Research Teams to Update on Budding Market Trends
The importance of being updated with industry trends determines the rise and fall of many companies. Many companies become overnight sensations because of being on the futuristic track, and many companies become forgotten overnight because of sticking to the past. Entrepreneurs must focus on critical factors for growing businesses such as –
- Innovation – the idea to create a new product or new methodology or new invention, which is feasible to implement.
- Disruption – launching a new and innovative idea into the market to disrupt competition and change how the conventional world functions.
- Self–Sustainable – a business must be independent to carry forward itself even in times of uncertainties and risks.
A few new industry trends that the UAE is inclining towards in the field of both technologies, as well as business administration, are –
- Artificial intelligence
- Sustainable technology
- Harnessing renewable resources
- Blockchain technology in the UAE
- Inter-personal Diversity
- Organizational Inclusion
- Harnessing innovation
- Hedging of investments in new businesses
3.Consult with Business Experts
Consultants are a go-to entity for all kinds of businesses, especially in a highly competitive Arab economy. Consultants help fill the loopholes in knowledge and expertise when it comes to starting a new company or expanding on an existing venture. From the company incorporation to a possible company liquidation, a dedicated consultant will stick throughout the journey with the client every step of the way. A consultant strives to ensure the business kick-offs to perform exponentially in the market and finally, when business scalability has been saturated, liquifies hassle-free providing a suitable amount of remuneration to the top managers and available severance to the hard-working employees.
We at Commitbiz comprise a team of specialized industry professionals that have been operating in the business setup sector for more than 15 years. With all the years of experience, we make sure that business owners can set up business in the UAE and various global business locations. We provide a complete array of business setup services ranging from business incorporation, company secretarial services, accounting & bookkeeping services to nominee director services. Contact us to know more about our services.