The journey of starting a business begins with a vague thought and demands a considerable amount of time and rigorous planning. The first goal is achieved once you get a physical identity of your business, but it is to be kept in mind that that’s not the end. After incorporation, you need to inculcate the core business pillars, that will drive your business and help you in generating revenue.
Sharjah, one of the seven Emirates of the UAE, situated on the Arabian Gulf, and covers an area of 2,590 square kilometres. Traditionally the region stands as a constitutional monarchy and is known as the cultural capital of the UAE. Just like the other Emirates like Abu Dhabi and Dubai, Sharjah also paves out numerous business opportunities for foreign investors who want to start a business in Sharjah. This blog will take you through the essential pillars that you need to include in your entity post-company incorporation. Let’s understand them in-depth.
1.Corporate Bank Account
The first and foremost task that you need to look at is to open a corporate bank account. Maintaining a separate corporate bank account will help you to manage the business finances, and you will not be confused with your savings. Moreover, possessing a separate business account and maintaining a good record will help you to fetch easy loan from the bank as and when required.
Employees are regarded as the real assets of a company. The hiring process is not a one-day task and ideally shouldn’t be carried out in a hurry. Right people, placed in the right job at the right time, can grow your business. Initially, you need to have a plan regarding the number of employees that are required for your business. Doing it professionally turns out to be fruitful, as you will be able to get a long list of potential clients. The best way to carry out the HR activities is to have a word with a professional expert who provides HR Services, as they can help you with the related services accordingly and select the best person for your business.
In today’s digital world, business is driven by technology and by virtual presence. Creating a virtual presence of your business turns out to be utmost important as it helps your business to target the untapped market, and ultimately, your business grows gradually. Every business be it a start-up, retail business, even a bakery will have a digital presence in today’s competitive business market. Now, you need to make sure that the website you create should be attractive and comfortable for the user to get a gist of the products and services you provide. Moreover, it becomes essential that the user can connect you at the real-time when he/she visits the site. The best way to include all these facilities is to have a word with a digital marketing consultant who can understand your business and then help you to build a website accordingly to the requirements.
4.Product Marketing and Brandings
Now, promoting a product or service online doesn’t mean that you don’t focus on the offline strategy. To target the market, you need to develop multiple marketing strategies. Product marketing turns out to be important in both the targeted market, wherein the whole idea is to create an awareness of your product. The strategy will vary according to the platform you choose (i.e. online and offline), but applying the right technique to create awareness is essential. Getting in touch with a business consultant turns out to be a feasible option as they are well-versed with the marketing and branding techniques, and can help you to do it at low cost and in an efficient way.
5.Bookkeeping & Accounting
The next domain that you need to focus on is accounting and bookkeeping, as it is considered to be the language of business. The concept of accounting begins even before the business incorporation process. Every dirham that you spend to implement the business idea needs to be taken into consideration. Moreover, once you start a business and start the proper operations, you will be dealing with several customers, creditors and debtors. Recording these business transactions turns out to be vital as you need to keep accountability regarding your business transactions performed daily, monthly, half-yearly, yearly etc. The process of recording these transactions is known as bookkeeping.
Accounting stands a step ahead bookkeeping, wherein it analyzes the business books. Now, analyzing business books is essential because evaluating them will help you to understand business insights, the growth potential and financial scenario of your business. To carry out the accounting process professionally, you need to consider the best accounting consultants in UAE. Certified accounting professionals like JAXA Chartered Accountants, who stand as the DMCC Approved Auditors can help you to deal with the books efficiently.
The next area that becomes essential for you to focus is audit service. The audit phase turns out to be a crucial stage for the business entities as the inspection takes place, and loopholes, fraudulent activities, or any illegal activity carried out gets highlighted. At the end of the audit process, your business entity will be given an audit score, that will be assigned after covering the overall activities and scenario. It turns out to be helpful if you implement the audit service from the initial stage of your business because it will streamline the business processes and business books, which will be beneficial to your business. If you want to implement the audit, you can have a word with JAXA Chartered Auditors, as they stand as one of the top auditors in Dubai.
Taxation is one part wherein the business owners feel a burden on their shoulders. Although there is a freedom of no personal tax payment in the UAE, the Government has implemented the VAT proceedings from 1st Jan 2018, that has mandated every business to implement VAT service in the business firms. Carrying out the tax proceedings turns out to be tedious and involves many complexities. However, business entities need to carry out the tax process. One of the smart ways that business owners choose to deal with the tax proceedings is to have a word with tax consultants. Subject-matter experts are well-versed with the tax proceedings and can carry out the process in a hassle-free way.
Now, you have got a complete idea as to the essential services that you need to involve the moment you set up a business in Sharjah. Availing these services from one-stop can solve your problem. At Commitbiz Consultants, we take care of our business clients to establish their business. We provide a one-stop solution to your business requirements and meet them in a relaxed and hassle-free way. Our business experts are well-versed with the business proceedings and can cater to customized solutions according to your business needs. To have a word with us, do contact us today-we’d be glad to assist.