With a blend of scenic beauty and rich culture, the United Arab Emirates has been recognized as one of the famous tourist destinations at an international level. The nation has expanded its scope when it comes to the tourism industry and has innovating multiple ways to attract visitors as well as business investors. The forthcoming Expo 2020 has widened the opportunities to a massive level, and now a maximum of the business owners is coming forward to set up a tourism business in the UAE. It is to be understood that once you incorporate your business, you need to take care of the essentials that will run and manage the business operations effectively. This guide will give you an overall idea regarding the top seven services that you need to avail once you have completed the business establishment process.
1.Corporate Bank Account
One of the essential tasks that you need to do after incorporation is setting up a corporate bank account. A business owner needs to manage a separate corporate account so that the personal and the professional finances are maintained separately. When it comes to opening a bank account, you can choose one from the following:
- Emirates NBD
- Abu Dhabi Commercial Bank
- Mashreq Bank
- United Arab Bank
- First Gulf Bank
- Commercial Bank of Dubai
Apart from those mentioned above, some of the foreign banks that open an account for the UAE incorporated companies include:
- Standard Chartered Bank
- Citi Bank
Once you are done with the business bank account, you can look forward to other grounds.
To excel in a business, you need to have an idea regarding the availability of the target audience, as well as the competitors available in the market. In-depth research needs to be done to understand the strategies and techniques used by the other competitors so that you can analyze them and come up with your unique ideas and strategies to capture the market.
In the next step, to make sure that you need to convey your goods and services to the target audience. The best approach to go for this is to avail for product marketing service. By availing this service, you will be able to target your potential customers and project your services as a solution to their needs and requirements. Once you have built a strong product marketing structure and the strong presence of your products, it turns out straightforward to boost the business growth. Since the complete process needs rigorous planning and strategies, the best option is to consult with a business consultant who can provide you with practical solutions effectively.
4.Accounting and Audit
In the next move, you need to avail the accounting service, which stands as a lifeline to boost your business. Accounting and bookkeeping are areas that can’t be avoided. Professionally maintaining the company books will help you to understand the utilization of the company finance in a better way, and also helps you to keep track of the company growth, revenue generated, debtors and creditors count etc.
Parallelly with the accounting, the audit service too plays an important role. The core intention of the audit service is to figure out the loopholes in a business premise. It becomes more effective if you implement the accounting and audit services at the initial stage of company incorporation so that the services are carried out in an error-free way, and the books are maintained and audited professionally from the very start.
5.Tax and VAT
The next vertical that you need to look at after the company incorporation process is the tax proceedings. It becomes a mandate for every business to bear the corporate tax, as well as filing the Tax and VAT returns, is equally important. It is essential that the figures stand accurate and error-free. Availing the taxation services from the professional tax consultants will help you to figure out the exact business numbers, and things can be managed more efficiently.
Targeting the offline audience in today’s world is not enough for a business to grow. The technology has infused itself in every part of human life and has come up with enough flexibilities wherein an ordinary person can book the tickets just with the help of few clicks. This has mandated the tourism business to build their online presence to grab more audience. Creating a website or an app will help your business to create a robust online presence, and as a result, will increase the business growth and will pave out more ways to earn good revenue. Additionally, the web presence also helps a business entity to gain a good reputation and enhance their goodwill in the competitive market.
Now you have got a complete idea regarding the various pillars that you need to infuse in your tourism business to grow and earn more revenue. Proper alignment of the services and its implementation will help you to keep track of every minute detail, which will be essential for you during the expansion process. Once you are done with the core proceedings, you can concentrate entirely on revenue expansion process.
Now, the complete set of services must be maintained so that it becomes easy to manage and understand. Investing in the management of professional services will pave out new ideas and ways for your business to grow.
Benefits of Hiring Business Professionals
By approaching a professional business consult, you will be able to gain the following benefits:
- Error-free maintenance of company books and other confidential documents
- Acts as a time-saver
- Tasks will be managed professionally
- Regular reports and updates will be shared effectively
- Market insights will be made known will be beneficial for your business
- Hassle-free services will be provided
Commitbiz Management Consultants stands as one of the top business consultants in the UAE who have been delivering business management services right from incorporation to establishment of the other services like providing office space, VAT, Accounting, Tax, Digital Marketing services etc. Our business experts are well-versed with the business processes and can guide you at every step in boosting your tourism business. Do contact us today, if you hold any query or seek a friendly advice-we’d be glad to assist.