- Article, U.A.E
- August 4, 2018
Dubai has one of the fastest growing economies and therefore a perfect place to expand one’s sphere and even to earn well. The diversity of people, highly established structures, good infrastructure, fastest growing economy and economic stability have attracted a lot of small businesses in Dubai. The establishment of small businesses is the key to Dubai’s future growth, although the licensing and new company registration is a bit complex.
So, let’s have a look at how as an entrepreneur, you can open a small business, a retail shop or a grocery shop in the UAE.
Steps on How to Open a Small Business / Retail Shop / Grocery Shop in UAE
- Know Your Business
The first step to commence any business is to know the demand for it in the market. It is important to have sound knowledge of the local region, demandfor the product or service and a thorough research into viability of the business. Choosing a legal entity (example, sole proprietorship, partnership, limited liability partnership) is a deciding factor as to how much you want to grow in the future.
- Business Plan
After knowing the demand for the business, the next step is to have a business plan. A business plan is required to secure a source of funding. A credible plan might attract local support as well as government support.
- Know your Location
The selection of location plays an important role in setting up a business in Dubai. A businessman should be aware of whether he wants to set up business in Mainland or in Free Zones. He should be aware of the benefits so as to decide the location of the business. For example, a grocery shop should preferably be set up in or near a shopping centre, restaurant, bookstore or coffee store.
- Local Partner
If the business is set up in Free Zones, the company can be owned 100% by you. But the business set up outside Free Zones require local business partners holding a majority interest in the company. A local partner can be an individual or a company.
- Equipments for the Store
The type of equipments you will require depends on what you plan to sell. For example, a grocery store would require freezers, refrigerators, carts, baskets, shelves. Having good and all necessary equipments can help in smooth functioning of the business.
- Financial Viability
A business requires funds to start and to grow. Having a good financial viability will attract more and more investors and hence will help the business to grow. Even the Ministry of Commerce will require the owners to show records of financial investment once the business is registered.
- Inventory Management
This is one of the most important aspects after opening a retail or small shop. Improper inventory management can make you lose money. For example – if there is excess inventory, then the groceries can run bad before they are put for sale.
- Advertising
Once the shop is set up, getting new suppliers and promoting the business in order to attract customers is the key requirement. You can promote the shop by flyers, banners and even via social media, blogs, etc. Promotion technique these days include putting huge sales, attractive decorations in the shop, releasing coupons, etc.
- Friendly Staff
These small shops/retail shops require staff that can communicate properly and is friendly. Staff who can go above and beyond for the customers should be appointed.
- VAT
Setting up a small shop, retail shop or a grocery shop has benefit in VAT Registration in Dubai. Any shop having a turnover of less than Dh 187,500 does not require registration under the VAT law in Dubai.
The registration process might get on your nerves and therefore it is advised to seek the expertise of a business consultant in order to save your valuable time. We at IMC Group, provide services to businesses in Dubai for the past several years. Get in touch with us if you are looking to set up a small shop or a retail shop in Dubai.
- Article, Singapore
- August 4, 2018
The Singapore government has offered a wide range of startup schemes and grants to promote the growth and expansion of businesses in Singapore. In fact, to get ahead of the fierce competition, the Government of Singapore recently rolled out Startup SG in March 2017. The aim of this launch was to provide an enhanced and innovative business environment to gather fresh startup talent from all the corners of the world. Such measures taken by the government are proving beneficial in propelling the country towards a thriving start-up ecosystem.
Why Does Singapore Appeal to Global Entrepreneurs?
The primary factors that contribute to the flourishing state of Singapore’s microbusiness ecosystem are its political and macroeconomic stability. In addition to these, a strong judicial system, corruption-free bureaucracy, and robust regulatory institutions have provided a thriving business environment in the nation. Other factors include state-of-the-art infrastructure, financing schemes and cash grants by the government, and tax incentives, among others.
Startup SG in Singapore
Startup SG is an umbrella branding that brings together all the support schemes for startups in Singapore. It is basically a launch pad for all the global entrepreneurs that offers them a platform to connect with the global entrepreneurial network and also gain access to the local support initiatives.
The six pillars of support include the following:
- Startup SG Founder
This scheme was developed for new entrepreneurs with an innovative business. It provides up to $30,000 by matching $3 to every $1 raised by the entrepreneur. Along with the funding, mentorship and business guidance will also be provided to such entrepreneurs from Singapore-based incubators. This scheme can be applied only through an Accredited Mentor Partner (AMP).
- Startup SG Tech
The grant offers project funding to local Singapore companies to develop a breakthrough technology. With this grant, such companies will receive funding for POC (Proof-of-Concept) and POV (Proof-of-Viability) projects. POC projects are designed to test the technical and scientific viability of a new technology. POV projects are designed to test the commercial viability of a lab proven technology. POC projects can receive funding up to S$250,000 whereas POV projects can receive up to S$500,000.
- Startup SG Equity
Startup SG Equity is an investment fund managed by SPRING Seeds Capital and SGInnovate for funding startups that require higher capital expenditure and take longer to become commercially viable.
The eligibility criteria for the startups include the following:
- The company must be a private limited company incorporated in Singapore having a paid-up capital of S$50,000 minimum.
- The company must not be a joint venture or a subsidiary.
- The company must not have been in existence for more than 5 years.
- The core activities of the company must be carried out in Singapore.
- A third party investor ready to invest in the company must be identified by it.
- The company must have high growth prospects and international scalability.
- The company must demonstrate that its applications have substantial intellectual content and are highly innovative.
- Startup SG Accelerator
Startup SG Accelerator provides funding for incubators that assist in developing and mentoring new startups in high growth industries. Some of the sectors in the list of accelerators and incubators include the following:
- Cybersecurity
- Smart Logistics
- FinTech
- MedTech
- Robotics
- Data Analytics
- Artificial Intelligence
- Internet of Things
- Startup SG Loan
These are government-backed loans that are offered through Participating Financial Institutions which can provide startups with the much-needed working capital. Trade financing and equipment/factory financing are also covered by such loans. Startup SG Loans include SME Micro Loans that are applicable for companies with less than 10 employees to support their day-to-day business needs with financing up to S$100,000.
- Startup SG Talent
This pillar includes schemes such as the EntrePass, T-UP and SME Talen Programme (STP) for startups. EntrePass is a work pass scheme that eases the entry and the stay of global entrepreneurs in Singapore so they can contribute their skills to the local skill-sets and make for a more vibrant start-up ecosystem.
If you are looking for company registration in Singapore, get in touch with us. We can assist you with Immigration and Visa services and also offer taxation services once your company has been established.
- Article, India
- August 4, 2018
The telecommunication industry has been growing rapidly in India. To share some statistics, there are over 742.12 million phone and landline subscribers and over 706.99 million mobile phone connections and these numbers are going upwards only. The growth rate of this industry is quite high and the mobile phone market is quite lucrative if you plan to start your enterprise in this field.
A mobile phone has become an integral part of our lives today. Not only for calling, people use mobile phones for messaging, social media, clicking photographs, Internet surfing, and even for GPS. Because of this, there is a huge potential for anyone thinking of setting up their own mobile shop or business in India.
How to start your mobile shop business in India?
As there are so many mobile shops mushrooming in every nook and corner, someone planning a shop or distributorship should start a mobile shop or business initially on a small scale. You should make sure that you start your enterprise at the apt time so that decent profits could be reaped. But it is equally important to study some data like what is the awareness of customers, what is the level of their spending or purchasing capacity, which technology is being used these days, etc. So here’s a collated list of things that one should keep in mind before starting a mobile shop business in India.
- Timing is important
Proper planning is required on when you should kick start your enterprise or shop so that you could earn well. Firstly, you should be prepared with a minimum amount to invest in the business and rent a shop. You should also analyze where and to whom you could sell the mobile phones, and how you could grow in this business. This business is ever-growing and the demand never reduces; therefore the good thing is that there are high margins too. But having said that, the timing of initiation of your business is important.
- The location of the shop
Though the trend these days is to buy mobile phones from online or e-stores, you should strategically find a good location to rent a shop, where you can get enough local customers. You should also ensure that there are some good courier service-providers nearby so that you could even deliver the mobile phone to customers and also try to collaborate with some e-commerce companies to enhance his mobile phone business. Even a small shop (10 × 15 square feet) is good enough to begin your business or mobile phone shop.
- Select a good distributor
The next step is to look for a good mobile phone distributor from whom you could get reasonable mobile phones. Not only that, ensure that the distributor delivers the mobile phones and other accessories easily and reasonably. Getting a good distributor is a very big factor as you save on the money you spend in buying the mobile phones. The way you display the mobile phones is also important. Other than that, you could advertise about your store in local newspapers and in other mediums like yellow pages, social media platforms etc.
If you have any other questions or need assistance in setting up your own mobile shop business in India, do get in touch with us. We, at IMC, provide you with expert advice and solutions to set up your business or mobile shop in India.
- Article
- August 2, 2018
Wondering how to register a company of your own in India while you are in USA? In this article, we will talk about the steps to register a company in India while you are in USA, which all entities can you form and which documents are needed for the company registration process as a foreign national in USA.
You might be staying in USA but have some brilliant idea and want to start some business and register a company in India. The good news is that you can go ahead and do that easily as the Companies act 2013 allows foreign residents to start a company in India if they comply with all the Indian laws.
How can you register a company in India from USA?
The first and foremost step is to decide on which business entity you want to form according to the business model you are planning. The options are to register as a Partnership, an LLP, Private Limited Company etc. However, it is best to register as a Private Limited Company or a Limited Liability Partnership as these entities involve lesser compliances and legal formalities.
The pre-requisites for registering a company in India from USA
There are some pre-requisites that you must fulfill so as to be able to launch a company in India from USA. They are:
List of documents needed for registering a company in India from USA
You need to submit the following documents:
The documents required in case of a foreign company trying to form a company in India:
The steps of registering a Company in India from USA
Recently, a new process has been introduced by the Indian Government so that people can register a company in India from USA. The process states that:
Please note that you might need a professional to get the above tasks done. We, at IMC, have an experienced team who can assist you in getting a Digital Signature and the complete process in the shortest span possible. Do get in touch with us and we will be glad to assist you with company registration in India.
- Article
- August 2, 2018
How to Start Pharmaceutical Company in Dubai?
All the health facilities in Dubai are regulated by the Ministry of Health. It also covers under its purview issuing licenses, registration books, and other such important certifications for pharmacists. In order to obtain a license from the Ministry, the owner of the pharmacy first has to apply for an authorization letter from the Health Regulation Department. The Dubai Health Authority has set in place a comprehensive regulatory system which must be followed by those looking to set up a pharmaceutical company in Dubai.
Requirements to Open a Pharmaceutical Company in Dubai
In order to register a pharmaceutical company in Dubai, the owner of the company is required to obtain two approvals – the preliminary approval and the final approval of the establishment. There is also a requirement that such an establishment must be inspected by the Drug Control Department in Dubai.
In order to register your pharmaceutical company you need to submit the following documents:
- An application form
- A copy of the tenancy contract
- A preliminary approval of the premises
- A copy of the owner’s passport
- The blueprints of the location of the pharmaceutical company
- A copy of the location license issued by the municipality
- The architectural planning issued by the architect or other experts in Dubai, duly certified
- A list of the employees and their certifications
Regulations for Importing and Selling Pharmaceutical Products in Dubai
The pharmaceutical operation is all-encompassing and includes manufacturing, preparation, composition, selling as well as the distribution of the medicines to prevent or cure diseases of animals and humans. International investors looking to open a pharmaceutical company in Dubai must have a UAE associate. Such an associate will hold the pharmacy license. The Federal Law No. 4 establishes that all the investors looking to manufacture or sell pharmaceutical products in Dubai must obtain a license mandatorily before they start operating.
If you are looking to set up a pharmaceutical company in Dubai, get in touch with us. We can assist you in setting up your company in no time. We look forward to hearing from you.
- Article, Singapore
- August 2, 2018
Are you tired of the daily grind of the 9-5 job routine? Do you wish to become your own boss and run your own business? If yes, Singapore can provide you with ample investment opportunities to start your own business. Singapore holds the second spot among 190 countries in the World Bank’s Ease of Doing Business Rank for 2018. It boasts of a highly developed, business-friendly and trade-oriented market economy. With over 3,000 multinational companies, Singapore is one of the top financial hubs that attract investors from all the corners of the world. We have picked our top ten business ideas that you can consider to start your own business in Singapore.
- Farming: There is very little arable land in Singapore, and so, the country exceedingly depends on agro-technology and vertical farming for its agricultural production and consumption. There are very few players in the agricultural market and so you are likely to make huge profits after investing in state-of-the-art technology.
- Shipping: Singapore’s maritime sector plays a major role in its economy and comprises of over 5000 maritime establishments. Its importance as a maritime centre continues to grow owing to its strategic location along the confluence of major global shipping routes. Additionally, the government of Singapore also offers special incentives to shipping companies to set shop here.
- Financial Services: Singapore is an international financial hub and is home to corporations from various countries. So, there is a high demand for professional services such as auditing, bookkeeping, and accounting by both indigenous as well as foreign companies.
- Import and Export/Trading: In 2017, Singapore imported US $327.7 billion worth of goods and exported goods worth US$2 billion. It is one of the top nations to trade with countries such as Hong Kong, China, the United States, and Japan among others. Setting up an import/export business in Singapore would expose you to endless opportunities in the trade market.
- Biotechnology: The government of Singapore has spent and continues to spend millions of dollars on infrastructure, fund research and development of its biotechnology industry. As of 2016, Singapore ranks second in being the most innovative country in biotechnology providing immense opportunities to new investors.
- E-Commerce Services: It is estimated that Singaporeans will take in revenues of approximately USD 5.4 billion dollars by the year 2025. This goes on to show how profitable it would be to invest in e-commerce services and set up an online business to cater to the citizens online.
- Spa Services: The wellness industry in Singapore, or any other country for that matter, will always do well. The target niche of massage services for both men and women has an even better business potential. After all, there will never be a dearth of working professionals wanting to get pampered with luxurious treatments after a long and hectic day at work.
- Fast Food and Snacks: Food is the universal love that connects us all. Food business does well in all the countries, especially Singapore, which has an exciting and vibrant street food culture. Furthermore, this requires minimal capital and you can start reaping the benefits early on.
- Electronics: Singapore is quickly emerging as Asia’s centre of manufacturing industry. The electronics industry in the manufacturing sector alone accounted for 48% of the total industrial output. Clearly, there are huge opportunities for electronic companies to create and manage new markets here.
- Freight and Courier Services: You can start your own transport business in Singapore. Depending on your capital, you can begin with a taxi service to transport within local routes and then expand to inter-city or inter-state transport service. You can also venture into logistics and parcel delivery and enter the freight forwarding industry after getting the required licenses.
If you wish to set up your business in Singapore, get in touch with us as and we will be happy to assist you in your Singapore Company Formation.
- Article, U.A.E
- August 2, 2018
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How well do you know Dubai? Here are some fascinating factual and statistical information about Dubai that can surprise you.
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- Article
- August 1, 2018
The UAE FTA recently published a clarification on the treatment of supplies to, from and within the Designated Zones in the VAT guide on Designated Zones. The guide contains the details of the Free Zone and characteristics that must be present to qualify as a Designated Zone for VAT purposes. The clarification also contains details of businesses operating within and outside the Designated Zones and the implication of VAT on their activities.
Along with the above clarification, a public clarification on VAT recovery rules on business entertainment is also issued. The clarification focuses on Article 53 of the VAT Executive Regulations in relation to VAT that is non-recoverable on entertainment or hospitality of any kind. The clarification also provides insights on the types of supplies that are made by a business to its employees and clients that are blocked from input tax recovery under Article 53 of the UAE VAT Regulations.
- Article
- July 31, 2018
Dubai is one of the fastest growing economies and is an ideal hub to trade from all the corners of the world. One of the major businesses is the import export business in Dubai. During the past few years, Dubai import export business has been one of the most profitable businesses.
Great infrastructure along with the UAE’s position makes Dubai highly popular for import export business. Moreover, the Dubai government has stated providing eservices to the import and export companies in Dubai in order to help them function smoothly and efficiently. Guidelines for setting up an import-export business in Dubai can be found in this link.
Reasons for Setting up an Import Export Business in Dubai
An Import Export Business in Dubai can be hugely successful due to its Strategic Location as it is the gateway between the east and the west.
The Airports & Seaports of UAE are strategically located to access the international trade route and have world-class infrastructural and logistics facilities. The UAE is directly connected to more than 170 countries by Air, Land, and Sea routes.
The high level of supply and demand augurs well with the flourishing international trade in Dubai and other parts of Emirates. The UAE is rich in petrochemical and natural gas contributing to the majority of exports. There are huge requirements for global products in these regions constituting imports.
The diversified economy of the UAE government with many incentives for foreign investments attracted a large pool of investors across the globe and boosted infrastructure support, real estate, technology, fintech, and many other businesses and money flow.
So, let’s have a look at the procedure for setting up an import export business in Dubai.
Import Export License
Dubai import export business requires an import export license to function. The process to obtain a license is very simple and can be done online. However, if you are exporting or importing special or restricted goods then you need to acquire a special license from the Customs Office.
Import License is required to purchase or get commodities from outside the borders of UAE or from the foreign country or form any other province of Emirates by meeting all legal procedures, documentation, permissions, and terms of licensing. Anyone can become an importer by availing this license from the UAE license authority.
Export License is required when you want to trade in goods or services produced locally in some other country or among the free trade zone of UAE. If the goods are exported to any of the Free Trade Zones of the UAE, they are not subject to pay any customs duty. Although the Free Trade Zone is an integral part of UAE, it doesn’t come under the UAE Customs Territory.
Registration with Customs
Apart from getting the import export license, you also need to register with the Customs Department. An import code from UAE customs is required to bring goods into UAE by sea or air. Commodities which pass through customs from a free zone to local market are liable for duty. Registering in Dubai Customs is unambiguous and can be done online although you will require a bunch of documents. Mirsal – 2 is the online declaration and clearing system of Dubai Custom. Therefore, all commodities imported or exported should pass through Customs office and will be checked whether they fall under the prohibited list or not.
Dubai Export Procedure
The exporter needs to go through the below steps:
Documents Required for Export
Dubai Import Procedure
The importer needs to go through the below steps:
Documents Required for Import
Dubai Import Export Business In a Free Zone
Dubai Import Export Business has a huge scope and you can avail the services of IMC Group if you are willing to set up an import export business in Dubai.
Though all UAE free zones are areas within the territory of the UAE but are considered outside the scope of the UAE customs territory. They have to follow certain conditions and requirements in order to conduct import export business in UAE free zone.
For Import Export Business between Free Zone and a Local Company – Importer should have an importer code and goods should be the same that is mentioned in the license of import export business in Dubai. Goods should reach the destination within 72 hours of the customs declaration. Goods have to be checked before entering the free trade zone.
For Import Export Business between Free Zone and a Foreign Company–Free zone license is free from the expenses of custom duties.
Free Zones are the ideal and most attractive locations to set up import-export business in Dubai providing several benefits as under
- Fast and Easy Approval
- Nil Customs Duty
- Zero Tax
- World-class Infrastructure100% Foreign Investment
- Fast Business Setup
- Customs Inspection on-premises
- Warehousing Facilities
- Easy access to Airports and Seaports
Products in Import Export Business in Dubai
The list of products allowed in the import-export business in Dubai are as follows-
- Crude and refined petroleum is the most widely exported commodity
- Diamonds, Gold, and other types of jewelry
- Automobile and different types of transport equipment
- Broadcasting and media equipment
UAE Trade Promotion Organizations
Dubai Export Development Corporation (EDC)
Established to provide exporters with the services they need to enter or expand into foreign markets, EDC is the promotional arm of the Dubai Economic Department. It aims to widen Dubai’s exporter base into unexplored or high-potential markets by supporting businesses that produce internationally competitive goods.
Export Credit Insurance Company of the Emirates (ECIE)
ECIE helps companies to increase their export businesses safely and securely. It provides trading organizations with the necessary protection against trade credit risks, allowing them to manage their commercial and political risks better, safe-guard their balance sheets and increase their profitability. ECIE offers short-term trade credit insurance policies to UAE firms engaged in manufacturing, value-added trading, and the export of services. These are tailored to protect against the risk of payment defaults by importing customers. Its partnerships with well-reputed organizations include Coface, the global expert in credit risk analysis and trade receivables management, Saudi Arabia-based Islamic Corporation for the Insurance of Investment and Export Credit; and Kuwait-based Arab Investment and Export Credit Guarantee Corporation.
UAE Trade Laws
- Certificate of origin rules Draft Law
- Competition Draft Law
- Arbitration Draft Law
Conclusion
International trading or import-export Business in Dubai is the most lucrative avenue with all the available business infrastructure, import-export facilities, and logistics support in place.
The transport links to the international market, safe and secure shipment handling in large volume and efficient online customs clearance are promoting Dubai as the most preferred choice for opening a trading company in the Arabian Peninsula.
- Article
- July 31, 2018
Smart business owners know that accurate and timely accounting is crucial for the smooth functioning of any business entity be it a start-up company, an SME or a conglomerate firm. Having said that, not every business owner is well-versed in the field of accounting. At times, it may even happen that as the business expands you may want to focus more on your core business activities than overlooking day-to-day bookkeeping functions. Would it not be a wise decision to outsource your accounting function then so your workforce can be solely devoted towards revenue-generating activities?
When Should You Outsource Your Accounting Function
Even if you possess the requisite professional skills to handle your financial processes, it would still demand a lot of manpower, time and energy to take care of your accounting functions. Proper documentation and management of processes like payroll, accounts receivable, accounts payable and taxation are crucial to determining where your business is heading.
When you choose to outsource your accounting function, it could mean:
- As a business owner with little or no accounting knowledge, you would have a team of professional experts handling your finances for you.
- As a newly incorporated SME, you won’t be required to invest in hiring an accountant or worry about recruiting accounting personnel for the department.
- As an owner of a multinational company or a conglomerate firm, if you outsource your accounting functions to a team of experts with relevant expertise, you will save twice as much time and business resources.
Why Should You Outsource Your Accounting Function
Apart from saving a considerable amount of time and energy, the following are some of the benefits that you can get when you outsource your accounting:
- No Risk of Employee Turnover:
When you outsource your accounting you don’t have to worry about your top account executives leaving the job unexpectedly. You can be assured of the reliability of the team of professionals.
- Lower Employee Costs:
When you outsource your accounting, you don’t have to spend costs on any benefit packages, training of the employees, and buying any software or equipment. You only pay the professionals for the services you want, which is much lower than expenses on individual employees.
- More Competitive Product Offering:
When you have a team of experts handling your accounting function, you gain an access to accurate financial information anytime you want it. This can be extremely helpful when you want to take major business decisions on which your consumer base depends.
- Expert Accounting Advice for Your Perusal:
Whether you are looking to expand your business, seeking investment opportunities or thinking of discontinuing some business operations, an experienced professional can assist you in your decision making based on hard facts and reports. They have the required knowledge developed over the years handling such scenarios for multiple companies and can use this knowledge to your advantage.
- Improved Accounting Compliance:
There is no room for any mistakes whether it is for income tax filings, preparation of the financial statement or other statutory compliances. Going wrong here could mean facing litigation expenses that are certainly very exorbitant. Having a trained team of experts, you can put such worries to rest and have error-free reports according to the legal requirements.
- Improved Workload Management:
Your workforce can solely focus on creating a bright future for the company and leave the routine and administrative tasks of accounting to be outsourced.
If you are looking for company registration in Singapore, get in touch with us. If you are an already established firm, we also provide accounting services in Singapore. Schedule a consultation with us so we can assist you with your business needs.
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