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How To Set Up A Coffee Shop In Dubai
  • Article, U.A.E

Here’s How To Set Up A Coffee Shop In Dubai

Dubai has secured its position among top business hubs in the world. This is because of the government’s constant efforts and various policies adopted for the growth of different types of businesses in Dubai, whether big or small.

Owing to this, many people wish to open a small business in Dubai. In fact, lately, many small businesses are continuously opening and flourishing in the city.

One of the promising ventures for many entrepreneurs is opening a coffee shop in Dubai. It is a good idea which is not too risky and at the same time gives you an excellent opportunity to capitalise on the flourishing food and beverage industry. Moreover, the food and beverage industry in Dubai is continuously rising.

Given the competitive environment in the coffee business, it is very easy to set up a coffee shop in Dubai. Moreover, it is also the most profitable and cost-effective business venture. So, if you have the right knowledge and skills then you are sure to gain favourable results. Below mentioned are some tips on how to open a small business in UAE and make it beneficial for you.


Benefits of setting up a coffee shop in Dubai

One of the biggest advantages of opening a coffee shop in Dubai is the cost factor. It is the most cost-effective business idea among all the food and beverage businesses in Dubai. Unlike opening a restaurant in Dubai, The cost of setting up a coffee shop is very less and you need a very small space for setting it up. You also do not require much investment for the functioning of the same. For opening a coffee shop, you are not required to invest much which makes it easier for you to start your business. Moreover, the time taken for setting up the infrastructure is also very short.

Steps to follow for opening a coffee shop in Dubai
Develop and Document Your Business Plan
There are three types of coffee shop business plan mostly in practice when you set up a coffee shop in Dubai
  • Start-up business plan describing how you are going to set up your coffee shop
  • Operational business plan with details on how you are going to operate your coffee shop
  • Contingency business plan detailing how your business will respond effectively under different exigencies and adverse unforeseen circumstances
 
Select the right space
Select the location for your coffee shop based on your vision, budget and objective. Choosing an area which is easily accessible through roads or metro can lead to high footfall and visibility. Choosing a location for your coffee shop which is near commercial and residential places can attract a large number of customers and boost your revenue. Moreover, choose a place which has less number of existing coffee shops to eliminate competition.
 
Decide on the Right Layout
The type of retail doesn’t matter much while you plan to set up your coffee shop in Dubai instead you need to decide carefully about the layout of your key coffee-making equipment. It may sound trivial however small factors like where you place the wastebasket for disposing of used coffee cups can influence your efficiency in a significant manner. Typically for all coffee shops, the layout is important as you need to maintain obstruction-free optimum distance along with the movement and flow.
 
Outline a marketing plan
Advertising your business is important to increase brand visibility and promote revenue growth. A comprehensive marketing plan helps you reach out to customers. You may use online marketing strategies, social media networks, distribute fliers and brochures, participate in trade shows, host events in your coffee shops and place an ad in the print and electronic media, if your budget permits.

UAE Economic Substance Regulations: Compliance & Filing Guidance

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Get the necessary license
It is important to apply for the right license for your coffee shop. The license type depends on what you intend to sell at the shop i.e. just the coffee or coffee along with some refreshments or a meal along with coffee. You require a specific license and permission for different types of offerings.

Normally, you need to apply for general business permissions as well as specific Food & Beverages (F&B) service regulations to set up a coffee shop in Dubai and require the following licenses

  • Business Trade Licenses specific to Food and Trade License issued by the Department of Economic Development including a license from the Department of Tourism and Commercial Marketing. License cost depends on the size and type of business and normally costs SAR 8000 and more.
  • Food licenses for safety reasons and authorization from the Food Control Department of Dubai Municipality. There may be other Business Trade Licenses for a mobile type like a coffee van and in such case, you would also need driving licenses for you and your employees.
 
Select Your Equipment
Besides Stainless Steel tops for your kitchen stands, you will also require Cabinets, trolleys, ice containers, racks and shelves, tables, exhaust pipes, sinks, etc.

Also, you will need equipment to set up a coffee shop in Dubai such as Coffee and espresso makers, coffee grinders, coffee, and tea brewers, ice makers, hot water dispenser, high-speed oven, decanters, and various coffee shop accessories e.g. cups, spoons, pitchers, syrup pumps, timers, creamers, water treatment equipment, blenders, juicers, refrigerators, sandwich preparation tables, display racks, cleaning and washing equipment like dishwashers and many others.

Fulfill all compliances and requirements
Before starting out, ensure that you comply with all the licensing, financial and legal requirements related to opening a coffee shop in Dubai. This will help you avoid future issues and the possibility of business disruption due to non-compliances.

Mentioned above are a few things to keep in mind for a successful set up of a coffee shop in Dubai. Apart from this, you should also monitor your cash flows, hire trained employees and do good market research before starting out. If you need professional help for setting up a coffee shop in Dubai UAE, you may get in touch with IMC Group.

Conclusion
To set up a coffee shop in Dubai, you need to be committed and passionate about your coffee shop business and need to have strong business acumen as well. Selection of the right space and proper equipment are the main two measures that help you navigate the difficult times at the start and show you the light of business success.

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Looking for best business setup consultants in Dubai, UAE
  • Article, U.A.E

Looking for best business setup consultants in Dubai, UAE?

Dubai has established itself as the number one business location in the Middle East and it offers a hotbed for business opportunities. The city offers a strong and growing economy, economic diversity, financial stability, tax-free business environment, world-class infrastructure, proficient workforce and great business opportunities.

Today more and more investors are flocking to Dubai to establish their dream business owing to its great potential and bright future prospects. Moreover, it gives access to over 2 billion population in three different regions of the world. Its easy geographical location gives access to over 140 ports in 6 different continents. In addition to this, Dubai is one city in the whole of UAE that houses a maximum number of free zones. Due to the tax-free nature of its business zones, the cost of setting up a company in Dubai is low which attracts a huge number of entrepreneurs to Dubai.

All of these factors make Dubai a great place to set-up a business. With so much ease and facilities, all you need is the best business setup consultant in Dubai and you are good to go!

What is Business Setup Consultant?

A business setup consultancy is a company that provides advice and support to individuals and businesses looking to establish themselves in a specific region. These professionals offer valuable insights, regulatory expertise, and practical assistance throughout the process of starting and structuring a business. Their main objectives are to improve operational efficiency, thereby helping clients achieve their entrepreneurial objectives successfully.

Why Do You Need Business Setup Consultants in Dubai?

Setting-up a business in Dubai is easy and smooth but it involves understanding the difference between company formation and business set up in Dubai free zone and mainland. In addition, you also need to comply with other legal and statutory formalities such as preparing legal documents, opening a corporate bank account in Dubai, obtaining the required licenses based on the activities and services you intend to offer and do other visa processes. All of these activities are time-consuming as well as tedious. However, business setup consultants in Dubai can take off the burden from your shoulders and ease the entire process of company formation in Dubai.

IMC Group -Best Business Setup Consultant in Dubai

IMC Group is a cross-border financial advisory firm offering wide range of services such as Business Setup Solutions, Corporate Advisory Services, Global Mobility, Tax Advisory Services, International Tax Structuring, Special Purpose Vehicles (SPV), and Accounting and Bookkeeping Services to its esteemed clientele in the AMEA (Asia, Middle East and Africa) region.

We help you establish your business faster, smoother and easier. Depending on your budget and requirements, we suggest you business solutions that are tailor-made especially for you keeping your unique needs in mind. We advise you with the best option to start your business. We help you with crucial decisions such as whether to form a free zone company or an onshore company, ideal structure of your company, licenses required to make your company functional, etc.

Our Business Setup Services

PRO Services
We are wholly committed to providing a comprehensive suite of PRO solutions to our clients all over the UAE. We specialise in employment laws of Dubai, UAE and free zones which help us offer the best to our clients in a hassle-free and smooth manner. We help you deal with government authorities for visas, medical test, labour contracts, Emirates ID’s, license renewals, license amendments and more. Some of the services provided by us include managing the documentation requirements of the ministries to set up business, acquiring and renewal of trade licenses, getting documents attestation, assisting with the visa application, processing of new and old employment visa, etc.
Bank Account Opening
We help newly established companies in opening a bank account in the UAE. We have strong relationships with all the major banks in UAE which helps our clients in smoothly opening a bank account in Dubai. We assist you with the entire process of bank account opening in Dubai right from the initial paperwork to meeting all the other bank requirements.
VISA Services
We provide visa services for procuring employment visa, family visa and partner visa in Dubai. We are well versed with UAE visa procedures and endeavour to keep ourselves updated with the changes in the visa norms from time to time. This helps us provide the most reliable and effective services.
Products Registration
The Government of Dubai has rolled out a complete product registration process which aids in importing and manufacturing high-quality products in Dubai. Some of the products that require registration include medical products, electronic products, herbal products, food products, cosmetic products, etc. We help our clients review their product’s labelling and documentation in accordance with the requirements of applicable Dubai regulations and guidelines. In addition, we also support in preparing the Product Information File.
Local Sponsors
For outsiders, willing to set up a business and or a company in Dubai, it is mandatory to have a local sponsor or a service agent who takes the responsibility in front of the authorities to bring you in the country. At IMC Group, we help you find the local sponsors for the legalisation of your business in Dubai.
Trademark Registration

A trademark protects your business and distinguishes your products and services from that of others. Since it is crucial for your business, you need experts to do this for you. Being one of the best business setup consultants in Dubai, we assist you with the effective and smooth trademark registration process and ensure that you receive positive results. We conduct a comprehensive trademark search, help you file the trademark application and complete all the formalities related to trademark registration.

If you are looking for best business setup consultants in Dubai, get in touch with IMC Group and we will help you set up your business in Dubai, UAE in a smoothest manner.

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Conversion of Limited Liability Partnership into Private Limited Company
  • Article, India

Conversion of Limited Liability Partnership into Private Limited Company

Often businesses choose to register themselves as a Limited Liability Partnership (LLP) but later wish to convert into a Private Limited Company. The reason for converting an LLP into the private limited company is growth opportunities and infusion of capital. But as per the recent laws, now LLPs cannot convert themselves into a private limited company. Therefore, those companies who want to raise funds in the future, go for private company registration in India and IMC Group assists such companies for hassle-free registration.

Ministry of Corporate Affairs on Conversion of LLP into Private Limited Company

The Ministry of Corporate Affairs states that, “conversion of LLP into private limited company would not be allowed under the LLP Act. However, enabling provisions would be required to be made in the Companies Act for such conversion. Necessary action in this regard would be taken when the Companies Act would be revised.”

Companies Act 2013 on Conversion of LLP into Private Limited Company

“Companies Capable of Being Registered (Section 366):

For the purpose of this Part the “company” includes any partnership firm, limited liability partnership, cooperative society, society or any other business entity formed under any other law for the time being in force which applied for registration under this Part.”

Now let us try to understand why entrepreneurs choose LLP Registration and Private Limited Company Registration.

Reasons for Selecting LLP Registration

  • LLP businesses are not required to get their audit done if the turnover is less than Rs. 40 lakhs and capital is less than Rs. 25 lakhs.
  • LLPs are exempt from dividend distribution tax.
  • The compliances for LLPs are fewer as there is no requirement for a board meeting or annual general meeting.
  • In comparison to the private limited company, the fee for incorporation of an LLP is much lower.
  • The incorporation of LLP is hassle-free and requires fewer

Reasons for Selecting Private Limited Company Registration

  • Equity investors or venture capitalists can invest in a private limited company because private companies have the concept of shareholding. Whereas, there is no such concept of shareholding in case of LLPs.
  • NRIs and foreign promoters prefer to invest in the private limited company rather than LLPs because they can invest in private companies through automatic route while Foreign Direct Investment (FDI) in LLPs is through approval route.

From the above points, we can make out that the start-ups which do not intend to raise funds from Angel Investor or Venture Capital firms register themselves as LLP. Whereas, those start-ups which look for funding from investors register themselves as a private limited company. At the moment, the conversion of LLPs into private limited companies is not possible. The only solution that is available for the LLP start-ups is to register a new private limited company which can take over its business. To assist you further in such matters, you can contact IMC Group. We provide services like company formation in India and many business-related services. To know more about our services, all you need to do is drop us an e-mail.

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Everything You Need to Know About Singapore Employment Pass
  • Article, Singapore

Everything You Need to Know About Singapore Employment Pass

Singapore is becoming a hub for foreign nationals for employment. The country provides immense opportunities to individuals not only to earn money but also to grow as an individual. Owing to this, immigration services in Singapore are in huge demand. IMC Group plays a critical role in providing immigration services in Singapore. In this article, you will learn about the various things that you must know while applying for a Singapore Employment Pass.

Before applying for Singapore Employment Pass one must know a few things for a hassle-free experience.

Things to Know Before Applying for Employment Pass

The Employment of Foreign Manpower Act governs the hiring of foreigners via Employment Pass. Therefore, there are certain rules and regulation which must be fulfilled before employing foreign workers in Singapore.

  • The candidates must meet the EP requirements. To know the candidate’s capability, the MOM encourages the usage of Self-Assessment Tool (SAT). If the outcome of the SAT is positive, there are high chances of candidate being selected.
  • Firms that wish to hire Employment Pass holders must first give the advertisement for the position in the Singapore Workforce Development Agency’s Jobs Bank as per the Fair Consideration Framework.

Let us now learn about the candidates who are eligible to apply for Singapore Employment Pass.

Eligibility for Singapore Employment Pass

Conditions to apply for Singapore Employment Pass;

  • A foreign individual having an employment offer in Singapore can apply for Employment Pass. Here the employer shall make the application on behalf of the foreign individual.
  • Companies that are incorporated in Singapore and need to hire employees from overseas can apply for Employment Pass.
  • Managing directors or Entrepreneurs who want to relocate their Singapore company can apply for Employment Pass.

To apply for a Singapore Employment Pass;

  • The individual must have executive or managerial or any specialized
  • The individual must be employed for a fixed monthly salary of at least $ 3,600 or more.
  • The individual must have qualification by a recognized university or professional qualification or any specialist skills.

Time Taken to Process Employment Pass Application

  • The processing time for manual application is around 5 weeks
  • The processing time for online application is around 3 weeks and more

Filing Online Application

Digitalization has eased the process of applying for Singapore EP. The EP online portal assists the employer or the candidate to apply for the EP application. Since Singapore is one of the top countries when it comes to ease of doing business, the online processing time of EP application has reduced drastically. One can apply for the following through the online portal;

  • Application for new EP
  • Cancellation of EP
  • Application for family passes for the EP holders
  • Applying for the letter of consent to work for family pass holders
  • Renewing any of the EP application
  • Monitor the application status
  • Appeal against the EP application rejection

Let us now have a look at the documents required for the EP application.

Documents for EP Application

While submitting the EP application, you must submit the photocopies of the following documents;

  • Copies of the applicant passport
  • Copies of the academic qualification certificates
  • Latest information about the company’s profile registered with Singapore’s Accounting and Corporate Regulatory Authority (ACRA)

One must be careful while submitting the documents and ensure that the documents submitted are in English. If not, an English translation copy must be attached.

IMC Group is the leader in providing work visa services in Singapore. Our services cover every aspect of the business right from company formation in Singapore to the services that are essential for running a business. In addition, we have expertise in applying for Singapore Employment Pass and ensure that your application is passed without any hassle. We not only assist in applying for Singapore EP but also help you in appealing on the rejection of an EP application, renewing the EP, canceling an EP and similar services. To avail our services and know our quote, you can drop us an e-mail.

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Everything You Want to Know About Start-up Company in India
  • Article, India

Everything You Want to Know About Start-up Company in India

As per the report by NASSCOM, India is the 3rd largest start-up ecosystem in the world. Whenever there is a company registration in India, we term it as business and not start up. To put it in simpler words, any business in India is just a business and not a start-up company. This is because the start-up business is very different from regular business. In this article, we will list out a few points that define start-up companies in India.

Legal Definition of Start-Up in India

A business entity is a start-up for 7 years from the date of its incorporation. However, the eligibility period is 10 years for the biotechnological sector.

Growth

In India, the biggest difference between traditional business and start-up is growth. The traditional business functions on a lesser scale whereas the start-up companies have the capability to grow at a rapid pace. Start-ups have the ability to capture a larger share of the market in a small span of time.

Business Funding

Any type of business requires funding to operate. Traditional business have finacing options such as bank loan or loan against security to fund their business. Whereas, start-ups in India have many options to fund their business like a bank loan, funding by angel investors or venture capitalists in exchange for security, etc. Start-ups easily acquire loan as the investors expect huge returns from their funding and they continuously mentor the start-ups until it’s a success.

Exit Plan

Traditional business and start-up business both have a different exit plan. In case of a traditional business, the entrepreneur can exit the business when he suffers loss or finds an alternative idea of business. Whereas in the case of a start-up, the business does not close when funding is done by a venture capitalist or angel investors. The exit strategy of a start-up in such cases is via merger, IPO, or acquisition by other company.

Working Culture

The working culture in traditional businesses and start-ups are drastically different. The traditional business functions like any other business in India and have normal offices. While the start-up offices are lavish and attractive. The working culture in a start-up is very professional. Furthermore, the start-up companies provide their shares to the employees of the company at lower prices which acts as a big motivation for the workforce.

Unique Selling Proposition

The traditional businesses in India work on pre-defined guidelines and strategy. On the other hand, start-ups sell their products using innovative tools and methods. The start-ups focus on creating such technological tools that attract the customers to purchase its products. Therefore, by using innovation and technology as USP, start-ups try to capture the market.

We hope the above points help you in understanding about the start-ups in India. IMC Group is a professional firm offering services of company registration in India. If you want to register a company or avail any other company related service, just drop us an e-mail to know our quotations.

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How to Set up a Business in Saudi Arabia
  • Article, Saudi Arabia

How to Set up a Business in Saudi Arabia?

The good news is that the time taken for processing a business license in Saudi Arabia is cut down by almost 92 percent in an effort to boost new investments in the Kingdom. In additions, earlier companies had to submit around eight documents to get a license issued, but now they only have to give their financial statements and a certified commercial registration. As per a report, SAGIA would be now licensing projects falling under the new Foreign Investment Act, allowing even 100 percent foreign ownership in some sectors.

But if you are thinking of foreign company registration in Saudi Arabia, there are following three concerns you should take care of:

  1. Be ready with decent data about the economy of the region. Conduct an in-depth analysis especially in the sector you are aiming to work in. Study the market conditions, competitors and then establish a viable business setup with a proper forecast. Then decide if you will invest on your own or through a bank.
  2. As per the law, you must have an area partner where the UN agency is holding the bulk interest and also might take the management of the business in their hands. The native partner (company or private) does not contribute to the investment in the start-up. The native partner’s demands are under review in some states currently to promote foreign investments.
  3. After registering your business, you have to explain to the Ministry of Commerce that you possess considerable cash to start your venture. You have to specify add varies between the states (it’s typically between $10,000 or £6,500 and about $50,000 or £33,500) which is taken as a guarantee for liabilities; however, you can take out cash soon.

As this process can be financially risky, having native data is imperative. We recommend you to consult some experienced professional who could guide you regarding the registration process and save you from several possible risks. Exports and manufacturing sector square measure are especially supported in a big way by the government with regards to the acquiring of land to construct their manufacturing unit. If you set up your business in a trade zone, then it is also offered exemptions from prevalent import and export duties, building/property license fee, industrial and property tax and other restrictions applicable on transferring capital that is invested in the zone.

An option to setting up a new business in Saudi Arabia is to rather shop for a going concern, as that would be quite simpler because in that case, you don’t need to lodge your capital; all you need to do is to agree to a value and then transfer your business’ possession.

Local Chambers of Commerce would suggest you about start-ups and also for square measure as they are proficient at hand-picking sure-shot profitable new entrepreneurs to the region. Contact details for square measure are:

  • Council of Saudi Chambers of Commerce and business, KSA – (PO Box 16683, Riyadh 11474)
  • Eastern Province Chamber of Commerce, KSA – (PO Box 719, Dammam 31421)
  • Federation of GCC Chambers, KSA – (PO Box 2198, Dammam 3145)
  • Jeddah Chamber of Commerce and business, KSA – (PO Box 1264, port 21431)
  • Riyadh Chamber of Commerce and business, KSA – (PO Box 596, Riyadh 11421)

Arabs are quite skilled at negotiations so we recommend you to be confident about the content of your written agreement. If square measure gaps exist, they could spot it, which can cause you problems. Mostly, the Arabs never say a ‘no’ to a business proposition on the spot; so you must listen carefully and observe well. In case their response is ‘Leave it with me’ or ‘I’ll suppose it’, then there is a chance that the venture’s chances are dim. The probable profits of setting up your own business in Saudi Arabia square measure are good; however, the truth remains that it isn’t meant for you if you are faint-hearted.


Registering a Company and Legal Liabilities

Saudi Arabia’s Company Law can be compared to any in western states. In this, the enterprises are usually operated as Nonpublic Chamber of Commerce, limited liability operations, or several sorts of concern. It is advised to take a native legal advice and steerage for registration process and formalities. If you are a foreigner, you could use a western country or Arab venture business company. After selecting, you need to get the advice of the Arab-British Chamber of Commerce, Geographical Region Association, the DTI, and your particular Embassy’s industrial department.

Western expatriates usually tend to take up senior positions getting top salaries and perks. But workforce from the India or some other countries at times takes up unskilled or semi-skilled and menial jobs and the square measure is paid accordingly. An influential sponsor or business leader could be a wise option to use with administration. The authorities are not hard unless they have a strong reason. You stand a bigger chance in the region if you stay polite and patient.

If you are looking for some professional support in starting your business or accounting services in Saudi Arabia, do contact us, and we will be glad to assist you.

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Guide on Singapore Companies Expanding in Global Markets
  • Article, Singapore

Guide on Singapore Companies Expanding in Global Markets

Various economies of the world are facing protectionism and fragmentation due to growing overseas expansion. These days, more and more global firms are eyeing to set up their business overseas.

Even after that, the Singapore companies have a great opportunity in their hands to expand in international markets seeing the increase in consumer spending globally. By doing the right homework, many local Singapore firms can enter into global markets and be a success story.

Entering Global Markets

Singapore companies first need to identify the target markets for their products. Depending on the business’s long term goals, they can go global. The business must understand the new market and know the pricing pattern for the goods to export. The companies must know the consumer tastes and accordingly try to capture the market. By creating a good relationship with global customers, the business can capture the good market share in the long run.

Enter Into Partnership with Local Businesses

Another key to success for Singapore companies while expanding the business in the global markets is entering into a partnership with the local businesses. The local businesses know the customers very well and help in developing a cost-efficient distribution channel. One of the popular ways of entering into the international market along with local partners is through the franchise. The franchise model has been a success in most cases and Singapore’s small and medium enterprises can very well adopt this approach successfully. Singapore companies must know that partnership with local players or taking a franchise will lead to commission cost.

Before entering or partnering with players globally, it is important for the Singapore companies to conduct due diligence. In this segment of the article, we will understand the importance of due diligence.

Importance of Due Diligence

Before the expansion of the Singapore companies, they must conduct due diligence. Due diligence must involve the status of their current financial position, level of competence on going global, ability to survive and future growth prospectus. By familiarising with the target markets, the local Singapore SMEs will know which method of expansion and international market will suit them the best. Also, while entering into a partnership with local business, the Singapore companies must conduct due diligence of the local partners. By doing so they would know their capabilities and ability to survive in the long run. Therefore, by doing all the due diligence rightly, the chances of survival of the Singapore businesses in the international markets would be much higher.

Singapore businesses have the potential to establish themselves as major players in the global market. To help them achieve their objective, IMC Group provides various services to the local businesses. So, if you have a business plan in mind and are wondering how to start a business in Singapore or any other country, we can assist you with our wide range of services including outsourcing of accounting services in Singapore, outsourcing of company secretarial services in Singapore and so on. To avail our services and know our quotation, you just need to drop us an email specifying your requirements.

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The Reasons Why Startup’s Should Find its Customers First
  • Article

The Reasons Why Startup’s Should Find its Customers First

Before you set out for a journey, don’t you like to decide where to go and which route to take? It’s the same when you are planning to start some business. Various entrepreneurs and researchers developed models, which detail or showcase the steps of how any newly-developed products, services or innovations are adopted by its consumers. By connecting the company’s advancement with these particular models, the business owners can compare their expansion or learn significantly using these methodologies. However, with time, we are progressing to the state-of-the-art stages, and thus, the system demands apt amends in the current techniques.

What is the real cause for the failure?

Do you know where the problem lies in today’s time? The startups are not failing because of any lack in their brand or product; but they actually cannot succeed because there are no customers. When any startup begins its journey or before they start selling their products, the business should prove that they have a market ready for it. You won’t be able to create customer demand or market where the customers are not interested. Therefore, the first step for any startup should be to test whether their product really fulfills a need.

However, many a times, entrepreneurs think of what customers might want, rather than they actually want. This is an apt example of how founders omit the problem-solution fit and go straight to the product-market fit, leading to developing products which no one wants.

Can you zero down on the real problem?

Entrepreneurs should be able to identify the real challenge and then design a product, which solves the real issue and has consumers who buy them willingly. But how can you do that? Most of the startups have a product-centric approach as they build a product and think the customers would come. But this strategy is not successful every time, especially in the current ecosystem. This approach could work when launching a new product in an existing market, where parameters and various dynamics are known. But it can be a catastrophe if you are launching a new product into a new market.

What the correct approach?

The first and foremost necessity is to confirm your assumptions while backing it with some qualitative date and customer interactions. After gathering enough data and understanding the customer, you should pass on this feedback to the product development team. This will help you in identifying the real requirement.

The next step after gaining an understanding about your customer is to gauge if the planned product will be liked by the early adopter.  The best way to do this is to develop a demo of the features that are required and then again go to the consumer and observe their reaction or response. This way, you can test the product’s value proposal before actually investing in core product building.

If you keep a close watch to the right customers, then you will surely execute a winning product strategy. Thus, your initial customer interactions should not be to know if they love your product, but to know if your assumptions about the challenges customers face are correct. In case the assumptions are not correct, even if your product is amazing; no one is going to buy it.

This process is termed as “build-measure-learn feedback loop” by Eric Ries in his work called “The Lean Startup”. He says that the businesses that are planning to enter in a new market or a re-segmented market need to concentrate on understanding the problem, developing a solution, then validating it qualitatively and finally verifying it quantitatively. This strategy would assist entrepreneurs find the apt synergy in product and customer development when they are beginning and in the middle of the problem-solution stage and also the product-market stage.

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Indian IT Sector is Planning to Expand in the GCC Countries
  • Article, India

Indian IT Sector is Planning to Expand in the GCC Countries

India, being one of the biggest trading partners of the UAE, holds massive potential to further augment bilateral trade by utilizing its IT competence. IT companies in both the countries could play a major role in improving the amount of trade between the two nations.

The UAE in the GCC countries remains as the top-most destination when it comes to India’s electronics exports especially in the Middle East, as the electronic products and software exports is projected at USD 911 million and USD 2.43 billion respectively. The IT industry in UAE, Lebanon, Kuwait, KSA and Oman is thriving and it is the apt time for investments, expansion and active participation in the market.

Future Scope of IT Industry in GCC Countries

Kuwait IT Sector:

Kuwait is one of the most technologically-advanced states in the Gulf region and it generates high income, has liberal market access policies, and low tariffs. There are many opportunities present in this market because of several e-government drives. There is an economic boost, which encourage a wave of hardware spending. The Kuwait corporate sector has also been increasing their expenditure and now Kuwait stands to take advantage as logistics point for the emerging Iraq market.

UAE IT Sector:

The UAE is a regional hub, located strategically at crossroads of Middle East and Asia, serving a huge and potential market of about 2 billion people. UAE is one of the highest GDP per capita in the whole world and offers excellent telecom and IT infrastructure, good market access and least trade barriers for foreign competitors. What’s more? There is also a lot of government support; for instance, Dubai Internet City project and many other free trade zones. There is a huge expatraite business community that helps to drive the sector development. There are many opportunities such as outsourcing, CRM, storage and in security products in this market. Training, E-learning, tourism and travel sector also has a lot to offer.

Saudi Arabia IT Sector:       

Saudi is the largest regional IT market due to its huge spending. It’s a big market with growing demand of more sophisticated IT products and services including outsourcing. There are a lot of opportunities in this market because there is an increasing focus on software expenditure, new deployments, and upgrades of ERP solutions.

AI Impact on the GCC Economy

Artificial Intelligence (AI) would be able to double the figures of economic growth for almost 12 of the developing economies by the year 2035. This will help to enhance productivity by almost 40 percent.

The Middle East is projected to achieve 2 percent ($320 billion) of the total world-wide benefits of AI in 2030. As per the data and estimates, 33 percent annual growth rate of AI is predicted in the UAE, 31 percent annual growth rate of AI in Saudi Arabia, and 28 percent annual growth rate in GCC4.

Did you know that Saudi Arabia is the first ever country to give citizenship to a Robot? Yes, the AI activities in the GCC have been growing. Some news which goes to prove this is as follows:

  • Oman symposium has decided to explore AI’s impact on education.
  • UAE Cabinet has formed an AI Council and has appointed the first minister for Artificial Intelligence.
  • Saudi Arabia is investing $500 billion in completely automated city spanning three countries.
  • Dubai Decrees itself the AI City-State of the Future.
  • Emirates is introducing AI vehicles for improving airside operations.
  • 500 Emirati men and women are there in the first batch to be trained in AI field.
  • Almost 45% of jobs in the Middle East are technically automatable today.

There are huge opportunities in the GCC in terms of Robotics and AI. AI would offer about 10m new jobs and automation is expected to eliminate 74 percent of the existing jobs available today. 21 percent of core skills needed across all the jobs and occupations would be very different in the GCC by the year 2020.

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10 Reasons of Setting up a Business in Oman in 2019
  • Article, Oman

10 Reasons of Setting up a Business in Oman in 2019

Oman’s current Sultan is making remarkable efforts to modernize the country and make it more open. Though oil and gas remain as the most prominent sector, Oman’s economy is definitely diversifying to a large extent taking into account various industries to protect the economic composition of the nation. Oman now ranks as one of the most developed countries of Arab, which attracts a lot of global investors. It is forecasted that its GDP growth would go up to 3.5% this year. If you are planning to start your business or register a foreign company in Oman it is an ideal time to do so. You can set up different entities in Oman, be it an LLC company or a Sole Proprietorship. But before establishing your business in Oman, you must know about its economy and the benefits you would derive.

Opportunities of Business in Oman

The following are some of the most lucrative enterprise opportunities available in Oman:

  • Travel and Tourism
  • Fuel Station
  • Haulage
  • Perfume
  • Electronics/Other Home Appliances
  • Facility Maintenance
  • Restaurants
  • Daily Commodities Store
Advantages of Setting up a Business Entity in Oman in 2019

Oman has been successfully attracting many international investors. Usually, investors take into account various parameters and then move towards foreign company registration in Oman. Some of the advantages that an investor would get on starting their business in Oman are as follows:

1. Oman’s Economy

The economic condition of any nation can be gauged by its economic freedom index. Oman’s economic freedom score was at 61.0, which took its economy to the rank of 93rd freest economy as per the 2018 Index. It was also ranked as number 8 among the 14 nations in the MENA region.

2. Strategic Location

Being at a distance of less than 2 hours from any key business centers of Europe, Asia, and North America, Oman prime location is a very big advantage. Because of its strategic location, the non-oil exports are reaching to almost 176 countries. Oman has now become the gateway to the Arabian Gulf and is a meeting place of the African and Asian continents, thus, opening the path for an array of business opportunities.

3. Global Appeal

Oman’s several trade agreements enable the country in carrying out free trades with multiple nations. A few of them are GAFTA, GCC, and FTAs with Iceland, US and Singapore, Norway and Switzerland.

4. Secure Environment

Investor-friendly and safe environment with no restrictions on resource and profit repatriation adds to the benefits. Other than that, only 15% of corporate tax (flat rate) is charged.

5. Talent Pool

Out of 4.3 million of its population, about 1.7 million are working, thus ample manpower is available.

6. Infrastructure

Best-in-class infrastructure possessing internationally-ranked ports, roads and airports are a big plus point too. There has been a huge investment in railways to enhance the network so as to strengthen Oman’s transportation sector.

7. Natural Resources

It’s a fact that oil export has boosted Oman’s economy and the natural resources in the country are quite favorable for any business setup. But now the government is trying to diversify by also investing in private sector and international businesses and not depend completely on oil.

8. Pro-Business Steps by Government

Favorable government policies like offering incentives to support domestic and foreign enterprises with tax exemptions, free trade zones, interest-free loans etc, Oman has attracted many global investors.

9. Trade-Friendly Association with Neighboring Nations

The culture here fosters building strong bonds and collaborations in both social and business contexts. Oman is known to have built business-friendly relations with all its neighboring countries.

10. Exemptions

Several exemptions are given to entrepreneurs who want to set up their enterprise in Oman; for example, they are exempt from corporate income tax on initial OMR 30,000 and total exemption up to 50 years in case it’s a free zone registered company. There is an exemption also from customs duties if importing equipment or raw material for any production.

So if you are planning to start a new business in Oman, or in need of services for accounting services in Oman, do contact us and our business experts would be able to assist you with the process of establishing and running your business in Oman.

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