Are you looking into setting up a business in the United Arab Emirates (UAE)? Do you know the ins and outs of starting a business? Would you like to have a hassle-free experience when establishing your corporation?
If you want to avoid any inconvenience or worries when creating a company in the UAE, then you would greatly benefit from the experience and expertise of a highly credible corporate consultancy firm.
From assistance in the business setup to obtaining your Unified In-Country Value (ICV) certificate, working with an expert group of global corporate strategists can help you start on the right foot.
Starting a business is no easy feat. It involves thoughtful planning, strategic management, and careful attention to detail, among others. Starting your business in the UAE can be incredibly challenging if you are not well-versed with the rules and regulations you need to observe.
That is why it is ideal to have a seasoned corporate consultancy agency at your service. They can provide agile, customized, and dynamic solutions to your specific needs and help you adapt to the ever-changing business landscape.
It would also help if you can partner with a consulting firm that has a substantial global footprint. This trait enables the agency to bridge cultural, linguistic, and technical barriers while reducing challenges that may come up in the process.
A multi-service firm can also provide you with critical support in identifying business opportunities across a wide range of industries.
Aside from company formation services and other vital core services lines such as assistance in legal matters, risk assessment, and tax concerns, you can also take advantage of their knowledge in a variety of areas such as:
1. Business Setup
Setting up or liquidating your business in the UAE is a complex process that requires a comprehensive plan. Having a professional consulting agency with years of experience in the country can help you build your business with a strong foundation.
The firm’s in-depth understanding of local practices, the right connections and resources, and strong project management skills can make it easier for you to deal with documentation and legal procedures.
You can also rely on the consulting firm’s stellar track record in adhering to employment and immigration laws. They can also help with onshore and offshore policies and processes and negotiations with federal authorities and third parties. End-to-end services for both company setup and liquidation are also something that you can entrust to a reliable consulting agency.
A consultancy firm can also enhance your company’s efficiency and productivity by managing other aspects of company-building. This may include tasks such as addressing visa acquisition, corporate-related issues, and public relations.
2. Issuance of Unified In-Country Value Certificate
Since January 2018, the Unified ICV program for the Abu Dhabi National Oil Company (ADNOC), the Abu Dhabi Department of Economic Development (ADED), Aldar Properties, and Abu Dhabi Ports has been implemented.
This program’s three main objectives are to enable the diversification of the gross domestic product (GDP), improve Emirati employment opportunities in the private segment, and localize portions of the supply chain.
If you are a legal entity planning to participate in the tender evaluation, you will need an ICV certificate. This certificate will help ensure that the accuracy and validity of the information you provide are evidence-based and calculated based on pre-defined methodologies. To get an ICV certificate, you need the help of an approved certifying body in the UAE.
3. Legal Advisory
Navigating the legal roadmap can be quite tricky if you are not familiar with the existing rules and regulations when starting a UAE business.
For this reason, it will be practical to hire a professional legal team that has a deep understanding of local laws and an established network of connections.
Employing the services of legal experts who have a comprehensive handle on business and commercial laws, civil and criminal laws, cross-border advisory, employment laws and regulations, intellectual property rules, and many more can benefit your company in so many ways.
With an expert legal counsel at your disposal, it would be easier for your company to abide by and manage the organization according to the rule of law. Since the regulatory landscape is continually evolving, having legal help will enable you to keep up with the legalities. It also makes it easier for you to navigate the labyrinthian legal environment when you have a legal advisory team behind you.
4. Risk Advisory
Taking risks is part of going into business. However, it is much better to have a corporate consultancy firm that is well-versed in risk assessment and management. With their help, you can take calculated risks, make the best use of value creation, and protect your stakeholders’ interests.
Having a well-thought-out risk management strategy in place can help your business to challenge customer demands, manage market fluctuations, and navigate eagle-eyed scrutiny of government authorities and regulatory bodies.
With a market-leading risk advisory team on board, you will be more informed on how to factor in risks in your decision-making process. An adaptable risk management strategy can also help you turn disruptions into opportunities and mold your company to adjust accordingly to challenges.
Customs and international taxation, excise tax, and value-added tax (VAT) can all be quite tricky. However, with the expert assistance of a corporate consultancy firm knowledgeable about anything and everything related to taxation, then you can breathe a sigh of relief.
These tax experts can help align your establishment goals with tax strategies designed for specific tax disciplines. Equipped with local tax expertise, extensive global reach, and a strong comprehension of the business tax intricacies, a taxation advisory team can help you resolve your complicated tax issues.
You can establish your company successfully and emerge successful with the help of a global corporate consultancy agency.
By helping address your corporate needs, these subject matter experts can proactively share their knowledge and provide unmatched service excellence. It’s a valuable partnership that you should certainly invest in to gain a stronger foothold in the UAE business landscape and look forward to tangible outcomes.
Naresh Manchanda is a Partner at MBG Corporate Services, an international organization supporting clients across Asia, Europe and the Middle East and providing sustainable solutions and strategies that drive business transformation. Established in 2002 and headquartered in Singapore, MBG is a 450-strong member team that operates out of Europe, the Middle East and Asia, providing Legal, Risk, M&A, Tax, Strategy, Technology and Audit Services.