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5 Things your business needs to do during the pandemic situation in the country.

These recommended tips that small business can take to eliminate risks, protect employees and simultaneously support your customers at this time.

The COVID-19 is spreading rapidly and with flying updates every minute many business owners are unsure of what steps to take to keep the business going and mitigate taking risks at each step.

Introducing Remote Work Option:

Implement a remote work policy to communicate via email, video call, conference call etc there are alot of free tools that business owners can utilise while staying in touch with their employees and customers.

Reduce Meetings and Travel and adopt virtual meetings

Try to keep exposure to the outside world to a minimum, and employees and owners can conduct virtual meetings with clients so that the deadlines are not affected and you can still get work done.

Communicate transparently with your customers

Be transparent to your customers and tell them what your business is going through as we are all facing this crisis. Describe what risks your business is eliminating and give them some insights, so you can gain their trust and the transparency is there.

Shift your sales strategy online:

Find ways to keep your employees earning a paycheck by selling online and generating new leads online. Business can also follow the complete online process for their customers during such situations.

And lastly, but the most important one

Take hygiene seriously:

Use health and safety tips for yourself and your employees, adopt the non-contact greetings, wash your hands regularly, try not to touch your face and disinfectant surface areas. Keep your customers and employees safe by being as proactive as possible.

One such method adopted by Smart Zones UAE, we provide full complete online process and business registrations to our clients to save a lot of their time. Business can be done at this time with the right people to guide you, don’t let the situation put you in second thoughts.

Stay Safe & Stay Healthy!- Smart Zones UAE

Connect with our Business Incubators to know more: hidubai@smartzonesuae.com

+971 527797111/ +971 529604444

Opening Corporate Bank Account in Dubai

UAE Banking industry is known for its highest standards of customer service and modern standards of banking requirements. The improving financial stability in Dubai has attracted more foreign businessmen and investors to park their money and assets in these city banks.

The procedure for opening a corporate bank account varies from bank to bank. There is an array of complex steps and procedures to be followed if an investor wishes to open a Corporate or a Personal Bank Account.

Opening a corporate account in Dubai bank can be tedious process as well therefore, Smart Zones UAE assists our foreign investors to take a break with this tedious process while we take care of the implemented guidelines, ever-changing regulations and banking protocols.

Corporate Banking facts in the UAE:

  • There are 4 types of Banks in the UAE: Commercial, Industrial, Merchant & Islamic Banks.
  • All banks are regulated by the Central Bank of the United Arab Emirates.
  • Before opening your corporate bank account, having a business license is a must.
  • There are 23 local banks and 26 Foreign banks in the UAE.
  • To open a corporate bank your presence is required just once.
  • Continuous minimum balance required should be between 10 Thousand AED to 1 Million AED.
  • Application process usually takes upto 2-4 weeks depending on the bank chosen and other requirements.
  • Some banks in the UAE require at least one shareholder to hold a residency visa.

Wrapping it up

Since UAE banks have to be more stringent with their screening processes with increased number of requests for information and transfer the policies and rules of each banks are firmer. Do not let this put you off, there is no trouble in opening any type of bank accounts in this city. Although, do not go with what appears to be the cheapest or the easy company setup options as it may take more number of days required to setup your company account and the regulations could change time and again.

With Smart Zones UAE help our clients get priority banking in Dubai, we recommend suitable bank for your business needs, guide to compile all the required documents for opening a corporate bank account, brief you on the banking requirements.

Connect with our Business Incubators to know more: hidubai@smartzonesuae.com

+971 527797111/ +971 529604444

Looking for Business Setup in Dubai?

Looking for Business Setup in Dubai, UAE? Here’s What You Need to Know!

Dubai is a diverse city thriving with culture and great opportunities for investors. It is an ideal destination to set up businesses because the government has set up very attractive incentives to attract foreign investors like 100% ownership, 100% repatriation, and tax exemption for ten years.

Other factors that make it easy to set up a business in Dubai are the availability of a skilled workforce, solid infrastructure, and good connectivity domestically and internationally, and low cost of living compared to other leading capitalist economies. So, how will you start setting up your own business in Dubai? You must require some professional guidance and advice. This is where a smart business consultant in Dubai comes in.

Undoubtedly, starting your own business in Dubai is not an easy task; it’s really a lengthy task that comes with planning, approval, and execution. Having a consultant experienced in business setup in Dubai will surely make the business setup process hassle-free and stress-free.

Importance of Choosing a Business Consultant in Dubai

Choosing a business consultant who is well-versed in company formation and business setup in Dubai Mainland and Free Zone can help you make an informed decision in establishing your business presence from scratch. Their advice will be of million dollars’ worth that helps in developing growth-oriented strategies to run and manage your business. Apart from providing valuable advice, hiring a business consultant in Dubai also offers a lot of advantages as follows:-

  • Understanding of legal formalities: Business setup consultants are well aware and familiar with all the formalities that ensure your business formation things will be carried out smoothly without any legal issues.
  • Understanding of company formation rules: Do you know UAE has more than 40 free zones, and each comes with its own rules and regulations for setting up a business? So, how will you choose the right location for your business? An experienced business consultant can help you with this. By coordinating with Dubai Economic Department, the consultant can figure out the right zone to carry out your business operations without legal risks.
  • Hassle-free business setup process – As you know, going through the company formation process is really stressful. But by having an experienced consultant by your side, you can rest assured that you are in safe hands and everything will be taken care of by them professionally as per the government norms.

How can Smart Zones help in Business Setup in Dubai?

Are you looking for the right person to build your business empire in Dubai Mainland or Freezone? Contact Smart Zones, one of the best business setup firms in Dubai, UAE. With our years of experience and expertise in the industry, we will take the burden off your shoulders and help you establish your business presence in Mainland, Offshore, & Free Zones without any hidden costs.

Connect with our Business Incubators to know more: hidubai@smartzonesuae.com

+971 527797111/ +971 529604444

Ways to make your business thrive in tough Economic Times

When you’re wondering how to overcome such tough situations which have impacted the worldwide economic status, in such scenarios many businesses suffer economically but do not let the situation discourage you, with the right mind map and plan in such cases small to medium to big businesses can still achieve their place in the market.

It’s better to be prepared for a possible recession when you do, you not only survive the next financial crisis but will also thrive.

What can businesses do to thrive during tough economic times?

  1. Watch the red flags: Whether there is recession or not, always be attentive to your financial numbers. You could also plan on cutting nonessential company subscriptions and take up virtual meetings to reduce travel expenses.
  2. Build your own recessional survival-kit: You could begin this with diversifying revenue, strengthening current relationships with your customers, creating pipelines and speeding up cash flow.
  3. Take this time to develop and implement strategies: If you’re business in going to prosper you need to build strong client relationships which means drawing customers from competitors. You could offer something different and more and entice their customers into your customers.
  4. Make the most of current customers: The customers already in your list are an opportunity to make more sales without incurring new set of customers. Maybe this customer could be your loyal customer giving you many more sales opportunities.
  5. Don’t stop marketing your brand: Many businesses cut their marketing budgets or eliminate them entirely during such situations it extremely messages out the world about your products on social media, this is the time where businesses need the most marketing. Clients are also looking for changing patterns in their buying decisions you need to help them choose from your products and services.
  • Ensuring your business offers as many services as possible at this time: You use this time by focusing on area of work by improving it, customizing products, giving complimentary services or working flexible hours for operations.

During such situations it is extremely important your employees to help you in tough economic times even during economic down times your customers will continue to engage with your employees as they are a key to recession proof business.

There’s absolutely nothing that cannot make businesses recession proof, this applies to small start ups too but implementing these small practices can help your business survive through tough times and might make profit through them.

Connect with our Business Incubators to know more: hidubai@smartzonesuae.com

+971 527797111/ +971 529604444

Avoid making these 5 common mistakes while forming a company in the UAE

No matter how keen and careful one maybe, the possibility of committing a mistake is bound to happen. To ensure the company formation becomes a reality, you must always keep a check on every step.

To have the correct legal guidance and advisory from the right consultancy who can furnish the right type of information with years of experience in this field will be the right choice to get you going to incorporate your company in the UAE.

Here’s a few mistakes one should avoid making

  • Relying only on information available on the internet: The internet can provide you with a variety of choices and different sort of information which some of them maybe outdated which leaves you in a confused state of mind while setting up a company in the UAE. Therefore, it is always advisable to have an expert opinion for a hassle-free setup.
  • Reduce haste & Hassle while setting up the business: Time is money when you’ve decided to setup your business and it is quite normal to expect the company license to be issued in the shortest time possible. Take time to reconsider every step and point as its for the long term growth with proper planning and advice you’re good to go.
  • Choose the right business activities, Free Zone or Mainland location for your business: Choosing the right business activity for your license and the right Free Zone and location pertaining to your business activity is the most important and crucial step in setting up your company. And to achieve this important step, the right consultants will be able to guide you the best.
  • Proper agreements with local sponsors: To setup a company in Dubai Mainland it is necessary to have local sponsor. The UAE Local Sponsor holds 51% of the company shares, it is very important to have a legal shareholding agreement with the sponsor. The complete notarized agreement with all the information on shareholding and mutual responsibilities has to be recorded to avoid further disputes.
  • Opening corporate bank account without checking the banking charges: It is necessary for investors to choose the bank which is suitable according to their requirement and business activity. Therefore, it is very important to be aware about the hidden and recurring charges that banks will charge.

Smart Zones UAE takes pride in being an expertise in this field since 2012, we help many investors make the right choice following the legal structure in UAE and make their establishment in the industry a success.

Connect with our Business Incubators to know more: hidubai@smartzonesuae.com

+971 527797111/ +971 529604444

 

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