Business Advisers – Pillars of your success
Dubai fosters an environment that is conducive to business growth. Yet a large number of business startups die-off in their first three years of operations.Primarily the reasons are common lack of planning and clarity of business processes, says Shanavas Ameerkannu, Managing Director,ADAM Global.
ADAM Global is among the leading corporate services firm providing international business solutions to companies and entrepreneurs. It was set up in 2002 in Dubai, and has since expanded to 64 countries. It has built a strong and impressive portfolio of clients, with more than 3,000 active clients worldwide. Some of these include behemoths such as Adobe,Coco Medical, Kenwood, Chanel,Michelin, etc.
In the UAE, ADAM Global’s expertise lies in working at multiple levels: Corporate Services, Business Advisory, Corporate Accounting, and International Business.
A team of 50, including corporate lawyers and experts in various fields, validates business ideas, understands the expectations of businesspersons, conducts feasibility studies, and helps clients build their businesses. It is a registered agent for all jurisdictions in the UAE including freezones, mainland, and offshore locations such as JAFZA, RAKICC, Ajman, and others.
In case companies wish to branch out to other countries, ADAM Global’s presence with offices in 116 citiesacross the world helps a great deal.“We do not offer arm-chair consulting.If someone in the UAE wants to explore China market, we will refer him to our China office straightaway,who would be better equipped to advise. Understanding the needs of entrepreneurs and companies is crucial, and we do our best to offer them profitable service,” Ameerkannu.
Depending upon the location and type of business, it takes as low as one day to register and set up a company, and sometimes as long as six months or more.
Mantras for success
If you have a business idea, Ameerkannu suggests a few pointers to ponder over before making a final move:
Business plan: Majority of the businesses fail because of lack of clarity in terms of the plan itself. Entrepreneurs must be clear about the operational costs, day-to-day running, and other challenges that might surface.
Knowledge of local laws: Sometimes,businesses fall into different categories in different countries, which can cause confusion when registering for a trade licence. Therefore, knowing the laws is imperative.
Choosing the right jurisdiction: In a country like the UAE that offers a choice of between mainland, freezone and offshore jurisdictions, it is necessary that you know which is the best location for your
business. An oil trading firm would be better off registering its business in Fujairah that allows easy access to warehouses for oil storage and trading, rather than Dubai.
Funding: Building a business requires patience and persistence, and of course money to keep the cogs of the wheel well-oiled and running. Ideally, entrepreneurs should have funds for at least the first two years of operations. Normally banks refrain from doling out loans to companies that haven’t completed at least three years in business.
Staff: Dubai has transient population, which sometimes make it hard for companies to retain top talent. Many businesses are unable to prosper because people do not stick around for long or hop on to other jobs for more pay. Identifying, sourcing and holding on to right kind of people is a must when operating a business here.
ADAM Global also helps take care of all intellectual property (IP) rights, trademarks, logo and copy rights issues. It has helped file more than 500 patents and copyrights for its clients to date.
Internationally, African governments trust ADAM Global immensely for sourcing investments into their countries. ADAM Global has been successful in liaising between the UAE government and the African governments to channelize investments into their countries.
Author is Managing Director of ADAM Global Dubai .This Article is originally published in Khaleej Times on 31st July 2016