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What do I do after coming up with my business plan I am not sure how to start.?
"Before starting a business, an entrepreneur should be fully prepared. After having a detailed business plan. The following steps have to be taken before your venture can actually start doing business:1. Choose a Business StructureOnce, you have a clear path for your business developed in the form of a business plan, it is time to select the business structure you wish to employ. In the UAE, the two major business structures to choose from are a Mainland company (LLC) and a free zone company. Choosing between them will depend on your target market and the ownership structure you prefer. This will impact factors like your business name, jurisdiction you are allowed to operate in, your liability and how you file for VAT.2. Pick and register your business nameThis an area where you can flex your creative muscles. The name of your business is how your customers will identify your company and its products and services. Hence, it is important to make sure to select a name that is not only socially acceptable or catchy, but also represents your business/ brand and the products and services it offers. Also, make sure the name is unique, at least in your business activities space, so as to not contradict with any existing businesses.3. Apply for the required licenses and permitsFor your business to be identified as a legal entity it is important for your company to have the proper licenses and permits from local governing bodies. In the UAE, this will depend on the company structure you choose for your business. A mainland company will need to apply for a license from the economic department of the Emirate you wish to set up in (Dubai – DED). Depending on the business activity you may need approvals from other third-party governing bodies (DHA, HAAD, KHDA, RERA, Civil Defense etc.). Free Zone establishments usually do not need approvals from external bodies they can apply for a business license from the free zone authority where they wish to establish their company.4. Set up your operationOnce, you have a plan of action, the funding required and the license/ permits required for the business you can set up operations. In the UAE while setting up a mainland company, you usually need have a rental agreement before applying for a business license. You will need to prepare your location, equipment and overall set up required for your business to start operations. This includes acquiring assets that will be required for business operations.6. Hire and train your teamYou can choose to ignore this step if you wish to work on the business alone. However, if you wish to employ a staff, this is the time to create positions and job roles required for the business functioning and fill these positions with capable resources. These resources should be trained if required to improve the businesses efficiency and effectiveness.7. Promote the businessOnce your business is up and running you need to start acquiring clients. You can follow the strategies you may have created in your business plan and additionally add on to it depending on the current market situation and market trends.All the best with your venture!"
What is the difference between an LLC and a Freezone company in UAE?
"A more apt differentiation can be made between choosing between a free zone company or a mainland company (LLC’s). There are two main differentiators between a Free zone company and an LLC/ mainland company:1. Jurisdiction to conduct business activitiesFree Zone businesses can only conduct business within its specific Free Zone or outside the UAE. They cannot sell their products or provide their services directly in UAE mainland. A mainland registered company (LLC) can conduct business activities in and outside the UAE. They are not restricted to any particular geography or Free Zones. If a Free Zone company wishes to sell their products within the UAE, they can only do so through a distributor with a mainland license. The distributor can act as the Free Zone companies’ local agent. If a Free Zone company chooses to use a distributor to sell goods, the goods should either be shipped in through the distributor itself or a 5% duty will be applied for any goods that exit the Free Zone.2. Ownership StructureIn terms of ownership structures, Free Zone licensed companies can be 100% owned by expatriates and do not require a UAE National Partner or a local service agent. LLC’s on the other hand need to list a UAE National in their business license, either as a partner or a National Service Agent (Local Service Agent). Additionally, the UAE National needs to be the majority stake holder, holding a minimum of 51% percent stake, with expatriates being able to hold a maximum of 49% shares in the company. In certain cases, however, if the business activity falls under a professional license, an expatriate may own 100% stake in the company but will need to appoint a UAE national as a National Service Agent.On the basis of the business activity, target market and ownership structure desired, an entrepreneur can decide on the type of company they would like to set up, Mainland (LLC) or Free Zone. Along with above two differentiations that influence business setup decisions the following differences also exist between the two:a. Office SpaceWhile applying for a mainland license a business must show a rental agreement with minimum office space of 140 sqft. Free Zone Licenses on the other hand can be incorporated with or without a physical office space, with many Free Zones offering license holders with smart/ flexi office usage, this however restricts visa allocations.b. Visa EligibilityVisa Quotas for mainland businesses are allocated on the basis of the office size for mainland companies (80 sqft = 1 visa). Sperate quota for visas can also be applied for those who do not work within the office (Sales staff, drivers etc.), these do not affect office space visa quotas. Free Zone companies are limited to a certain number of visas depending on the package availed from the respective free zone (1-6). If the company requires more, they will need to rent a physical office space in the free zone.c. Governing BodyMainland businesses will require standard approvals from local authorities (DED, MOL, DM etc.). Additionally, depending on the business activity, they may need approvals from third party governing bodies (DHA, HAAD, KHDA, RERA, Civil Defense etc.). Free Zone establishments usually do not need approvals from external bodies."
What are some ways to start a business?
"Before starting a business, an entrepreneur should be fully prepared. Hence, the following steps have to be taken before your venture can actually start doing business:1. Conduct a Market Research:The first step should be to conduct a market research. This will help determine the potential for your business idea to succeed and enable you to conduct the second step. The market research should answer questions that need to be addressed and accounted for to ensure business success. In order to answer these questions, you may either employ primary researches through focus groups or surveys, or conduct a secondary research by studying published researches and materials. Some of the questions that the research should address are:· Is there a need for the product/ service your business plans to offer?· Who is the target market?· Are there existing players offering the same services/ products?· What are the current players offerings, how are they performing and how are they going about doing this (Business Model)?· Is there space for new players?2. Create a Business PlanCreating a business plan will provide a sense of direction to make your business idea a reality. The business plan should be a blue print of your businesses venture from a start up phase to and established business. The following must be covered in the plan.· Current Market Outlook· About the business and services provided· Business model· Unique Selling Proposition· Target Market· Marketing Plan· Source of Funding· Projected sales and financials3. Choose a Business StructureOnce, you have a clear path for your business developed in the form of a business plan, it is time to select the business structure you wish to employ. In the UAE, the two major business structures to choose from are a Mainland company (LLC) and a free zone company. Choosing between them will depend on your target market and the ownership structure you prefer. This will impact factors like your business name, jurisdiction you are allowed to operate in, your liability and how you file for VAT.4. Pick and register your business nameThis an area where you can flex your creative muscles. The name of your business is how your customers will identify your company and its products and services. Hence, it is important to make sure to select a name that is not only socially acceptable or catchy, but also represents your business/ brand and the products and services it offers. Also, make sure the name is unique, at least in your business activities space, so as to not contradict with any existing businesses.5. Apply for the required licenses and permitsFor your business to be identified as a legal entity it is important for your company to have the proper licenses and permits from local governing bodies. In the UAE, this will depend on the company structure you choose for your business. A mainland company will need to apply for a license from the economic department of the Emirate you wish to set up in (Dubai – DED). Depending on the business activity you may need approvals from other third-party governing bodies (DHA, HAAD, KHDA, RERA, Civil Defense etc.). Free Zone establishments usually do not need approvals from external bodies they can apply for a business license from the free zone authority where they wish to establish their company.6. Set up your operationOnce, you have a plan of action, the funding required and the license/ permits required for the business you can set up operations. In the UAE while setting up a mainland company, you usually need have a rental agreement before applying for a business license. You will need to prepare your location, equipment and overall set up required for your business to start operations. This includes acquiring assets that will be required for business operations.7. Hire and train your teamYou can choose to ignore this step if you wish to work on the business alone. However, if you wish to employ a staff, this is the time to create positions and job roles required for the business functioning and fill these positions with capable resources. These resources should be trained if required to improve the businesses efficiency and effectiveness.8. Promote the businessOnce your business is up and running you need to start acquiring clients. You can follow the strategies you may have created in your business plan and additionally add on to it depending on the current market situation and market trends.If you need help with setting up your new business in the UAE you can approach a business consultant who can guide and assist you through the above steps. We at Centurion Consulting LLC, a Dubai based company in the UAE, offer various advisory services like Business Consulting and Restructuring, Market Research, Feasibility study, Business Plan with an investor deck, Market entry strategy, Regulatory compliance study, Financial modelling and more for SME’s and Start-ups in the MENA region.
