Business Consultants in Dubai

Introduction As UAE grows as a flourishing land for startups and large enterprises setting up their roots, it becomes paramount for existing and new business to sustain and expand in a competitive land. To do so, financial assistance is required. Getting a business loan can be a big challenge if you are not aware of the nuances like the types of business loan, choose the right lender or interest rate.  However, with the right knowledge and reliable support you can conveniently get a loan in UAE and support your business’s operations, growth, or expansion plans. These loans come in various types and structures, each tailored to meet the diverse requirements of different businesses. Whether you’re a startup looking to scale up or an established company seeking to invest in new opportunities—this is a must read article for you. Types of Loans for Businesses Before securing or even applying for a loan in the UAE, it is essential for you to understand the various types of loan available in the financial realm. A business Loan is specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest.  There are different types of loans, including working capital loan, POS Loan, Express loan, Inventory loan and Equipment business loan in UAE. Working Capital Loan As suggested from its name, this type of loan helps support the daily operational expenses incurred in a business. Expenses such as inventory and payroll can be covered through the working capital loan. Since it is short-term, typically, you can flexibly repay this loan in accordance with the cash flow cycle of your business. On the flip side, it has a higher interest rate compared to the other loans. POS (Point of Sales) Loan It is one of the best options for such companies who are merchant establishments using the credit card Point of Sale (POS) machines for daily business transactions and looking for a boost in working capital, inventory purchases, business expansion, purchase and upgrade of equipment etc. These businesses can leverage Point of Sale (POS) receivables to avail loan. Express Loan If your company has been in business for more than two years, you are eligible to apply for an Express Loan with minimum documentation and the shortest possible processing time, and can also take over your existing business loan with another bank at attractive terms. Inventory Loan A machinery loan is a credit facility that helps you borrow funds to buy, lease, repair or upgrade machinery. It is a type of business loan that enables you to improve your productivity and efficiency without compromising your working capital Equipment Loan Evident from its name, you can use this kind of loan to purchase vehicles or equipment essential for your business operations. It supports sustainable success as the loan repayment is generally aligned to the equipment’s life cycle. Key Factors in Selecting the Right Business Loan Interest Rate: The interest rate for your loan is what directly impacts the total amount you need to pay for it. When getting a loan, make sure you check the rates of all leading banks for your loan type or category and then settle for the one that offers a loan at the lowest interest rate. Also, understand the hidden charges, processing fees and any additional expense associated with the loan. Loan Repayment Conditions: The terms and conditions associated with your loan is the second most important factor to note. Go through the repayment schedule (monthly, quarterly or yearly) and compare it with your ability to afford and repay on time.  Lender’s Reputation: Borrow a loan for your business in Dubai, only from a reputable vendor. Their application process, customer/client service, past record of offering loan and instalment plans are a few things you must check. Go through their online reviews and check for recent news about the lender or financial institution.  Objective of the Loan: Make a clear plan of how you will use the funds received from this loan. Having a specific plan in place will ensure that the amount gets utilised in the best interest of your firm in UAE.  Personal Situation: In addition to the above factors, you need to assess the collaterals for loans, repaying capacity and your credit history to ensure that the repayment process is convenient and stress-free.  Trade and Working Capital Finance Solutions The Trade & Working Capital Finance solutions help businesses manage their cash flow efficiently. Whether you need to finance your inventory, pay suppliers or manage your receivables, you need to have the following documents handy with you.  Letter of Credit (LC): You can receive payment commitments against transactions, ensuring smooth cash flow throughout the order and delivery process. Loan Against Trust Receipts (LATR): This is utilised for financing the shipment of imported goods. It requires minimal setup and no interfaces.  Short Term Loans (STL): It is used for advance payment to business suppliers. Eligibility to Apply for a Business Finance A lot of businesses are unsure whether they are eligible for getting finances. But unfortunately, there are only a limited number of them who meet the eligibility criteria. The specific requirements differ from bank to bank in the UAE. Having said that all banks have these minimum requirements: Business must be running for at least 2 years Minimum annual turnover (amount varies per bank) Business or personal bank statements for the last 6 to 12 months Document Requirements Valid trade licence Valid passport, EID, visa (for all signatories and shareholders) Bank statements and VAT filings receipts Business documents, such as constitutional documents & Account mandates viz memorandums, Shareholders Resolution, etc. Company location document such as Ejari, lease agreement, etc. (as applicable) Banking or lending assessment information or documentation (if and as applicable) Capacity to meet the bank’s lending criteria Conclusion Business loans in Dubai play a pivotal role in the growth and sustainability of enterprises across various industries. As a business owner, understanding the intricacies of different loan

We often hear the term ‘human error’. Quite clearly, it is possible to leave an error in day-to-day business operations. However, several errors can burn a massive hole in your business’s financial pocket if left unnoticed and not rectified timely.   This is one of the many reasons to conduct an internal audit for your hotel business in Dubai! In basic terms, an audit is a detailed examination and analysis of your business’s financial statements and records as well the internal operational practices you follow, typically done by an external independent auditor.  Internal Audit vs Statutory Audit in Dubai Now, there are majorly two types of audits done for most types of businesses in Dubai–  Internal and Statutory.  Let’s understand the difference and the significance of each of them. 1. Internal Audit: An internal audit is like having your own employee find the errors. Generally, most restaurants have an internal team do their audit or outsource the task to a third-party, in case they do not have the required team or are falling short on time.  Every internal control is thoroughly assessed, and the auditing team focuses on maximising operational efficiency and risk management. The audit is conducted with a key goal: to improve operational processes, identify areas for improvement, and identify and eliminate process inefficiencies and frauds.  It offers actionable data and insights to the restaurant’s management, facilitating decisive plans and overall enhancements. 2. Statutory Audit: Unlike an internal audit that can be scheduled as per the organisation’s or restaurant’s administration’s plan, the statutory audit is mandated by an external team of any registered and reliable auditing firm in the UAE.  Regulatory and legal authorities such as the Dubai Economy or the DFSA (Dubai Financial Services Authority) assess compliance. The external auditing team also thoroughly checks financial statements and records of your restaurant for AS (Accounting Standard) compliance, accuracy and other additional factors.  This process helps assure regulators, investors and other restaurant stakeholders of the accuracy of your financial statements and records.  Things to Remember for a Successful Hotel Audit in the UAE Now that the distinction between internal and statutory audit is clear let’s explore the 5 best practices for a successful hotel audit in UAE. Following these tips will enable you to streamline your daily operations and boost business productivity.  1. Ensure you have well-defined the goals Before you start the audit process of your hotel business in Dubai, set well-defined objectives and the scope of it. Assess and make a note of the key areas you want included in this audit. For instance, it could be regulatory standard compliance, operational steps, guest experience and financial statements and records.  Determining these in advance will help you dedicate the auditing team’s effort to areas that need the most attention. While you are at it, assign timelines to each and communicate them to all internal stakeholders so everyone is informed. 2. Auditing consultants to rescue For hotels that do not have an internal team for auditing the financial records and operations, auditing consulting firms come to the rescue. Even if you have a finance team in-house, it is advisable to opt for the services of an audit consultant firm in UAE or business consultants in Dubai. There are a plethora of reasons why! Many audit consulting firms specialise in auditing the hotel business in Dubai. Thus, such consultants are able to uncover inefficiencies and establish controls that others may skip. You can elevate your hotel’s performance and brand image by leveraging its capabilities. 3. Timely internal audits are the best way to be prepared for statutory audits Prioritising your internal audits as per their schedule for your hotel operations is directly connected with streamlining and stress-free statutory audits. You must review all financial records and processes on a timely basis. This helps find any discrepancies and errors before they come to the surface at the time of statutory audits.  Also, make sure your internal audit is customised according to the nuances and regulations relevant to the hospitality industry in UAE. Altogether, an internal audit helps improve your hotel’s image and brand reputation and ensures trust amongst the stakeholders.  This is a good time to see how you can improve your operational process, remove manual and repetitive tasks and optimise cost. Lastly, evaluate resource utilisation and optimise wherever required. 3. Utilise the expertise of all departments If you are conducting the internal audit in-house for your hotel, ensure you include all department heads in it. This means, collaborating with customer experience specialists, human resources, operations, marketing and finance. All these departments have their monthly expenses that need to be thoroughly accounted for and assessed as a part of your internal audit process. 5. Chalk out a plan and reporting Hotel audits are ongoing throughout the period. In fact, the audit does not end after the audit process. The most important part starts thereafter.  Once you have completed the audit, it is time to evaluate the findings, make proper reports of them, and then get to even more important aspects—corrective actions. Check the progress of the rectifications done from time to time and add more checks to enhance the results. Following this will help ensure sustained improvements and success. 6. Create an ongoing audit plan: Audits for any hotel business in Dubai or restaurant business setup in Dubai can never be a one-time thing. In fact, you will understand this after you do the first audit of your hotel and find all the gaps. Besides an internal audit, hotels in the UAE are also required to conduct an energy audit every month. With effect from 15 March 2023, all hotels in the UAE must assess their carbon footprint and report the amount monthly.  The Strategic Advisor of the Middle East Solar Industry Association, Abhayjit Sinha shared this mandate in a panel discussion about renewable energy projects for the Middle East Energy Dubai summit. As per the new regulations, hotels in Dubai are also required to share the details of the water

Are you running a business in the UAE or have a business setup in Dubai? Avoiding internal audits is one of the quirks of most business owners and stakeholders. But the truth is that delaying internal audits is one of the many factors that makes your business a sinking ship.   In this blog, we’ll walk you through all the essential steps involved in an internal auditing that you can smartly customize to suit the unique context and requirements of the UAE business landscape.   It does not matter whether you have a Dubai Mainland company setup, or one of the the DMCC companies in Dubai, or if you run a hotel business, or are looking for analytics and  insights as a business consultant—this checklist checks all the boxes and you can trust on it as your reliable companion for regulatory compliance, ensuring operational efficiency, and a sustained growth curve. But what is the significance of an internal audit for a business, and how does it work? You can consider an internal just like your regular dentist appointment. Just like a dental appointment that helps find issues and curb them before they turn into painful aches, an internal audit is a complete check-up for your company.  Firms operating in Dubai can make use of a focussed Internal, helping them to streamline their process, assess their existing financial practices, and identify any risks that can sooner or later turn into costly problems. Not to miss, availing services of a reliable internal audit company in UAE can help you stay compliant with the regulatory standards of the land. To start with an internal audit, you need a well-structured internal audit checklist in 2024. This document shall serve as your guide book for the team working on audits, and help chart a clear route of all prerequisites and actions that the team shall adhere to for finishing the audit process. This starts from analysing the existing internal controls, checking your business financial statements and records, and how to conclude the assessment you have made.  Step 1: Explore and Assess all Existing Regulations This step is often undermined. As a business functioning in the UAE, you must know and understand the laws of the land. In the practical scenario, the regulatory environment is changing and has multiple intricacies that directly or indirectly impact almost all businesses operating on its land. It does not matter which industry or stage you are at, the legal regulations are well defined, yet dynamic in nature.  Both Dubai Mainland company setups as well as the DMCC (Dubai Multi Commodities Centre)–function as per the governed framework of the federal and the local laws, licensing requirements and legal regulations. Thus, as a business owner, you must ensure that your business comply with the latest obligation pertaining to corporate taxation (CT) in Dubai. To avoid any challenges and safeguard your business from compliance issues, be diligence-ready at all times. Step 2: Define a Scope and Standardise Objectives Just like in other areas, before venturing into the internal audit process, define a create scope and list all objectives that you plan to achieve from this internal audit. Remember to tie back these objectives with the overall organisational goals. Consider your operational processes, compliance regulations, internal checks and controls and financial operations within the firm when defining the scope of internal audit.  While you are at it, it’s wise to work around SMART objectives. SMART signifies–Specific, Measurable, Attainable, Relevant and Timely. With this structure in place, your auditors are in a better position to derive meaningful financial insights and suggest clear improvements in areas that need change. Step 3: Identify Risks and Establish Control Checkpoints This is one the most important steps in the process of internal audit. Perform a detailed inspection and assess and list all current and potential risks that could impact the financial health of the business. Next, chalk out mitigation plans to address those financial risks and assess the efficacy of the existing checks in place. Assessing the current controls helps you better deal with challenges, what is popularly termed as Crisis Management, during a situation of financial crisis.  If you are into a hotel business in Dubai, your risk may defer from another firm that is into constructions or cosmetics or a healthcare product brand. Step 4: Create and Maintain Operational Documents Internal audit is an extensive process that can take anywhere from a few days to several months, depending on your firm, operational procedures, availability of resources and many other factors. Due to this, it is quite possible to skip the details if you don’t document everything.  Throughout the internal audit, create clear documentation and add recommendations, results from tests, workpapers, sample checks and audit planning paperwork to ensure better clarity and efficiency. Not only this, maintaining clean documents during your audit helps ensure that your future internal audits are quick and involve less effort. Step 5: Audit Your Finances Your finances are the backbone of your firm’s long-term success. Check the accuracy of your financial reports, compliance with AS (Accounting Standards), etc. To ease the process, especially for businesses with massive data and records, assign clear responsibilities. This will enable you to thoroughly check your financial statements and identify any errors and financial frauds.  At this time, cross check all records and data integrity with the entries.   Conduct an assessment of the control action plan and review bank reconciliation, expense controls and authorisation regulations. Lastly, check UAE’s latest tax regulations and policies and compare if your company’s financial compliance is the same.  Step 6: Manage Operational Requisites Clearly evident from the title, auditing your operational processes and their efficiency is all that needs to be done at this stage. Assess the efficacy of your set procedures, check key metrics, and current industry standards and how well your firm performs compared to them.  This is a good time to see how you can improve your operational process, remove manual and repetitive tasks and optimise cost. Lastly, evaluate resource

In this era defined by end-to-end global connectivity, the flow of goods between geographies has proved itself as the lifeblood of worldwide economies. Among the most important players in this well-knitted dynamic landscape, Dubai emerges as the hub of golden opportunity for those interested in import-export ventures. Leveraging its strategic location at the crossroads of Africa, Asia and Europe, Dubai proves itself as a prime destination for all sorts of foreign investors and startup enthusiasts planning to capitalise on the growing import-export market. Dubai’s resilient economic development and transportation infrastructure, with the finest of developed road network, ports as well as world-class airports, define its dependable foundation for seamless import and export operations. This being coupled with the country’s favourable tax laws, most startups want to set up in Dubai.  Thus, companies, whether old or budding, find it increasingly beneficial to import and export their products in this dynamic environment. On the other side, compliance remains essential, mandating the much requisite engagement with the esteemed business consultants in Dubai. Such a reputed consultant can help you secure a custom client code, simplifying the global trade facilitation.  Are you planning to get an Import/Export code, commonly known as the Customs Client Code for your business? Let’s delve into the complete details on how you can get it. Importance of Customs Client Code in Dubai In the UAE’s bustling trade scenario, having a customs client code is like having your own trading passport. This is a special code, which you can obtain by registering with the Dubai Customs, and gives you a green signal to trade your goods internationally, anywhere in the world. For any company eyeing the global markets from the UAE, the import/export code is a must-have. Firstly, you need a valid trading licence, specifying the day-to-day operations incurred in your business. Navigating the end-to-end processes are simplified with assistance from top accounting firms in Dubai. Such business consultants in Dubai are experts in their field and so can enable you to effectively navigate through the tedious application processes, ensuring you are all set to trade. Once you have got the code you can start your import and export deals instantly. With the support from an auditing firm in Dubai, you’ll breeze through all the manual paperwork involved in the procedure, thus making all trade-work easy-peasy. Your customs code is unique to your company and thus, it stays valid till the date of your business licence’s expiry. If you are thinking that renewing your customs code is going to be tough.  You are wrong.  Renewing the customs code is super convenient–in fact you can compare it with renewing your driver’s licence. This ensures that you are always set for trade drives. In a nutshell, the Dubai customs client code opens doors to global trade, making it simpler for any business setup in Dubai to thrive in UAE’s dynamic markets and beyond. Import Export Registration in Dubai Starting your global trade voyage starts with the Import-Export Registration in Dubai – an essential step that you need to take to establish your presence in the vibrant UAE market. Here are the top 6 factors you must keep in mind as someone applying for a Import Export Registration in UAE: Registration Process: The Dubai Customs effectively manages the end-to-end process and thereafter, issues you a unique Import-Export Code, that is required for the smooth trading in the UAE. Submit Your Document: At this stage, you need to share some key documents like your Trade License, undertaking licence, as well as the copies to your passport to initialise the process. We’ll explore this in detail in the next few paragraphs.  Review of the Application: Once you have submitted all necessary documents and paid the fees, the Dubai Customs authority thoroughly reviews your application to ensure compliance. Code Issuance: Once the application is approved, the Dubai Customs then issues the Import-Export Code for your business, which is valid for one year and needs to be renewed post that. If you don’t have a valid Trade License of your firm, then unfortunately, it is not possible to get the code issued. Cost Variation: A lot of business owners ask this question–What is the registration for the Import/Exports code? There is no fixed registration cost associated with it.  As a matter of fact, the cost of getting the customs code in Dubai may vary across Emirates and Free Zones. Understanding these knitty-gritty variations helps you in making informed choices. Dedicated Customs Code: With access to your Import-Export or Customs Code, your firm gains access to the dedicated Customs Code, ensuring seamless cross-border payments and trade transactions. Navigating the import and export registration is the first key to unlock your global trade success ahead. As you register your company in Dubai, it sets you up for the golden future in the UAE’s market and beyond.  To import or export goods in Dubai, UAE, you need a Customs Code—it’s like your entry ticket for smooth transactions. Without it, you can’t clear customs or comply with import and export rules. Key Documentation Required for Applying a Customs Client Code Copy of your passport Copy of the Visa and EID  Copy of your business’s trade licence An undertaking letter Your mobile number Details of the facility Details about the business User’s profile Final Step: Completing the Registration Process​ The Dubai Customs Code aligns all its operations with the existing laws of GCC, or the Gulf Cooperation Council along its relevant Federal and National regulations. Furthermore, this upholds several international protocols and agreements that ensure compliance and enable smooth trade interactions at a global level.  If you already have the customs code registered for your business setup in Dubai, make sure you know what its expiration date is. It is essential to renew the business code within 60 days from the date of expiry or it shall be suspended.  After Dubai Customs reviews and approves your application, they’ll generate your customs client code. The code is sent to you electronically, thus,