Business Basics in the UAE
As part of the DMCC Impact Scale-Up Programme – powered by C3, DMCC and C3 are hosting a series of informative webinars to share insights on how to accelerate business growth in the UAE and the wider region.
On Monday, September 26th 2022, we hosted a panel of leading professionals from the corporate and government space in the UAE, as well as C3 Alumni who have first-hand experience of establishing a business in the UAE.
Expert panel
Simon Walsh, Head of Compliance at Dubai Multi Commodities Centre (DMCC)
Natalia Sycheva, Head of Strategy at Dubai Chambers
Nadine Wilson, Solicitor at PricewaterhouseCoopers (PwC)
Nancy Nusrally Carda, Head of Group Marketing and Communications at Desert Control
The UAE, a land of opportunities as it’s rightly called
The UAE is a gateway for many companies, not only to the region but also to the world. If you want to scale your business from the MENA region to the world, the UAE is your destination as a global trade hub, providing access to a wide market, talent, and capital.
Natalia Sycheva, Head of Strategy at Dubai Chambers, explains that “these opportunities are fueled by business-friendly government regulations, in addition to strong collaboration between the private and public sectors to create an economy that allows innovation to flourish.”
Being part of a revolutionary solution that fights desertification, Nancy Nusrally Carda, Head of Group Marketing and Communications at Desert Control, confirms that UAE’s vision is forward-thinking with a great appetite for innovation, opening doors for startups working in the social or environmental space.
Unlocking these opportunities requires tapping into the right network
For founders to unlock opportunities, get things done, and ensure sustainable business success, having the necessary network of advisors and support system is key.
Nancy Nusrally Carda explained that Desert Control’s business model was being developed while receiving guidance from support entities such as DMCC, in5, Expo Live, and C3, etc., while Natalia advised founders to take advantage of the entrepreneurship ecosystem support available in the UAE.
Talking to other entrepreneurs who have done it before you or to trusted advisors and consultants will make the path easier to navigate based on tried and tested experiences. However, Simon Walsh, Head of Compliance at DMCC warns, “be careful who you speak to; some consultants will waste your time and put you on the wrong path.”
Navigating your way through a set of challenges
Expanding into a new market does not come without its trials. While the UAE is sometimes considered an emerging market, founders are often surprised by the level of sophistication of the market, its competitiveness, and its challenges.
Figuring out where to set up your business and which license to invest in. Nadine Wilson, a Solicitor at PwC, explains that this is due to the variety of jurisdictions and license types available in the UAE, and that “it becomes important for founders to come with a clear plan and business objectives that will guide them towards choosing the right activity, license, and jurisdiction, to ensure that the business keeps operating and continues to be compliant.”
When discussing the challenges of setting up a business in the UAE, one element cannot escape the conversation: bank accounts. The panel advised founders to prepare themselves for a lengthy process and have an alternative plan to make sure they don’t reach a phase where they cannot stay on top of their expenses and payroll. Another piece of advice was to diversify banking options, as not one bank is guaranteed to provide them with what they’re looking for.
Start the process early, and make sure to leverage your network and relationships with banks that you’ve previously worked with, and don’t shy away from reaching out to many of them.
The mindset: Come with a plan but be prepared for pivoting
Scaling a business in any market is a challenge. Founders must clearly understand their operating model, customers, and business plans for the next 3 to 5 years. This will simplify setting up and starting out in a new market.
Natalia Sycheva, Head of Strategy at Dubai Chambers, advocates for having your first few customers before getting a business license and setting up a bank account to see genuine interest in your offering and validate that the UAE is the right market for you.
While having a plan is necessary, having the right mindset being open to feedback and pivoting according to the market conditions is key to surviving in the long run. Nancy Nusrally Carda, Head of Group Marketing and Communications at Desert Control, advises founders to “pace yourselves as things don’t move as quickly as you would like them to. It’s the market that dictates the length of certain processes”.
Come in with a clear head, a clear plan, and a clear mind, and you will be able to transition through this process in the best possible way.
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