Virtuzone Business Intelligence

Category: Finances

Why you need VirtuAccounts for your business {INFOGRAPHIC}

In our latest infographic we look at certain obstacles you might encounter if you do not opt in for Virtuzone’s VirtuAccounts.

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Time is running out: How to become legal as a social influencer in the UAE

UAE Influencer License: Everything You Need to Know (2018 edition)

Social media influencing has become big business, with some influencers (people with thousands of followers on social media) revealing they can earn monthly or even annual salaries per post. Yet while marketing and advertising are pretty heavily regulated across the globe, the ethics of influencer marketing on social media has so far remained unchecked. The UAE is rectifying this by bringing in new regulations which will now require influencers to obtain licenses in order to continue operating legally.

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Finances for your business

What’s on offer? How to source finance for your UAE startup or SME

Ask entrepreneurs in the UAE what they most need to upscale their business and the majority are likely to say ‘finance’. Sourcing finance in the early stages of growth is fundamental in taking a company to the next level. It helps business owners to avoid cash-flow problems and barriers to expansion. To help you assess the different forms of business finance in the UAE, we’ve pulled together some of the more interesting options open to entrepreneurs looking to take a startup or SME to the next level.

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How the UAE tax system compares globally {INFOGRAPHIC}

In this infographic we look at how the UAE tax system compares to others from around the world.

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Past due

Debt collection in the UAE

The UAE is one of the most challenging places in the world for collecting debt, according to the 2018 Global Ranking on Debt Collection. It’s not getting any easier over time, and it’s time consuming, stressful and costly for business owners. Still, debt collection needn’t be so burdensome if you know what to look out for, and how to respond effectively when your debtor doesn’t pay on time. Here we look at the steps you need to follow to reclaim your debts.

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Four things crushing SME margins {INFOGRAPHIC}

In this infographic we look at four elements that may be ruining the profit margins of SMEs and what companies can do to avoid each one happening.

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Accounting knowledge

Why startups should never underestimate the importance of solid accounting knowledge

Good financial management is vital to the success of any business. But nowhere is it more important than for startups – where margins are often tighter and the risk of failure much higher than in more established companies. No business wants to fall behind with their accounts. But with busy schedules and limited resources it’s not always possible to stay up-to-date. For businesses in this position, outsourcing can be an option. But before we get on to the merits of outsourced accounting, let’s take a look at exactly what a solid accounting process should entail.

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VAT in UAE

So what did we learn about VAT in the UAE?

The first day of 2018 is remembered by many in the UAE for the wave of anxiety and confusion that spread across the country as Value Added Tax (VAT) launched for the first time. So three months later, as the dust settles, let’s look at what we have learned in terms of rules, regulations, pitfalls and best practices. And how this can be of use as we move to Q2.

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Financing

Building a company without financing – can it be done?

At the end of 2015, there were 350,000 SMEs in the UAE, providing jobs to over 86% of the private sector. They accounted for over 60% of the country’s GDP, and the National Agenda of the UAE Vision 2021 projected this growing to 70% by 2021. There’s obviously no shortage of optimistic entrepreneurs in the UAE, and the government knows it. But running a business isn’t the same as knowing how to finance it without outside help.

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VAT in the UAE – how will the new tax rules affect your business?

VAT in the UAE – how will the new tax rules affect your business?

Historically the UAE has operated one of the simplest taxation systems in the world. But in order to reduce its reliance on oil-generated revenue, and to invest more in the economy’s infrastructure, the government is looking to raise tax revenue. As of January 1st 2018, a new 5% value added tax (VAT) was introduced in the UAE and Saudi Arabia. Yet many company owners here in the UAE are still recovering from what has been a hasty registration process, and might not have considered yet how the new laws are going to affect them. Let’s take a look at the new VAT implementation and explore how it might impact your company in the year ahead.

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