Category: Finances

Value added tax in the UAE – It’s time to act

With Value Added Tax fast approaching, businesses cannot afford to delay the process of becoming VAT compliant much longer.

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Tax or no tax – is the UAE tax-free and what does it mean for your business?

The UAE doesn’t have its tax-free reputation for nothing. As the advisory firm PKF International puts it, there are no taxes levied by the federal government on either the income or wealth of companies or individuals. As long as you’re a tax resident, you won’t pay tax on your income. But is the UAE really tax-free? VAT looms for the first time in the country’s history and excise duty on selected goods was also recently introduced. So where do we currently stand, and what is in store in the future?

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Ready to fly? Why finance can give your startup wings

Gaining traction for a new venture from day one is every entrepreneur’s dream. You want to appear dependable, credible and financially astute. But creating a good impression and appearing established depends as much on having effective, up-to-date equipment as it does on sound financial judgement. One way to ease the pressure on startup budgets and cash flow is by keeping hold of capital and choosing finance, or leasing, for that equipment. Leasing can kick-start a business by giving a degree of flexibility and control, allowing entrepreneurs more room for manoeuvre when new opportunities, or unexpected expenses, arise. In this article we look at why choosing finance options or leasing may help your startup succeed.

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Tell tale signs you cannot handle your company’s finances

Every entrepreneur needs finance skills. But not every entrepreneur has them. Most entrepreneurs will have bags of acumen and expertise in their chosen sector – if they didn’t they wouldn’t be there in the first place. But managing a startup’s finances often proves to be one of those things that is learned the hard way. To be clear: cash flow can be used to predict the success of a business in 83% of cases. So what behaviours, tools and techniques can you use to help you move in the right direction? 

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Getting a corporate bank account for your UAE business

When setting up a business, it can feel like your to-do list is never-ending. There are so many tasks to complete – some complex, some more straightforward. Deep in that to-do list comes the task of setting up your corporate bank account. Even though setting up a corporate bank account in the UAE is no more arduous than anywhere else in the world, it still requires the same careful consideration you would apply to any other business decision. And there are a number of boxes to tick to ensure you have everything in place before approaching your bank of choice. With that in mind, let’s look at everything you need to know to get your account up and running – from the documents required to the account opening process itself.

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What will VAT mean for companies in the UAE – and how will accountants benefit?

Following the announcement last year that the UAE will introduce VAT on the 1st of January 2018, those of us working here must prepare for a huge shift in the economic and financial landscape. As this new era quickly approaches, comprehensive planning, preparation and checking is essential to ensure a smooth transition. To help with this somewhat daunting process, we look at what VAT will mean for companies and who will be benefitting from its introduction. 

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Four money mistakes that will sink your startup

You have the best business idea in the world. But without the funds to prove its worth and get your organisation off the ground, it counts for very little. And of course, finding the money to get things moving is only the start – you then need to bring in enough cash to stay afloat. Researching over 300 startup business post-mortem essays, VC firm CB Insights discovered that a lack of capital was acknowledged by 26% of them as causing the demise of their businesses. When it’s put like that, it sounds so obvious – you run out of money, your business goes down. But it is of course more complex. So with that in mind, let’s look at four key mistakes new businesses often make.

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5 companies that sold for billions not long after launching

Today’s article is a bit of diversion from the norm. I don’t offer up entrepreneurial advice; rather, I wanted to take a look at some of the “unicorns” of our time (startups that have earned a valuation of over $1 billion), and specifically those that were purchased for insane amounts not too long after launching. The stories are no doubt fascinating, and will make you wonder just how such out-of-the-gate valuation growth is even possible.

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The 10 parts of your business plan

It’s a question that every new startup owner has to ask him or herself: Do I really need a business plan? Sure, there are plenty of small companies that operate without one, but to give yourself the best chance of success, the answer to this question is, quite simply, that yes, you do need a business plan.

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The 5 financial mistakes startups make

Whether on the personal or business front, the pain of poor financial planning cuts deep. Of course in this article I am going to be talking about the corporate world, specifically with an eye on you startups. As a numbers guy I do love my stats, and one worth referencing is the following from CB Insights: in a study on a large sample of companies, it was found that 29% of failed startups fell short because they ran out of cash.

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