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Published on March 18th, 2020.
Over the last few weeks and as COVID-19 continues to develop, Creation Business Consultants top priority is to continue to provide the highest quality of services and ensuring the wellbeing and health of each other and our employees. There have been considerable changes on how we will all need to operate for the coming weeks and understand that this will have effects on everyone commercially, professionally and personally, in the UAE, GCC and a wider global network. As a result, we have taken several positive steps to ensure there is business continuity and strategies in place to deal with the current climate.
HOW CREATION BUSINESS CONSULTANT CAN HELP
Firstly, we are making smart operating and commercial decisions based on the statements and advice released from the relevant government and health authorities globally. Furthermore, we are addressing the current challenges businesses are facing and have taken the initiative to do the most responsible preparation and planning.
Some of the key areas we will address include:
- Cashflow forecast and planning.
- In depth business evaluation.
- Disaster recovery plan.
- Restructuring strategies.
- Change of local sponsor to reduce costs.
- Business continuity program.
- Outsourced Human Resources and PRO services.
- Second bank account opening.
- Yearly resource planning.
- Business processes after COVID-19.
- Potential suitors for Merges & Acquisitions and potential Joint Ventures.
We have prepared extensively to ensure we can maintain service levels for the coming weeks and months ahead.
DUBAI INITIATIVES TO REDUCE BUSINESS COSTS
Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Dubai Government released a AED1.5 billion stimulus package with fifteen (15) initiatives that assist the retail, trade, tourism and energy sectors in Dubai to reduce costs for the business sector and residents over the upcoming three months. Some of the latest initiatives released include:
- Suspension of 2.5% market fees at the Dubai Economic Department.
- Recovery of 20% of custom fees on imported products sold locally.
- Waive of the AED 50,000 bank guarantee required to exercise customs clearance activity.
- 90% deduction on the fees imposed on submitting customs documents.
Local business will benefit from the cancellation of:
- A 25% down payment for requesting the instalment of government fees for licensing and trade license renewal, in aa attempt that seeks to reduce financial burden on small and medium enterprises (SMEs).
- A 50% reduction of the Dubai Municipality fee for hotel sales, exempting those companies from postponement fees for tourism and sports activities in 2020.
- Freezing classification fees to the hotel sector, freezing ticket fees, permit issuance and government fees on recreational and business activities.
- Attempting to ease the cost of living by reducing water and electricity bills by 10% for all Dubai customers, including residential, commercial and industrial for the next three (3) months and at the same time reducing the deposit paid by up to 50%.
Other recent Dubai Government initiatives supporting businesses in Dubai include:
Please see below for some websites where you can access accurate and up-to-date information:
We are still witnessing several company setups occurring during this time. Companies and client representatives have provided our team with the authority and Power of Attorney to complete their company setup or restructure during the time of travel restrictions. Such companies are aggressively moving forward with their UAE and GCC expansion plans to be ready to go once conditions improve.
We are offering each of our clients and network partners a FREE 30-minute Risk Evaluation consultation call.
To help our clients and network access the correct consulting advice and support from our qualified CPA, human resources and marketing experts, we urge you to take advantage of the FREE 30-minute Risk Evaluation which you can reserve by contacting on email email@example.com or call +971 4 878 6240
If you have any questions or want to voice your concerns, please do not hesitate to get in touch. A problem or concern shared is a problem halved – CREATING SOLUTIONS.