HOW TO CHOOSE THE RIGHT BUSINESS SETUP COMPANY AND BUSINESS SETUP CONSULTANT?
In 2024, the need for a capable business setup consultant is more important than ever for company formation. Changing laws and regulations, the introduction of corporate tax, increased compliance obligations and now the requirement of audits all reinforce the need for a consultant that understands the nuances of incorporating a company in the UAE and aligns with an organisation capable of providing post-incorporation services to support business sustainability.
The business environment and economic landscape, especially in the UAE, are constantly shifting and developing, often providing new challenges, potential business opportunities, as well as compliance requirements. It is imperative to have the correct consultancy company and people beside you! Much emphasis must be given to whether the consultancy company you engage with is a tax firm and corporate service provider, as well as being registered and licensed with the relevant authorities, and employing or run by qualified consultants. You must have access to business consultants that have deep levels of knowledge and experience, having studied to some extent the latest developments in the business consultancy environment, as it is essential to ensure you obtain the correct advice, to make educated decisions about your new and existing business activities. This knowledge will provide you with the comfort in selecting the correct provider, confidence that you are in safe hands and that your business will be set up correctly, in accordance with regulations and in compliance with requirements, as doing business in a separate jurisdiction or country creates unfamiliar rules and regulations.
We engage with professionals who understand the need for the company to be registered with the right licenses and engaged in the right activities, so that you can continue with your business and establish and innovate the UAE business environment you prefer. Whether you require assistance in relation to compliance in an environment which changes regularly, corporate tax planning, sustainability business consulting services, or a wider range of business services after your incorporation, a professional and reliable consulting team can help ensure the long-term sustainable operational growth of your business in the UAE. This turns up valuable time for you and your team to focus on what is more important: building your business! By working with an industry, a qualified business consultancy firm means that you are not just teaming up with a business partner to navigate the complexities of operating within the business environment, you also have a partnership to success with a team who value your commitment to success – and bring a calming peace of mind to every step of your business journey!
WHAT SERVICES ARE OFFERED BY BUSINESS SETUP CONSULTANTS & WHAT SHOULD YOU CHECK?
There are several services offered by business setup consultants, and we have listed some of the main ones, including:
There are many providers and consultants who provide a service in registered and qualified to work in the area of business setups, tax, compliance, and corporate structure. Then further, there are many providers in the accountability and audit space, also expressing their capacity to assist as an advisor for your company setup and structure, potentially outside of their offerings. Again, it is so important that you ensure that you conduct the right due diligence on the companies in the business setup space and consultants. Checking the legitimacy of the business consultancy is crucial.
To begin, ask to review the company license and check all the listed business activities, such as corporate services provider, accounting, tax and compliance, management consultancy, market research and project management services. To ensure that your business setup consultant has experience, you should ask them about their education, qualifications and years of experience.
Moreover, business consultants must take a holistic view of the business goals, current position, future state and planning for the longer term. It is essential to undertake a proper discovery session rather than use a quick consultation or one that offers a cheap solution. You are not just selecting the right business setup consultant, but determining the necessary jurisdiction. Potentially, you may also want to undertake a pre-setup assessment that looks at your business goals or company, your current and future tax position and finally your exit strategies.
As such, we cannot stress enough how important it is to have the right business setup consultant to help you every step of the way. Instead of comparing apples to apples, please consider the distinction and the choices you make with your consultant will make or break your business.
BUSINESS CONSULTANTS GOING BEYOND THE BASICS – WHAT LONG-TERM SUPPORT DO YOU NEED?
In addition to the planning stages of your company formation and structure, you will want to be engaged with the right consultancy business to support you and build your business, before and after the company formation and structure stages. So it is important that you engage with consultants that have ongoing support and compliance provided to their customers, changing to meet the changing needs of the business and flexibility, meeting the changing needs of businesses as they grow or change.
The services that Creation Business Consultants provide include market research and expansion, identifying growth opportunities, ongoing market review for new opportunities, and support in expanding within the United Arab Emirates, GCC, and globally.
If you are a customer of Creation Business Consultants, then you will have a seamless transition to our annual support team, as compliance is articulated right at the commencement of your company formation and continues in alignment with you on your business journey. For customers who are joining us as an existing business from another consultancy business, we will consult with you initially to assess your unique situation, prior to customising and enhancing your compliance to provide you with the right annual support services to meet your individual business needs.
DO I NEED TO SELECT A BUSINESS SETUP COMPANY AND BUSINESS CONSULTANT TO ASSIST WITH COMPLIANCE PROCESSES FOR MY UAE COMPANY?
REGULATORY COMPLIANCE AND UPDATES:
Keeping up with regulatory compliance and changes is vital for the continuity of the business, and remember, keeping on top of the requirements in the early days of your incorporation can often be very difficult for new businesses. The important factor here is having the right business setup consultant and company in place to ensure you always receive timely communication of any updates in regards to compliance, regulatory changes, and laws in the UAE. This also includes essential information regarding economic substance regulations, ultimate beneficial ownership regulations, tax responsibilities regarding VAT and corporate tax updates, and additional documents and assistance with formalities such as the Wage Protection System, corporate governance, board meetings, etc.
The act of staying updated with changes to regulations aligns directly with the ongoing support services offered to you as a client of Creation Business Consultants. Regulatory compliance is a significant aspect of business, and we appreciate the requirements and importance of keeping our clients informed (and to stay compliant) with any changes they may need to keep up with during the changing regulatory landscape in the UAE.
DO YOU HAVE A BUSINESS CONSULTANT WHO IS ALSO AN EXPERT IN ASSISTING CLIENTS WITH MATTERS OF FINANCIAL PLANNING AND OPTIMIZATION, PARTICULARLY IN TAX OPTIMIZATION?
FINANCIAL PLANNING AND OPTIMIZATION:
Working with and having a consultancy that can provide in-house ongoing performance is a priceless asset to your business. Claiming any tax allowances available can free up more capital to invest in developing your business.
COLLABORATION AND COMMUNICATION:
The goal is to develop an open communication and partner-based relationship on sound advice and mutual trust if you are a business looking to enter the UAE market with the help of a business set-up consultant. Regular consulting, check-ins and collaborative troubleshooting of new challenges are a fundamental part of continuing to operate a compliant and growing business in the Emirates.
IS A COST-EFFECTIVE SOLUTION ANOTHER IMPORTANT ASPECT OF CHOOSING THE RIGHT BUSINESS SETUP CONSULTANT TO ASSIST YOU ON YOUR INCORPORATION JOURNEY?
Acting the part of a penny-pincher may feel like the best option, in the early stages of development, the investment at the end may seem unnecessary. This can sometimes slow down, hamper or even cause mistakes in the incorporation process or overlook other important compliance pieces. A failure to properly set up a company can result in massive fines and/ or your business license potentially being revoked!
Affordability is a key focus for Creation Business Consultants, who provide a complete turnkey business setup process that ensures compliance and all mandatory steps are completed for a reasonable price. By using this process with business setup consultants, we can be sure the investment will provide long-lasting dividends.
TAKEAWAY
The notion of consultants being seen as partners in business development is critical. Getting professional help, particularly from licensed and qualified experts like Creation Business Consultants, will help to ensure that the decisions you are making relating to your business set up and related compliance in the UAE are informed. Reach out to Creation Business Consultants today to take the first step to achieving business success.
Email: [email protected] | UAE: +971 4 878 6240 | Saudi Arabia: +966 56 865 2329
