Author: Ayushi Doegar

Operating a business in the UAE is a fine choice for those interested in the free zone company setup and want to know about Payment Options in the UAE. The UAE’s free zone offers numerous benefits to entrepreneurs and business personnel. Not only does the UAE provide an expanded array of opportunities, but it also relieves them of taxation.

Once the company registration process has been followed through, the avenue of return on investment increases drastically. In this highly developmental and fast-paced country, small businesses need to keep up the pace.

If you are a small business owner, then read on. In this blog, we will explore;

• Importance of business bank accounts
• Payment Options in the UAE
• Major banking options in the UAE
• Why choose SPC Free Zone?

Importance of business bank accounts and Payment Options in the UAE

A business bank account is essential for franchise businesses and small sole proprietors. As per federal law, a business bank account provides protection in cases of disputes. Mixing personal assets with business assets may result in lawsuits and penalties.

A business bank account allows the payments and expenses associated with a business to be kept separately from a personal bank account. A business bank account must be registered in the case of an LLC or corporation. An LLC or corporation is essentially a separate legal entity.

A separate business bank account makes accounting easier for businesses. It provides clean, easy-to-understand financial records that can be used to obtain business loans or auditing. A business bank account also ensures privacy.

Major banking and Payment Options in the UAE

Operating a small-scale business in the UAE requires thorough knowledge of the system’s intricacies. Following are some major banking options in the UAE.

1. Mashreq Bank

Mashreq Bank ensures the seamless provision of basic banking necessities for entrepreneurs. It allows customising business accounts according to clients’ requirements. The bank has no minimum balance requirement and provides up to 12 free monthly local fund transfers in AED.

Types of accounts

Mashreq bank offers five types of business bank account options. Digital Business Bank, Business First, Business Premium, Business Platinum, and Business Select.

Features

The Business Premium account offers the opportunity of free online remittances for foreign currency transfers. Moreover, the bank also provides a discount of 10% on trade transaction fees.  Through the Quickremit service, Mashreq bank offers funds transfer in one day. Local transfers cost AED 3 for First and Premium bank account holders and premium. For Platinum business bank account holders, these charges are waived.

2. Abu Dhabi Commercial Bank (ADCB) Premium Current Account

Ideal for various business models and their needs, the Abu Dhabi Commercial Bank (ADCB) ensures to meet requirements. The bank provides an array of options in the form of six different business accounts.

Features

The bank provides unlimited teller transactions with an opportunity for internet banking. The payment preference methods can be selected for internet banking and transactions. Small businesses can avail of multi-currency flexibility accounts, which are available in USD, EUR, AED and GBP.

3. Wio Bank

Wio Bank offers value-based business banking services. The option of operating a business bank account is available to sole proprietors or individuals with sole authority to operate it at their company’s discretion. Freelancers with permits issued by licensing authorities are also authorised to operate a business bank account at Wio Bank.

Features

The bank allows opening a business bank account using the Wio Business application online. The bank provides a free debit card for businesses, and 10 leaves free cheque book. Wio Bank also offers the option of free virtual cards for business bank accounts.

Wio Bank offers free local fund transfers with international transfers-wise fees. The foreign currency bank transaction fee is 1.00%. Cash withdrawals at ATMs other than FAB are AED 2.10, with GCC ATMs costing AED 6.30.

4. Emirates NBD Business Banking

Emirates NBD provides customised banking packages, and one of the major solutions is its business banking account. It provides basic baking necessities to entrepreneurs.

Features

The Emirates NBD provides a complete form of the facility for business banking. This bank has multiple branches, ATMs and cash deposit machines throughout the UAE. The banking system also offers online banking facilities to businesses. It also provides the option to access accounts in multiple currencies like USD, AED, JPY and Euro.

Types of accounts and payment options

The Emirates NBD Business Bank provides three viable business account options. These are called deposit accounts and current accounts.

Deposit Account: It provides a range of transactions in major currencies. The bank transfer is convenient and provides flexibility.

Current Account: In the case of routine businesses, a current account provides easy fund transfer.

5. Commercial Bank of Dubai (CBD)

The Commercial Bank of Dubai (CBD) offers value-based business bank account packages. These are designed to meet businesses’ daily baking requirements in expectations. The “My Business” account package of CBD is ideal for clients who prefer maintaining low bank account balances.

Features

The bank provides the option of choosing from 6 account currency denominations. These are AED, USD, GBP, EURO, JPY and CNY. A business client may also receive a complimentary Dubai Chamber of Commerce prepaid card. Clients can also access website-based business advisory services and business planning toolkits using CBD’s Resource Center.

6. Sharjah Islamic Bank (SIB)

The Sharjah Islamic Bank provides viable business banking options to entrepreneurs. SIB also provides its customers with digital banking options. There are three major account types for businesses at SIB. These include Deposit Account, MaxPlus account, and Current account.

Features

SIB provides customers with the option of customising their banking experience. Moreover, in terms of business banking, there are various options to choose from. These include changing financial goals to meet requirements or finding ways to invest.  The SIB MaxPlus Deposit Account allows for profit potential rate of up to 14.25% in 36 month tenure and 6.375% in 18 months.

Why choose SPC Free Zone?

Establishing a business bank account may require a lot of paperwork. With an array of choices available to small-scale businesses in the UAE, SPC Free Zone can help make a choice easier. At SPC Free Zone, we can assist entrepreneurs with the corporate bank account opening process.

With SPC Free Zone, businesses can be set up quickly and hassle-free. Moreover, SPC Free Zone also assists entrepreneurs in filing documents for submission and compliance requirements.

We offer different setup packages depending on business requirements. These include obtaining a memorandum of association (MOA), Lease Agreement, Business Activity Certificate, and Trade License.

Moreover, SPC Free Zone provides licenses that include up to 100 visas. With SPC Free Zone, businesses can maximise their profits with zero paid-up share capital, and 100% foreign ownership.

SPC Free Zone also provides a general trading license and e-commerce license for all commercial activities. We aim to give business owners the tools and knowledge they need to navigate their way.

SPC Free Zone is here to help with your business setup in the UAE!

Entrepreneurs globally look for ideas that can strategically optimize business in UAE. To do so, knowledge must be combined with diligence and a robust understanding of trends. In order to optimize a business to its full potential, it is crucial to choose a country that will facilitate the journey. 

The UAE, with its free zone opportunities, is a viable option among the various global opportunities. The organized infrastructure of the country makes it an attractive avenue for setting up a new business or expanding an existing one. One example of seamless business potential is Sharjah free zone business setup which provides an opportunity for growth. Options like golden visas, zero income tax, and top-notch infrastructure make UAE an ideal choice for entrepreneurs. The opportunity to acquire a furnished office for rent in Sharjah or Dubai adds zest to the lucrativeness. As an entrepreneur, if you aim to optimize your business strategically, then read on.

In this blog, we will explore the following;

• Strategies for business optimization
• Why choose SPC Free Zone?

Strategies for business optimization

In order to optimize a business in the UAE, it is imperative to follow some strategies. These are as follows:

1. Robust marketing strategy

In order to optimise your business, focus on building a robust marketing strategy. An ideal market entry strategy is a core component when expanding in GCC countries, especially in the UAE market. A marketing strategy needs to be built with a sound understanding of the demographic structure, various administrative systems and logistical challenges that a business’s products may face in the UAE market.

2. Customised business plan

In order to optimise a business thoroughly, It is crucial to build a customised business plan. A business plan lays down the goals and projections of a business for the next five years. Depending upon the sector of the economy and the industry that an entrepreneur plans to enter, it is vital to build a customised business plan.

If an entrepreneur plans to enter the UAE market, then, in that case, the plan must comprise a competitor’s analysis, proposed products and services, marketing plan, financial plan, cash flow and future sale projection for a minimum of 5 years.

3. Market research

The UAE offers opportunities for entrepreneurs to showcase their products in the market. With an ideal geographic location, it is a melting pot for several nationalities from across the globe.

Before entering the UAE market, extensive market research must be undertaken. Due to its proximity and cultural ties, the UAE comprises 60 percent of South Asians, with UAE citizens being just 11 percent. Therefore, the product being introduced in the market must meet the requirements and habits of the culture.

Extensive research before entering the UAE market can allow for the feasibility and viability of businesses’ potential. A robust understanding of the rival products and services that already exist in the market will enable your business to be positioned better.

In this regard, it is also crucial to understand the UAE’s demographics. Once the research has been thoroughly undertaken, customize and redesign the product as required. The UAE offers channels that can be acquired to increase the efficacy in performances for businesses. These can be undertaken to meet the requirements of a business thoroughly.

4. Free zones in the UAE

The UAE has a large number of free trade zone territories that are formed to attract foreign investors and entrepreneurs. These free trade zones are one of the critical factors for the development of an international hub in the heart of the UAE. Suppose a company is registered in the free trade zone. In that case, it allows foreign business people to avail themselves of complete ownership and company management.

Moreover, businesses have significant tax and customs benefits in the UAE. With an absence of restrictions on the volume and nature of movements of the investment funds, there is repatriation for companies domiciled on the territory of the free trade zone.

Indeed, if an entrepreneur decides to organise their business and Strategically Optimise Business in UAE it provides an opportunity to grow internationally.

5. Geographical Location

The UAE is located at the heart of a crossroads of trade routes of East and West, Europe and Asia. A business can thrive efficiently in the UAE if organized perfectly with the trade flow potential of the country. Moreover, the costs are minimal as well. The location is ideal for business optimization with modern sea and air transportation companies, ports, and airports. The UAE allows for goods delivered from around the world with minimal costs.

6. Rapid developmental pace

In recent decades, the United Arab Emirates has become an avenue of significant business activities. Many large corporations and holding companies are increasingly concentrated in the UAE. The investment capital has been flocking to the UAE for large-scale projects that contribute to developing the country’s economy. Moreover, the emirates like Dubai and Sharjah have recently taken leadership positions in international tourism.

7. Ease of registration

The UAE allows for the registration of offshore companies that can carry business outside the UAE. At the same time, these businesses can acquire immovable property in ownership within the country while participating in investment projects and serving as owners of other companies in the UAE.

The authorities in the UAE aim to optimize the overall process and simplify the opportunity for carrying on business to the maximum extent. On a legislative level, companies are not bound by restrictive actions. Currency exchange, profit, and its withdrawal in dividends and capital circulation are all free of bounds.

The entire methodology associated with UAE offers excellent prospects and opportunities for businesses to grow. The country is equipped with a minimal crime rate, non-existent taxation, stability in national currency, and broad proposals for residential and commercial properties available for renting and purchasing.

Why choose SPC Free Zone to Strategically Optimise Your Business in UAE?

SPC Free Zone helps support free zone company formation by providing opportunities like obtaining dual licenses for the mainland and the free zone. Being strategically located in Sharjah gives you access to all major air and seaports in the UAE. Sharjah is the cultural capital of the UAE and is the only emirate that shares its borders with all six emirates.

You can also take advantage of up to 100 visa quotas and maximize profits with zero paid-up share capital, and 100% foreign ownership.

SPC Free Zone also provides an e-commerce and general trading license. We aim to give business owners the tools and knowledge they need to navigate their way. SPC Free Zone is here to help with your business setup in the UAE!

In times of today, establishing a business is crucial for everyone around the globe. Following the COVID-19 pandemic, the notion of having one’s own business has proven more reliable than any other corporate position. 

In the pursuit of establishing a business, one often encounters the step where one needs to set up their first office. However, that is an entirely different perspective since the offices get divided into headquarters and branches.

Note that the number of offices may increase depending on business expansion. 

Establishing your first office in the UAE requires completing some crucial steps. With the option of a furnished office for rent in Sharjah, you must know the prerequisites beforehand. 

Remember, having your first office is important because it is a vital step in gaining a trade license. If you are hoping to move forward with this notion, then read on, as, in this article, we will explore 5 Steps to setting up your first office in the UAE ; 

• Finding the right office 
• Steps to setting up your first office 
• Why choose SPC Free Zone? 

Finding the right office-5 Steps to setting up your first office in the UAE

In determining the setup process of your first office, it is essential to remember that location is the first factor you will need to consider. The business premise needs to be easy to locate and accessible by public or private transportation. 

Another crucial element of consideration is the size of the office. The office that one chooses to be the initial one in their business journey needs to have enough space for employees. It should allow both working and client entertaining spaces according to the nature of work. 

In determining the location of your first office in the UAE, remember that your employees will be spending eight hours, five days a week here; therefore, it should either have or be near essential amenities. 

Once the perfect space for an office with these elements has been decided upon, the next step would be to set it up. The first office of a business should be impressive and convenient for both clients and stakeholders alike. 

1. Applying for a trade license 

Before deciding whether you want to rent a physical office or work out of a co-working space, you must have already begun the journey of obtaining a Trade License application. In order to occupy commercial real estate in the UAE, you will need to have a company name approved by the authorities. These, in turn, will be the ones issuing Trade licenses to your business. The full Trade License only gets approved once the lease of the property has been agreed upon.

2. Location of your commercial property 

The location of your office or commercial lease property will depend on the trade license you plan to apply for. There exist two types of trade licenses in the UAE, a mainland trade license and a free zone trade license. Each of these has its dedicated trading zone. Before finalizing your property, it is important to research the zone limits. 

3. Office fit out 

Before moving ahead with the research for your office, finding the fit-out that suits your needs is best. For commercial property, there exist four different fit-out options. These are shell and core, fitted, partitioned or fully furnished. As a business owner, if you already hold a vision in mind, then a shell and core may be an exciting project, but keep in mind that this option can be expensive in nature. If you want to begin your business as soon as viable, a fully furnished unit would be ideal. 

4. Make an offer

Once a commercial property has been finalized, the next step would be to make an offer. You will need to provide your company’s trade license application documents and business owner ID to proceed with the process. You will need to put in an offer to your broker, and then the negotiation process with the landlord will begin. 

5. Administration 

In order to seal the deal for a rented office, initial approval for a trade license and passport must be gained. Be sure to take ample time before signing the document. Read it thoroughly, including the fine text and if there are any questions, be sure to have it all cleared with your property broker. 

Why choose SPC Free Zone?

SPC Free Zone helps support businesses, including an opportunity to opt for a dual license for the mainland and the free zone. Moreover, businesses can maximize profits with zero paid-up share capital, 0% personal income tax, and 100% foreign ownership. Each license includes up to 20 visas, too.

Additionally, SPC Free Zone offers shell & core, furnished, unfurnished as well as co-working spaces for rent. Special discounts on visas and licenses are offered to customers who choose to rent spaces within SPC Free Zone.

SPC Free Zone also provides an e-commerce and general trading license for all commercial activities. We aim to give business owners the tools and 5 Steps to setting up your first office in the UAE they need to navigate their way. 

SPC Free Zone is here to help with your business setup in the UAE!

Beginning the journey towards a business requires knowledge and diligence. With the right constituents, a successful business can be forged.

Despite the lucrative aspects of starting a business, oftentimes, entrepreneurs find impedance in their path because of the idea of failure. In order to avoid business losses, one can ensure that some common business mistakes are avoided.  

If you are an entrepreneur looking to establish your business in the UAE these are 5 Common Business Mistakes to Avoid, read on. 

In this article, we will talk about the following; 

• 5 Common business mistakes
• Why choose SPC Free Zone? 

5 Common Business Mistakes to Avoid before starting a business

1. A Poorly- Articulated Business Idea

Businesses, whether they are small, medium, or multinational corporations, require innovative and convincing ideas. Whether you are thinking of setting up an import-export business in Sharjah or an LLC anywhere in the world, you will need a business plan. 

A business plan parallels the thought process one undertakes to define a company’s goals. In time, a business idea needs to be redefined, recalculated, and solidified for excellent results before being put into practical action. This step is crucial because the insubstantiality of business ideas essentially jeopardises the basis of a business. 

Non-coherent ideas and a lack of clarity often lead to unorganised business processes. As a result, it is essential to remember that a business idea should clearly articulate the functionality of a business to potential investors and stakeholders. 

If one cannot articulate a business idea, it is best to consult with an expert. A business plan forms the foundation of a business, and an expert can help you create a comprehensive plan.

2. A Faulty Business Plan

Without a perfectly curated business plan, establishing a business can prove challenging. A diminished planning structure and lack of critical factors while curating a business plan can exert challenging  effects on a business. 

For novice entrepreneurs, it is imperative to remember that a business plan is the first step of a long journey. An absence of planning can have a negative influence on office culture and even supply chains. 

The ideal option is to design it beforehand and make changes as the business continues to flourish. A robust business plan requires a well-curated management structure, vision and mission statement, standard processes and protocols. A business plan shapes the map of a business’s success, and one should design a complete checklist before beginning the design. 

3. Poor Research

Proper research for the business consists of numerous factors that include the validity of the whole business idea, understanding and good knowledge of the target customers, applicable laws and required taxes. All these factors are essential to include in the research so that one can make intelligent decisions regarding their business.

The knowledge about a business industry should be comprehensive. The use of materials, cost, and calculation should be up to the mark and accurate. If one is aware of the ground costs, one will be able to price their end-products correctly. 

The result for business owners unaware of the costs will be a loss in profit, as pricing mistakes can negatively affect the business. This is why research is of critical importance.

4. Poor Financial Planning

Good financial planning always draws a line of demarcation for entrepreneurs to continue their business or shut it down. The business budget should be their prime priority. Due consideration should be directed towards all possible expenditures, including taxes, labour costs and utilities.  

One should be completely ready for all kinds of expenses and especially those which are unexpected. In this regard, research plays an essential role as robust planning of finances and budgeting requires thorough knowledge of unprecedented events. 

In order to avoid mistakes in business, the budget must be planned for unforeseen expenses and confirmed projects. Entrepreneurs must stay away from guesswork and assumptions. 

5. Absence of a versatile value proposition

A business should stand out among several competitors in the same industry. The only way to execute this is to develop a high-quality idea that outshines everything. This is called a versatile value proposition. 

In this regard, entrepreneurs need to consider “What makes their business different from others? What value are they bringing to the table?” The answers to these questions depend on factors such as product valuation, policy foundations, and company culture. Still, it should be something that will magnetise customers towards the business services. 

The value proposition should be well-communicated with the customers of a business. Customer awareness and input into the product play a pivotal role and are the primary reason the value proposition should be visibly convincing. A business website can provide one with great support in communicating with the audience, mainly if it is built on SEO.

Why choose SPC Free Zone?

SPC Free Zone helps support free zone company formation by providing opportunities like obtaining dual licenses for the mainland and the free zone. You can also take advantage of up to 100 visa quotas and  maximise profits with zero paid-up share capital, and 100% foreign ownership.

SPC Free Zone also provides an e-commerce and general trading license for all commercial activities. We aim to give business owners the tools and knowledge they need to navigate their way. 

SPC Free Zone is here to help with your business setup in the UAE!