Setting up a business en-terprise in the UAe is much more easy than other parts of the Middle east. the World economic Forum’s

global Competitiveness Report ranked the country as the 12th most competitive nation globally last year. experts suggest that entrepreneurs in the UAe should be prepared to un-dertake some degree of research into the business sector that they aim to operate within. A viable business in-cludes a proper study of the UAe market conditions, the competition and forecast results. if the plan is credible, there is a possibility of at-tracting local support for the same.

the World Bank’s ease of Doing Business Report 2014 terms the emirates as one of the most eco-nomically progressive places to do business in. the safety, security and an environment conducive to the growth of businesses here are paired

with a wide choice of where to open a business. entrepreneurs and firms can locate their ventures either on the mainland in partnership with an emirati, or a free zone where they can exercise propriety.

to start a business in one of UAe’s free zones, one has to be aware of the regulations, procedures and fees that each free zone has. Some free zones in the country require the business owner to have a minimum amount of capital if a new company or enter-prise is being established in the free zone as opposed to opening another branch of an existing company. Oth-er things that need to be taken care of while setting up a business include

sponsoring your employees and pro-viding them with the necessary visas, etc, to work for your firm.

if you are setting up a trading firm, it is advisable to factor-in the future costs of importing goods to the UAe. Dubai Customs, for instance, has very clear guidelines to the types of goods that can be imported to the emirate. Besides getting a clear idea about the cost of importing, you should also note that if your company is trading within the gCC, customs fees are expected to be less due to the gCC common market, which pro-motes trade and employment among regional countries.

— sadiq@khaleejtimes.com

Setting up a business unit in the UAE is easy, provided you know the regulations and procedures

If you are setting up a trading firm, it is advisable to factor-in the future costs of importing goods to the UAE. Dubai Customs, for instance, has very clear guidelines to the types of goods that can be imported to the emirate.

One of the early starters in small business finance, RAK-BAnK has become a leading provider of financial services for SMes in the country by offering them a suite of tailor-made financial solutions that meet their requirements.

“At RAKBAnK, we strongly support the growth of small businesses and we understand that they are looking for a financial partner that meets their needs quickly, conveniently, and with minimal hassle,” said Peter eng-land, RAKBAnK CeO. “therefore, the bank offers small businesses an interest-bearing current account, quick ap-provals on collateral-free RAKFinance loans based only on bank statements, and an award-winning Business ti-tanium credit card for easy payment solutions.”

As companies grow their domestic operations and ex-pand their business into different geographical markets, RAKBAnK caters to their changing financing require-ments by offering Asset-Based Finance for the funding of commercial vehicles and equipment and RAKtrade for flexible trade and working capital solutions, which together with RAKFinance loans give small businesses the flexibility to meet their medium and short-term fi-nancial needs.

RAKBAnK currently offers a Shariah-compliant coun-terpart of its Business Finance collateral-free loan, through AMAL, to cater to customers who prefer islamic Banking solutions. it also launched AMAL Asset Based Finance product under the concept of ijarah for Business Banking customers who require Shariah-compliant Financing solu-tions to fund commercial vehicles and equipment.

khaleej times / ADVERTISING SUPPLEMENT

Flexibility to meet financial needsComprehensive solutions from RAKBANK to support SME growth

Peter England, CEO, RAKBANK

Starting an enterprise

BY Sadiq ShaBan

Small and Medium Enterprises (SMEs) have be-come a part and parcel of the UAE economy. As per the latest statistics revealed by the government, a whopping 95 per cent of enterprises in Dubai are SMEs, contributing nearly 40 per cent of GDP. These enterprises employ more than 42 per cent of the workforce. Besides introducing innovation and new business models, SMEs now constitute a big chunk of businesses all over the UAE.

B u S i n e S S S e t - u p S o l u t i o n

the Small and Medium Sized enterprises (SMe) sector in the UAe is growing fast and as a re-sult, so are its various banking needs. With more than 300,000 SMes in the country, the sector is a critical contributor to the econ-omy’s gDP and employment.

As the sector grows, so do the expectations among entrepre-neurs of how their bank can and should support them. this busi-ness community is increasingly asking for more customised bank-ing products that are easily acces-sible and simple to use. they are also looking for a bank that under-stands their business needs and is ready to support them as they grow and accelerate.

ADiB’s Business Banking Division “ADiB Business” has been specifically structured to offer solutions for this under-served segment of the UAe market. Launched in 2009, ADiB Business offers innovative solutions to SMes provided by its highly-qualified business banking professionals.

ADiB Business provides a com-prehensive list of products and services to ensure the right fit for any business. Whether a compa-ny needs finance to pursue new markets, to acquire commercial vehicles or simply to purchase a specific piece of equipment, ADiB’s finance schemes are here to support ambition. ADiB Busi-

ness ensures it builds close rela-tionships with its customers to be able to understand their needs and to provide them with cust-omised and structured products that fit their needs.

“Small and medium-sized busi-nesses are the backbone of any economy and an important driver of UAe’s economic growth and future prosperity,” said Mahdi Ki-lani, head of ADiB Business Banking Division. “Regardless of their background, experience, lo-cation or industry, being an entre-preneur is challenging even in fa-vourable economic conditions. We’re here to partner with busi-nesses to help them grow and prosper, and providing financial solutions is only part of our role.”

ADiB Business also realises that finance is only one issue for SMes – designing and imple-menting strategies and taking advantage of business networks are also key to success. the bank therefore provides a team of fi-nancial advisors, who sit with business owners to understand their needs in order to provide the best and more efficient solu-tions in a one-stop shop.

ADiB has also worked with fi-nancial information provider thomson Reuters to launch Busi-nessPulse — a unique portal that provides essential information, access to success stories, events and networking opportunities and advice to SMes. the portal offers entrepreneurs access to informa-tion related to their day-to-day business as well as guidance and support for their long-term growth and expansion strategies.

ADiB Business supports its SMe customers through access to their accounts 24 hours a day, with mobile as well as user-friendly internet banking. in ad-dition, the bank has launched eight hubs in Abu Dhabi, Dubai, Al Ain and Sharjah, which are staffed by a dedicated team of ex-pert relationship managers to provide tailored financial advice to this dynamic sector. each hub benefits from the latest technol-ogy including Cash and Cheque Deposit Machines and Wi-Fi.

For more information please visit our website @ www.adib.ae

‘ADIB Business’ ready to finance SME growthWhether a company needs finance to pursue new markets, to acquire commercial vehicles or simply to purchase a specific piece of equipment, ADIB’s finance schemes support ambition