S ETTING 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. — [email protected] 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 needs Comprehensive 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.