As a result of all above noted
factors, investors from all over the world are being attracted to Dubai and
resultantly the state has seen a fabulous growth in a number of businesses both
small scale to giant multinationals. In order to survive and grow in fiercely
competitive markets of Dubai, companies are increasingly focusing on their core
business functionalities and are outsourcing their support functions. Dubai has
witnessed an immense growth of outsourcing companies in the recent past.
The businesses in Dubai aim to
gain expertise, cost reductions, and the benefits of cutting-edge technologies
by outsourcing their support functions like HR, accounting, VAT implementation,
IT solutions and organizational planning etc.
Outsourcing is a great
contributor to Dubai’s economy both in terms of its fabulous profits as well as
a great boost it is providing to client businesses in enhanced performance.
According to a report released by IDC (International Data Corporation), the
outsourcing sector is enjoying an amazingly high compound annual growth rate of
11.2 %. The report titled as “UAE outsourcing market outlook, 2016-2020, also
reveals that BPO or Business process outsourcing revenues in UAE are estimated
at US$ 877 million which will reach US$ 971 million in 2018 and US$ 1.195b
billion in 2020. This is for sure an amazing growth for any business sector.
Even the Dubai government
approves and supports outsourcing. It has offered an amazing business park
called as “Dubai outsourced city” or DOD. It is dedicated for outsourcing
companies in Dubai which enjoy 100% ownership, foolproof security, quality
networking, and top-of-the-line infrastructure.
Mr. Ammar Malik the executive
Director of DOC describes the following three factors for its success.
This trend is very evident in the
outsourcing industry and, companies are now embracing innovative technologies
like AI (Artificial intelligence), blockchain, machine learning, and virtual
reality in order to provide highly viable and effective solutions of businesses
in critical areas of financial management strategic planning and information
technology.
UAE, in general, and Dubai in
particular, across the board companies are seeking process automation because
of the speed and reduction in costs. Since the biggest chunk of business houses
relate to SME’s, which are tight on budgets, this phenomenon is now dominant in
all of Dubai’s markets.
All outsourcing companies in
Dubai are now focusing on this aspect and are equipping themselves with
required skills.
In Dubai, the business entities
are increasingly building relationships with outsourcing service providers.
They are doing so with a special emphasis on enhancing skills levels of their
staff and filling their gaps in critical skills and core competencies. Another
area of their focus is developing efficiencies in order to cost minimization
which is now a critical requirement of every company in Dubai. Innovation is
another important factor behind these partnerships.
So, outsourcing companies in Dubai are helping lower the burden of companies and due to it, companies can get a chance to get a versatile team to work for them. Another benefit of outsourcing which companies have is that they don’t have to hire someone for fulltime, they can hire on contract bases and once the task is completed the contract ends. And this methodology helps companies save hundreds of AED. If you are looking for an outsourcing company in Dubai, Apex Business Centre can be a good option for you as they have experts from different fields who can help you with business plans, VAT, tax, accounts, etc…
]]>In UAE, it is mandatory for companies to keep the account
books of the previous 5 years. Besides, the directives for value added tax VAT are
also in effect from 2018. These requirements necessitate that every business
has an effective accounting function that adheres to all regulatory compliances
and requirements of GAAP (Generally accepted accounted principles) as well.
An array of accounting services in Dubai is offered by
accounting services firms, some of which are given below:
As pressure from competitors is on an ever-rising trajectory
in Dubai, companies in order to survive and grow now focus more on their core
business and prefer outsourcing support functions. The accounting is among the
most outsourced business activities in Dubai following global trend. The
businesses reduce costs, save time and achieve latest technology benefits from
the firms having expertise in accounting and bookkeeping. Let’s discuss some of
the major benefits these accounting services companies offer to their clients.
The new UAE tax regime makes it mandatory
for every company in Dubai registered at FTA (Federal Tax Authority) to upgrade
their accounting system to make it more VAT compliant. Every company is also
required to file VAT/tax return on a periodic basis. The period of filing
return will vary from company to company depending upon nature of business.
Instead of keeping an in-house accounting function
and spending lot of money on system’s installation, its maintenance and
upgrading, the companies seek accounting services in Dubai of accounting firms
who look after these matters professionally.
By outsourcing accounting functions, the
businesses achieve great cost-effectiveness, because they no more need to hire
professional staff and incur costs for salaries, fringe benefits, training and
occupancy related expenditure for providing space.
Accounting service companies keep
themselves updated in terms of latest technologies and innovations, in order to
serve their clients well and grow their own businesses. Thus client companies
reap the benefits of all advancements in technology without much ado.
There are several cases where Companies,
which have an in-house accounting function, make a wrong choice of getting a
technology or software which proves to be an in-appropriate selection, after
having installed. This is the reason why companies now leave the function of
fulfilling their accounting needs to specialized accounting services, who know
by expertise which technology to use and when to upgrade it.
The expert team of chartered accountants and
certified public accountants of accounting services in Dubai are especially
trained to assist businesses making timely and wise business decisions through
their meaningful reports.
There are different kinds of business consultants who have
their own specialties. Some specialize in industries like health care and
technology and some might specialize in a specific problem related to
operations or problems for a certain type of business. Apex Business Centre is
a company helping mid-size and small business owners in Dubai. They help
business owners in growing their business.
Here’s why you should hire a business consultant for your
business growth:
You might be excited about starting your own business but
you might not know what things you might need for starting your business. To
tell you and to help you with your business there are business consultants out
there. They help you with suggesting the best lawyers and what accountants will
guide you best. They help you find out that what entity type is best for your
business needs and goals.
You might have lots of business plans in your mind but their
execution might be difficult for you. For this business, consultants are there
to help you. You might make mistakes when starting your business, for that
consultant help you figure out your options and form a solid execution
strategy. It can get frustrating while managing financials, operations, and
marketing of your business project on your own. Business consultants can help
you in meeting your business and personal goals by putting you on the right
track.
A businessman who has been in the business for quite long
and might be experiencing rapid growth. But if they don’t know how to keep up
with it and if you don’t implement right tools and strategies, it might put
your business in heavy loss. A business consultant serves you as a manager and
saves your time by preparing a formal business plan to take to investors and
banks. They put your financial modeling and market research together for
bankers and investors while you focus on your business’s day to day operations.
Business Consultant in Dubai are the problem solver for any businessman who is planning to start a business in Dubai. They help you cross the hurdles when you get stuck in a problem. Business owners often come to consultants for different problems like when they can’t figure out what kind of funding would be the best fit for the growth of a business.
These were the major issues that are usually faced by business while they are setting up their business in Dubai. Apex Business Centre are among the best business consultant in Dubai. They understands these problems and are always there for assistance. They will not only guide you with best business solutions but will also take care of all your legal paperwork. Hire them today and see growth in your business.
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