Working With Loss Adjusters: Strategies For Uae Home Insurance Claims – The United Arab Emirates (UAE) is one of the most business-friendly jurisdictions in the world, located in the middle of the world. This attracts businesses around the world to set up their offices in the UAE for quick access to the rest of the world’s central business hubs. The UAE happens to be a tax-friendly nation, as well, having specific laws and presenting a number of business opportunities. However, like other world jurisdictions, market entry challenges also exist in the UAE. This article lists the challenges of market entry in the UAE.
One of the main market challenges in the UAE is shared ownership and local representation. If a foreign entity wants to enter the UAE market, be it through partnership, franchising, regional distribution or opening a representative office in the UAE. Furthermore, even if a foreign entity wants to establish a limited liability company in the UAE, it must partner with a local representative and offer a share of the company’s ownership. This is the case in most business categories barring some, which has become one of the important detractors to enter the UAE market.
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Since every foreign entity is required to partner and share ownership with a local sponsor/partner, companies are required to designate one. The difficulty at this stage is finding sponsors or competent partners who are aware of local laws and are able to handle the company’s local operations efficiently.
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Foreign entities also need sufficient funds to run business operations smoothly. This requires capable investors who can finance the day-to-day operations of the business. Again, finding such capable people is difficult. Therefore, it is recommended that the foreign entity must have a complete fund management plan prepared for its long-term service or
In 2018, which introduced a value added tax to the tune of 5% on all goods and services, excluding the basic needs of food, health and education. Although the applied VAT is below 5%, the main pain point for businesses is to integrate VAT in their business model and get used to it, failing which they can face huge penalties from the government.
One of the main market entry challenges in the UAE is the difference in society and culture. Every foreign entity must be aware that the UAE is still a Muslim country and, therefore, must take into account Islamic traditions and cultural norms when introducing your products and services in the UAE. Differences also exist in terms of local holidays, cultural norms, working hours, public holidays, etc. Businesses must also be mindful of the social environment of the UAE to conduct business operations in the UAE market effectively.
To obtain a business license in the UAE, the business must have a registered address and a physical office. This makes it difficult for small companies to enter the UAE market. Also, the location of the Office plays an important role in the smooth operation of the company. Although the free zone provides affordable real estate options, the location and size of the office play a decisive role in the success of the business. This has major market entry challenges in the UAE.
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Foreign businesses should also be mindful of the linguistic challenges that exist in the UAE. While English is the standard of communication, the official language is still Arabic, and all contracts, notes and trade manuals written in English must be translated into Arabic. For translation purposes, businesses are required to find translators to translate documents into English and Arabic. Furthermore, most UAE residents are not very proficient in English and Arabic and most understand Hindi. Therefore, businesses need to understand Hindi to deal with such populations as well.
Foreign entities that bring their employees to the UAE must follow Visa norms and comply with the regulations of the General Directorate of Residency and Foreign Affairs and the Department of Human Resources and Emiratisation. Furthermore, foreign employees are also required to obtain a work permit in the UAE. Moreover, the UAE does not grant citizenship to non-Emiratis.
When setting up a business in Dubai, many residents are hired by foreign agencies. For any foreign entity to run its business operations in the UAE, a set of guidelines must be followed, which may be difficult for small entities due to lack of resources. Another task is employee management, which involves compliance with local laws and regulations related to payroll management, administration, language etc.
From the reasons mentioned above, it can be noted that the UAE has its own challenges. However, these challenges can be managed by the services provided by Professional Employer Organizations (PEO) and incorporation experts who offer services in setting up their clients’ businesses. To know more about the market entry challenges in the UAE specific to your business and how you can avoid them, get a consultation offered by global incorporation experts at.
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Every business either at the time of incorporation or at the time of growth must make a major decision to choose…
There are several ways in which an international business can enter the UAE market. Ideal market entry…There are several ways for an international business to enter the UAE market. An ideal market entry strategy is the most important component when growing in the GCC countries
, especially the UAE market. The ideal market entry strategy demands having a good understanding of the demographic structure, the different administrative systems and the logistical challenges of getting your product to the UAE market. This article shows about the definition of market entry strategy, its main constituents and the types of business vehicles used to enter the UAE market.
A market entry strategy is a business plan that contains the distribution and delivery methods of a new market ecosystem. It also includes designing, drafting and managing contracts governing the export of goods and services in desired foreign markets. An ideal market strategy outlines all the important specifications of the business objective, the overview of the desired market, the goods and services to be sold there, the projected sales and the means of achieving them.
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To be successful in making inroads in the UAE market, a customized market entry strategy is a prerequisite for every business. Some important constituents of an ideal market entry strategy are as follows:
Depending on the economic sector and the industry you want to enter, there is a requirement for a specific business plan that sets out the goals and projections of your business in the next five years. Suppose you want to enter the UAE market. In that case, your business plan should contain competitor analysis, proposed products and services, financial and marketing plans, cash flow and future sales forecasts for at least 5 years.
Before deciding the type of products and services you want to offer to the UAE market, extensive market research is required as the UAE is not a homogenous society. It is a melting pot of several nationalities from around the world. Due to their proximity and cultural ties, South Asians comprise almost 60 percent of the UAE population, while UAE nationals make up only 11 percent of the UAE population. Therefore, your product must meet the requirements and complement these cultural habits. Extensive market research in the UAE can help your business to:
Another important element of a market entry strategy for the UAE market is a good understanding of the laws and regulations that apply in the country to avoid landing on the wrong side of the law. Businesses must understand the laws that apply to foreign entities, tax norms, employment, etc.
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The most important part of a market entry strategy is choosing the right business structure for the needs and requirements of the business and industry. To choose the ideal business structure for your business in the UAE, you can take the help of a team of incorporation experts in the UAE, such as . Here are the business vehicles that can build a market entry strategy:
You can choose the option to open a representative office in the UAE to carry out your business activities. However, such offices are allowed to perform limited commercial functions such as marketing, research, promotion, branding etc. There is a mandatory requirement for the appointment of a local agent who must be a UAE citizen.
The most common way to enter the UAE market is by obtaining the necessary license to trade, which allows your international business to directly sell your products and services in the UAE market. However, this option can be quite expensive and a lengthy process for small businesses.
Another way to enter the UAE market is by forging partnerships with local entities
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