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Proven Tips To Grow Small Business
Business 2021-10-19 From: Mr. Abbas

A big business starts small. Growing a small business is very essential to make it a large enterprise. If you are struggling to grow your small business, carry on after night day comes.  The truth is, free your mind and think about growing your business. Definitely, you will find the easy and effective way and make more money.  To make 5, 6, 7, etc figures of business, there are plenty of ways but all are not perfect for the business, select only that strategy that can really impact your business.

We all know the customer is king. If your business product and service are adding value in the life of customers then you are on the right track, if not then you have to work to identify consumers’ needs so that your products or services are liked by them. 

Mostly business owners make one common mistake that they think for the short term, not for the long term. Every business owner should think for the long term. If you think then you will accomplish your business goal.

Today we are going to share some proven tips that may grow your business. All tips may apply to any nature of the business but we suggest you consider every single tip seriously then implement it in your business. 

  1. Understand Your Customers - when we need any product or service, we go for that which adds value and fulfill our need.

    Work on your potential customers to identify their behavior and need towards your product or service and develop the product that fulfills their needs. You should consider the customers’ insight by personalizing your product and then you can embolden them to get feedback.

  2. Customer Service - Your customer service should be extremely good. If the customer needs any assistance they can contact your customer care executive easily. Good customer service is another good aspect to gain consumer trust and belief and same for the customer.

  3. Take Care of Existing Customers And Find New Opportunities - You should have a plan for your existing customer so that they will not go anywhere else. Stay in contact with them by email, phone messages, etc., and provide them regular updates about products, events, news, and etc.  At the same time, you can also make a consumer base and also make a perfect balance between caring for existing customers and finding new customers.

  4. Industry or Network Events  - Attend every event related to your business. It allows you to make new good contacts with people for your business and they can give reference of your business goods and services to other people. As per survey, attending events boost the company's goodwill and become a good source of good quality for the customers.

  5. Social Media -  In this digital world, old to young all stay active in social media sites that is why social media is becoming a powerful online platform to promote business. By using social media you can meet and grab your customers and also get feedback about your company and goods & services. Social media websites like facebook, instagram etc provide us tools to identify the right audience and target them locally and nationally. Social media helps you to build a good business profile and increase profit.

  6. Host Events - Businesses should host events either offline or online. Own events provide opportunities to identify more about the customers, attract new customers and boost your business profile as well. 

    Hosting offline events is expensive, not every small business can afford it but online events are not expensive. If you have no budget then you can go for online events.

  7. Online And Offline Community - Community is a place where people ask the question and people give answers who know about that. Joining a community is also a good way to grow your business and good for making relationships with new people.

  8. Calculate What Works and Refine Your Work Strategy - Small Business owners should monitor how your current strategy is going and how we can refine it. In this, we should focus more on where the customer comes in good quantity. A marketing strategy does not deliver constant results; they need some changes as per human behavior, political change, change in government law, etc. Refine your strategy timely and also keep separate strategies for online platforms and offline places.

 

Based on our experience we have shared these tips to grow business. By using these tips we have developed our business. If you need any consultation regarding business growth, accounting, auditing, and taxation, our experts are ready to give assistance to you. Contact us now and get free consultation.

 

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Challenges That is Faced By The Payroll Accounting Team
Accounting 2021-10-19 From: Mr. Abbas

Payroll is one of the long-term and boring processes which is required for any kind of business. Due to long-term and boring processes, many business owners don’t prefer to spend their time on the payroll process. The payroll process is one of the detailed work that helps the company in comparing the numbers easily and effectively but it’s a time-consuming process. Generally, companies assign this work to HR (Human Resource) or the accounting department to turn down the company cost. If the HR or accounting department has no adequate skills and knowledge about it then they will deliver ineffective results in payroll.

 

What Is Payroll Accounting?

As per the accounting books, the Payroll Accounting process is an important process to calculate, employees’ compensation analysis, management, and recording.  Payroll accounting is managing and tracking employee compensation like money. In this, we use financial journals to records transactions and cash flow. The payroll entries fall under the ledger to sorts all information of the finance. We add the following things in employees’ compensation.

  1. Gross wages, salaries, commissions, and bonuses.
  2. Employer fringe expenses.
  3. Withholding of salary, insurance premiums, and savings plans.
  4. employee taxes and Withholding employer. 

Common Challenges that are faced by the payroll Accounting Team

  1. Delay in Making Payments - Payroll is a good time-consuming process which is required the best level of accuracy and very less error for the calculation. Many companies delay the payment of the employees because either they have a manual payroll system or have no specialized person to manage payroll accounting. Delay in employee payment demotivates them and affects morale also.

  2. Increase Burden - As we mentioned above that most companies don’t have a specialized department or team for payroll. Then it’s obvious that it is handled by the finance department who is already busy with their primary obligations. The team of finance department can’t able to perform any activity properly and feel pressure and burden of the work. The ultimate result, the payroll activity is not performed perfectly.

  3. Old Or Traditional System - Traditional payroll accounting systems focus on the manual payroll system. In this, we have to deal with lots of papers that make us feel bore.  We also have to meet with lots of errors and also difficult to share any kind of report and information within an organization. It’s also complicated to maintain a backup.

  4. Difficult to Compliance With Laws & Rules - It’s very critical for businesses to comply with government rules and regulations.  It is important for the company to have awareness about the tax law, government rules & regulation so that payroll team or performance calculate the wages and salaries and perform the other related activities on that basis. If the company does irresponsibility in payroll then it may get a large amount of plenty or fine.

  5. Secret And Privacy Problems - The data breach is also another critical issue that is faced by the company. The process of payroll keeps the lost information about company workers and employees like personal details, bank accounts details, etc. If any kind of data is stolen, then the company may get extremely harm like payroll financial malpractices, frauds, etc. An organization should apply the strict privacy policy to avoid this.

How Risians Accounting Can help you?

Risians accounting is a group certified team of chartered accountants who has decades of working experience in accounting, auditing, taxation, etc. 

In Dubai commonly, businesses prefer to hire the best trained and experience person to get the payroll process managed. At risians accounting, we also offer effective customized payroll services. Our payroll expert and dedicated team perform the payroll activity in a perfect manner and fulfill the client requirement.

Well, when we need to buy or get any service or product we do research and get the consultant and quotation from a different company and then finalised the one among them. It’s right we also do this when we need any service or product. We are not saying to get service we just want you to add us also to your list. To get a free consultant regarding payroll and other accounting & finance feel free to contact us

 

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Top Six Business Opportunity In Dubai Business EXPO 2020
Dubai Business EXPO 2021-10-11 From: Mr. Abbas

As we know Dubai is the fastest growing city in the world. Dubai Expo is the largest way to gathering in dubai. 190 countries participate in Expo that born the new business opportunity in dubai and also give birth to new business partnership opportunity. The opening of the Expo has born various business opportunities for every industry business. 

The first global expo will start on 1st Oct. 2021 and will continue for six months on 31st March 2022. It’s one of the advantageous Expo which will allow you to meet thousands of investors and customers.  The primary theme of this Expo is mobility, opportunity, and sustainability with the objective is to bring new innovative leaders into the world. 

In 220+ pavilions 190 countries are the representative in this Expo. It includes street festivals, stage shows, parades, musical concerts, and the taste of the different 200 restaurants.

If you are existing in business and want to start your business then you should get your Expo ticket. By visiting this expo you can start your business, grow your business and bring your business to an international level. If your business investor then you will get to see lots of business models that may double your investment. 

Well if you are looking for Accounting, Auditing, Taxation, Business formation, bank accounts, and other accounting related services in Dubai. Then Risians accounting is the best company for you. Because Risians Accounting believes our success is behind the client’s success. 

 

Ticket price of Dubai Expo 2020

The ticket price of the Expo is reasonable. You can get your ticket from the 2020 Dubai Expo Portal or via the authorized seller. The ticket price is zero for the students, children, teens upto 17age and senior citizens 70 age and above.

The ticket price is based on how many days you will visit at Expo. A day price of ticket AED95. A month multi-entry ticket price is AED195 and the six month pass cost is AED495. 

If you like to get a premium experience then the price ticket is AED1,750. It includes a guided tour, complimentary access to the B2Bapp, dedicated concierge, select preferred business event, and 20% discounts on food and beverage. To get in-depth details about the price visit the 2020 Dubai Expo Portal.

Top Business On Which You Can Think To Start.

 

  1. Hospitality Business - With the thousands of tourists, the hospitality service will be at a high peak. As  per the report, 27,000 hotels rooms have added additional by 2018 and is expected to reach 91,000 by the end of 2019, offering accommodation to 25 million tourists. This indicates that starting a hotel business in Dubai will be a workable business due to vast market demand.  We can easily see imagine the demand for the hotel will be high in the emirates. After the 2020 Expo, In the hospitality service, we can see dramatic changes. The aim of Abu Dhabi is to become a business hub of the hotel industry. 

  2. Travel Business - The Expo is expecting to attract 25 million tourists, which will take the tourism industry to next level. Starting a travel business In UAE is very easy you just need to get a permit from the Dubai tourism Authority.

  3. Food and Drinks Business - If t we will see a massive change in travel and hospitality services then it’s obvious the food and drink demand will be increased heavily. Food and drink option is also good business. according to a report released by KPMG. Expo 2020 Dubai has 200+ outlets of food and beverages in the 30,000 square meters area and 85,000 meals are served in an hour.

  4. Entertainment Business - Dubai is on track to see a paradigm shift in the entertainment industry. The gathering of thousands of people will bring a drastic change in the entertainment industry.

  5. SMEs Business - 2020 Expo is a pillar for the SME business, It will bring a big change in the SME business industry. As per the report, more than 90% of registered businesses move out to be SMEs. The business owners of the SME can focus on

    - Build up relationships with clients and customers
    - Seek a competitive edge for themselves
    - Build strategies to enhance the brand value etc.
    You can utilize the presence of the expo and take benefits to transform your business.

  6. Real Estate Business - As we know dubai property stay always in demand from worldwide people. If the business is the increase in the dubai then definitely the demand for commercial and residential property will be increased. The starting of real estate is also another good profitable business to start in UAE.

There are several businesses that you can start in the UAE as per your expertise. We have mentioned some businesses that are or will be profitable and demanding business in UAE.

 

 

 

 

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How To Register A Company In Dubai, UAE?
Accounting 2021-09-15 From: Mr. Abbas

Dubai is one of the famous business hubs and largest financial centers in the world. Dubai is a rapidly developing city in comparison to other middle east cities. The company registration procedure in Dubai is uncomplicated and easy.  But it’s required to know and understand all the procedure steps according to the law.

Company Registration In Dubai

Dubai is the prominent largest city or state in the UAE that allows foreign investors to set up their business in dubai. The Middle East has large extensive oil exporters in the world, apart from this, Dubai has developed the opportunities to ensure that there is regular development. There is no direct and indirect tax on living in dubai.

There is a special allotted area which is known as Dubai International Financial Centre (DIFC), not in dubai but also throughout the middle east. This area brings out the different forms of registration activities relevant to compliance.

When we come to foreign ownership company in DIFC, there is no form that restricts foreign ownership in the company.  Foreign businesses can have full ownership when the director and stakeholder of the company have registered in Dubai. As per commercial company federal law No. 2 of 2015. Outside Company jurisdiction has to obey the requirements of foreign investment. It means the company’s 51% ownership will be under resident of UAE.

With the company reference, the ownership aspect would be categorized on the basis of citizenship. It has a proper legal form which means 51% of the company is controlled by the local person. In 2008 from various sectors these investment restrictions were removed.

When we talk about taxation points, There is indirect VAT (value added tax) with a 5% rate imposed. In Dubai, there is no tax that is applied to the employees. In Dubai only a 5%  rate is applied on the product and service. These are the best employees working in Dubai that attract the foreign company registration in dubai.

Main Regulatory Authority For Company Registration In Dubai.

Its Registrar of the company and registrar can act as a unit of the authority to bring out different forms of compliance and registrations related to companies. Applicants of company registration can be the registrar of Companies.

Area Related Company Formation.

There are two types of areas inside DIFC and outside DIFC. 

  1. Outside DIFC - Companies may be incorporated outside the DIFC. As per Federal commercial company law No. 2 of 2015. A company that is outside the jurisdiction of the DIFC has to comply with the requirements of foreign investment. The company 51% is controlled by the UAE people. This includes the legal form to declare that 51% of the company will be controlled by the UAE nation. The restriction on foreign investment has been removed from several different sectors.

  2. Inside DIFC -  It’s the best suitable option for investors to determine company formation. This area has different benefits which include the company registration process. In this area, there is no restriction for foreign ownership in the company. Foreign shareholders and directors can control the 100% ownership inside the DIFC.

 

Advantages Of Doing Business In Dubai.

  1. Low taxes - In the UAE corporates are not the subject of the tax. There are no income taxes for all UAE residents. There is only VAT with a very low rate of 5%. Except for oil and gas companies and foreign banks.

  2. Dubai is the favorite location for business owners due to low taxes and lots of benefits. Business formation in the UAE allows businesses to easily and comfortably access the GCC countries, Asian Market, Africa, and Europe.

  3. 100% Ownerships - In the DIFC area, the UAE government allows 100% ownership for company registration. Shareholders and investors also have 100% equity shares.

  4. Rules and Regulation - There are no hard rules and regulations to run a business in dubai. Business can be run easily.

 

Disadvantages of Doing Business In Dubai.

  1. Local sponsor - To register a business in the UAE you need a trusted UAE nation sponsor. And the company 51% is controlled by the UAE nation. 
     
  2. Compliance Requirement - Every emirate has its own rules and regulations. UAE registered companies have to comply with the nation and emirates rules and regulations. If you register a business in the mainland then you have to follow mainland rules and regulations.

  3. In 2020 UAE introduced new rules and regulations for mainland registered businesses. UBO (Ultimate Beneficial Owner), shareholders, and directors new rules.

 

Business Registration Process In Dubai.

  1. Have to find a local sponsor which is mandatory to satisfy the Federal Commercial Companies Law No. 2 of 2015 (Companies Law).  The company is controlled 51% by the UAE nation if you are establishing your business outside the DICF area. If you want to set up your business inside DIFC then you don’t need a local sponsor. But finding local sponsors will be beneficial and after some time you can transfer the company.

  2. You have to go to the Department of Economic Development to reserve your business name and also pay the name reservation fee.

  3. Draft the article of association of the Company and draft the memorandum of association. The document will deal with the AOA and AOA will be downloaded from the company registry.

  4. After drafting, submit the drafting with required documents to the Companies Registry and the Department of Economic Development.

  5. Under the company registry, you will receive the incorporation certificate to carry out recommended activities. Now you have to select the license which is important to carry out business. Following license in Dubai

    - Professional licenses, includes  services, craftsmen, professions, and artisans.
    - Industrial licenses, includes industrial or manufacturing.

 

 

Required Documents For Company Registration In Dubai.

  1. NOC from the Sponsor.
  2. Business Plan.
  3. Application form of the Business.
  4. MOA and AOA which is duly notarized by the authority.
  5. Passports of the Managers of the Business.
  6. Bank Reference Letter for Each Shareholder.
  7. Passport of the Sponsor to prove that he/she is a UAE National.

Required document for the industry license apart from above.

  1. Copy of the Feasibility Study
  2. Information related to the Investor
  3. Existing Company Profile

Required Documents for Branch

  1. Copy which is attested related to the Certificate of Incorporation, MOA, and AOA.
  2. Passport Copy and Original Power of Attorney.
  3. Board Resolution of the Company.
  4. Three months bank statement related to the parent company.

LLC Company Formation Fee in Dubai.

 

 

License Fee For Services

License Fee For Trading 

License Fee For General Trading 

 

Sole Establishment

Civil Company

Limited Liability Company

Limited Liability Company

Trade Name Submission

AED 776.50

AED 776.50

AED 776.50

AED 776.50

Initial Submission Approval

AED 256.50

AED 256.50

AED 256.50

AED 256.50

Local Service Agent Agreement

AED 441

AED 4410

AED 650

AED 650

Virtual Office with Ejari & Tenancy for 1 year

AED 10,000

AED 7,000

AED 10,000

AED 10,000

License Fee

AED 8000

AED 9000

AED 13,000

AED 30,000

Total Dubai Company Setup Cost

AED 19,474

AED 17,474

AED 24,683

AED 41,683

 

Company Investors Visa  LLC Cost without medical health insurance.

 

Descriptions

Fee in AED

(Inside Country)

Fee in AED

(OutSide Country)

Entry permit

AED 1,180

AED 530

Change status

AED 675

-

Medical Urgent

AED 870

AED 870

Emirates ID (3 years)

AED 370

AED 370

Visa stamping Urgent

AED 930

AED 930

Total

AED 4,025

AED 2,700

 

Employee Visa  LLC Company Cost.

 

Descriptions

Fee in AED

Quota Application

AED 83

Quota Fee per person

AED 100

Quota Inspection

AED 500

Offer letter

AED 83

Work permit

AED 83

Labour Card charges - (Category A/B/C/D)

AED 1,500 / AED 2,103 /

AED 2,700 / AED 3,400

Entry permit Inside Country

AED 1,185

Change status

AED 675

Medical VIP

AED 875

Emirates ID

AED 270

Labour contract typing

AED 83

Labour contract submission

AED 83

Tawjeeh Training

AED 160

Visa stamping

AED 685

 

We hope this information helps you if you need help then you can contact us and also get our service.

 

 

 

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Accounting Standard For Private Companies
Accounting 2021-09-11 From: Mr. Abbas

Accounting is very important for the business. It aids the business in reducing expenses and avoiding unwanted expenses. A proper accounting system enables the business to give proper financial insight to the directors, stakeholders, Investors, and senior people. People are establishing their business in Dubai, UAE because of the tax-free system, state-of-the-art infrastructure, and various advantages in UAE that attract business owners to set up their business. As we know all accounting is a major part of the business and Companies also can’t run effectively without effective accounting. 

There are different accounting standards for the different industry businesses and develop the standard that will help the company to keep clear the future problems. Accounting standards also play a major role in enhancing the company’s goodwill. 

Accounting Standards and Definition

International Financial Report Standard (IFRS)

IFRS is an accounting standard that is needed to be followed by the company. The International Accounting Standards Board (IASB) and the IFRS Foundation accounting standard make financial statements understandable across the countries. This standard of accounting enables the different countries’ financial statements to be easily compared with each other to find new and better avenues of investments.

The IFRS specifies different kinds of techniques and methods of recording, defining, reporting, and maintaining and makes an accounting language or methods which is used all over the world and also provides consistency.

The IFRS Accounting standard is used by around 120 countries in the world. Countries companies are mentioned in the report that they are using IFRS standards in accounting. The United States of America and Canada don’t use the IFRS. Canada has their own accounting standard system and the USA uses the GAAP.

Generally Accepted Accounting Principles (GAAP)

Gaap is also a set of standards, accounting principles, and procedures issued by the FASB (Financial Accounting Standards Board). It is a combination of the commonly accepted method or way of reporting and recording accounting information and authoritative standards set by the policy board. GAAP provides and improves the clarity, consistency, and comparability of financial information.  GAAP makes it easier for the investors to analyze and check the useful information of the company from the financial statement.

GAAP is also used by many countries and developed by the International Accounting Standard Board (IASB) and Financial Accounting Standard Board (FASB). GAAP implementation requires good accounting service because it includes the revenue recognition, balance sheets, and outstanding classification of items and shared estimations for public disclosure.

 

Different Between IFRS and GAAP

Currently, For accounting communication globally more than 100 countries in Asia and the European Union are using IFRS. But the USA is still using GAAP. Canada has its own accounting Standard System. 

 

 

S.No.

Generally accepted accounting principles (GAAP)

International Financial Report Standard (IFRS)

1.

In GAAP accounting standards, Inventory reversal is prohibited.

IFRS allows the reversal of inventory in critical conditions of the business.

2.

Implementation cost is expensive

Development costs can be capitalized in IFRS.

3.

The USA uses the GAAP accounting Standard

More than 100+ countries use the IFRS accounting standard.

4. 

It is developed and introduced by the Financial Accounting Standard Board (FASB)

It is approved by the International Accounting Standard Board (IASB)

5.

GAAP supports Last In First Out (LIFO).

IFRS doesn't support Last In First Out (LIFO) 

 

International Financial Report Standard (IFRS) in UAE.

Securities and Commodities Authority (SCA)  and the central bank of the UAE have made the IFRS accounting standard the mandatory accounting system in UAE. The other various non-regulated bodies have to follow the IFRS. All the registered companies under Dubai Financial Market (DFM), NASDAQ Dubai (Formerly known as DIFX), or Abu Dhabi Securities Exchange (ADX) are required to maintain their accounts as per IFRS. Onwards 2013 all the legally listed companies in the Abu Dhabi Securities exchange have to submit the IFRS financial statement. 

 

All banks in UAE and even central banks need to follow IFRS accounting standards and publish financial accounting statements according to them. However, IFRS is not required for those companies that are not listed for various exchanges but implementing IFRS is considered a good practice of accounting. If you are thinking and wanting to establish a business in UAE or looking for the best accounting service for your business, you have landed at the right place. Risians Accounting and auditing is a leading accounting firm that is known for its quality and effective services. Risians Accounting has FTA-approved chartered accountant who has 30+ years of working experience in accounting, auditing, Business formation, and taxation that is the biggest reason for leading a firm in Dubai and also keeps us 1000 steps ahead from the other accounting firm. Make us helping hands for your business success and save hard-earned money on taxes.

 

 

 

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