Newsflash: Freeing-up UAE entrepreneurs to concentrate on business-critical activities
- Managing the onerous requirements of a complex legal & regulatory framework
- Meeting the demands of the various external stakeholders in the business
- Ensuring the outputs of the company’s own finance and administration
function meet the needs of the business
This squeeze is particularly felt by the UAE’s small and medium-sized enterprises (SMEs) that often do not have the ‘in-house’ resources to adequately cope.
Thankfully, there is a solution.
But first, let’s assess the extent of the challenge.
Law and Regulation
Even though the UAE is widely considered to be a business-friendly environment, the law and the associated regulation applicable to businesses is extensive. Whether it be at a federal level or individual emirate level, whether it relates to mainland businesses, free zone businesses or both, whether it’s industry-specific or applicable universally, regulation abounds.
There is well-established federal legislation, and associated regulation, that applies to mainland companies on such matters as corporate governance, employment, bankruptcy, taxation, HSE, GDPR, the protection of workers, consumers and IP rights and anti-money laundering. Free zone companies, on the other hand, are governed in part by this federal legislation and in part by the legislation of the free zone authority in which the business is established. The extent to which free zone authorities self-legislate varies from free zone to free zone. DIFC, for example, is exempt from all UAE commercial and civil law, having its own laws in this regard, but subject to UAE criminal law.
Finance and Administration
So, what is the solution?
Who we are?
Re/think is a boutique outsource and advisory company providing client-focused services in tax advisory, accounting, human resources, and business advisory.
We specialize in assisting clients with cost-effective, high-quality services and solutions.We create value by investing in highly qualified and motivated people and working closely with leading industry partners to provide our clients with a one-stop-shop for all their business support needs which is tailored to suit your individual requirements.
Neil Guthrie Director of CFO and Advisory Services