Tag: Set

Indian SMEs Set Their Sights on the UK Market

The United Kingdom (UK) is one of the leading export destinations for Indian small and medium enterprises (SMEs) across most industry verticals. This region is also one of the most favoured markets for small scale optical goods manufacturers and exporters. The eyewear market in the UK has witnessed a rapid growth over the past few years. This provides ample opportunities for Indian small and medium optical goods suppliers and exporters to reap maximum benefits.

The UK accounts for a substantial share of the total Indian exports. Textiles, readymade garments, footwear, gems and jewellery, leather goods, engineering goods, metals and optical goods constitute the chief items exported by India to UK. The India-UK trade figure touched £6,737 million in 2007. Strengthening bilateral relations has proved to be mutually beneficial for both UK and Indian SMEs across diverse verticals, including the eyewear industry.

Indian small scale optical goods Manufacturers and suppliers should further capitalise on the healthy trading relationship between the two countries to expand their business. There is immense scope for optical equipment makers and frames suppliers since the spectacle sector accounts for more than 63.2% of the UK eyewear market. Increasing their frames supplies and export of sunglasses can help Indian eyewear companies increase their market share in the UK.

In order to attract the attention of UK buyers, Indian companies must focus on adopting the latest technology in production of lenses, glasses, optical frames and magnifiers. Photochromatic lenses, designed using variable tint optics technology to protect eyes against harmful rays, are also in great demand in the UK market. Besides, stylish sunglasses, rimless frames and bigger acetate frames in vibrant colours are also in much vogue in the UK. Given the high level of fashion consciousness among people in the UK, Indian eyewear designers must focus on introducing bright, multi-coloured and attractive designs of sunglasses.

Small scale lens and optical makers can also introduce a wide range of lenses including single vision, bi-focal, multi-focal or progressive lenses, high-index lenses, polycarbonate lenses, anti-reflective coatings, tinted lenses and polarised lenses, which are much in demand in the UK market. Small and medium eyewear companies should focus on introducing improved optical goods keeping in mind factors like functionality, wearability, style, comfort and durability in order to gain a foothold in the UK eyewear market.

Why It’s Easier (And More Profitable) to Spend Money When You Set Up Your Online Writing Business

In the quest to make money as an online writer, it’s all too easy to fall for what I call false economies.

This is when you do something to save money but it ends up costing you dearly, in either time or money.

Where this happens most is with learning.

If you want to grow a sustainable online business, you first need to know how to do it, and this can cause you to stumble in 2 ways – buying nothing or buying cheap.

Buying nothing means exactly that.

You want to learn but you buy nothing you need.

Instead you waste your time surfing the Internet for free newsletters, free courses and free eBooks.

And while all these things will help, they won’t teach you everything you need to know.

Why?

Because no one gives away their best information for free. People go online to earn money and they can’t make money if they’re not selling something.

There are, of course, people online who earn money through advertising. Their websites don’t seem to be selling anything through the content, but they do make money from visitors clicking on the ads on their site.

But their content isn’t worth much because they don’t have saleable information.

Free stuff online is helpful, but the people who write it aren’t necessarily experts in their niche.

Likewise only using free software also has its downside because it will never be as good as the stuff you pay for.

Buying cheap is another false economy.

Just because something has a low price it doesn’t mean you’re getting a bargain.

For instance, I’ve seen too many people buy a computer based on price. They start searching by price rather than specifications.

But what’s the point of buying a computer that can’t do all the things you want it to?

When it comes to computers (or anything for that matter) you must look for exactly what you want first AND THEN worry about price. If you don’t have enough money, sell stuff you don’t need or cut back on buying non-essentials until you can afford it.

And if you need to buy a course that will teach you how to do something, then buy it and don’t waste time looking around for a “freebie” or something cheaper.

Likewise, if there’s some software that can help save you time, buy it.

I believe that my time is worth far more than money.

Not only that but I can get much more work done (and earn more money) when my time isn’t taken up with unimportant / slow tasks.

For instance, when I started doing a lot of affiliate marketing, I found it much easier to promote a product if I owned it myself rather than save money by not buying it and hoping and praying that it was a worthwhile investment for my customers, otherwise they’d never trust or buy from me again.

When I wanted to submit marketing articles to an article directory every week, I did a course in how to write articles quickly which not only helped me to write faster, but also showed me how to write better articles AND I went on to write my own course in writing articles in 15 minutes or less. So it was definitely a win-win situation when I invest in the article writing course because I quickly multiplied my original investment by over 1,000%.

And when I had too many websites to keep updating them all by hand, I splashed out and bought the mighty Adobe Dreamweaver Software, and boy does that ever speed up my online work.

I now also outsource jobs I can’t do or don’t want to do because it takes me too long.

I once wasted a whole week trying to edit an MP3 audio recording. I finally had to admit defeat and outsourced the job for $20 and a freelancer returned my edited file in less than 2 hours.

It left me wishing I’d simply outsourced it in the first place.

So if you really want to make a go with your new online business and keep earning money for years to come, AND leave more time for your writing, don’t be a false economising penny-pincher.

Requirements to Set Up Company in Myanmar As a Foreigner

To set up company as a foreigner in Myanmar, you first need to know a few things. For instance, you need to know about the different types of companies foreigners can set up. Myanmar offers two main options to foreign investors looking to register business entities in Myanmar. Business entities/companies which require substantial amounts of capital to start i.e. manufacturing companies, construction companies, mining companies, hotels and resort companies etc., must be registered under Foreign Investment Law through the MIC (Myanmar Investment Council).

On the other hand, foreign companies/businesses requiring less amount of capital i.e. $50,000 are required to register under MCA or Myanmar Companies Act. This act allows small foreign companies in sectors such as; services among other small scale sectors to register. Companies registered under MIC enjoy both non-tax and tax incentives. Such companies however require a huge amount of capitalization. MIC registered companies also require more documentation and more time to register.

Registration under MCA or Myanmar Companies Act

To set up company in Myanmar under MCA, one requires a minimum of two months to complete the entire application process. There are however available options to acquire temporary incorporation. It is therefore possible to acquire a temporary business incorporation certificate after a few weeks of filling an application to be incorporate. Once a foreign company is incorporated, a permit to trade is issued. This permit is valid only for three years after which it must be renewed for the foreign business/company to continue doing business in Myanmar legally. It is important to note that registering a foreign company/business under MCA requires some documentation. For instance, investors must present company financials, corporate structures, and director information among any other necessary documentation stipulated in the Myanmar Companies Act. Liaising with all appropriate government agencies is important to ensure that the registration process is smooth.

Foreign Ownership of MCA Companies

Under the Myanmar Companies Act, it is possible for foreign investors to own 100 percent of a company set up under the Myanmar Companies Act (MCA) or the foreign investment law (Myanmar Investment Commission). This however has implications. For instance, foreign investors can’t be able to set up/operate certain businesses i.e. education or trading businesses. It is also important to note that a Myanmar Company having one or more shareholders from foreign countries is considered foreign automatically except in cases involving joint ventures with the Myanmar government. Joint ventures with the Myanmar government are generally better for foreigners keen on reaping benefits such as tax breaks or tax holidays.

Capital Requirements

The minimum capital requirement for a foreign company set up under MCA (Myanmar Companies Act) is $50,000. It is important to note that half of the capital (in this case $25,000) must be invested in the company when the company is given a permit to trade or when a company is incorporated. The remaining amount must be invested one year after incorporation. Under foreign law investment or MIC, the minimum capital requirement is $500,000. Practically, companies may be required to invest more than $1,000,000 to be receive a permit to trade.

Basic Steps to Set Up a Business in Dubai

Are you thinking of starting your business in Dubai? Congratulations, you have chosen one of the best business ecosystems in the world for your new endeavor. Dubai is more than mere a city of architectural marvels- it is one of the most fertile grounds for new businesses. This is just one of the many things that make the commercial capital of UAE the best place to live and work. And as for starting up a business here, there’s no question that there’s a lot of potential to be tapped here in Dubai. So, if you are eager to set up your own enterprise, this article will help explain what you need to know and do to get your company registered and off the ground.

We have equipped this article with necessary links to guide you about the process and documentation required. Take a good look at the below before you kick off the actual process- the good news, though, is that on average, if you are ready with all required documents, it takes less than 10 days to start your company in Dubai. So, let’s start!

But before you start your legal formalities, you need to consider some elements required in the process:

Know your business

The success of a great business venture depends on sound knowledge of the local region, thorough research into the viability and demand for your product or service and a credible business plan that is likely to attract investment partners.

Yes you have a great idea, but is there a demand for what you are offering? What does your competition look like and what puts your business offering a notch above the others?

Select a Location that optimizes suitability, convenience, and costsAnother important step in planning a business startup in Dubai is to determine the most suitable location for the business. Setting up a profit-based enterprise in the city wouldn’t do you much good despite the growing economy if you’re customers or clients can’t reach you.You need to set up your business in an area that is most profitable for your business or most convenient to your business. A location in the right city can be selected for a shop or an office is most known for the type of product or service you are dealing with.

If you are planning a Free Zone company then you must make the selection based upon the criteria of distance, costs and if it is suitable for your product, business model, and trade requirements.

A tenancy contract must be concluded. If you’re aiming to start a small-scale enterprise, then the basic amenities, like telecommunication, storage, and space inside the establishment is the basic concern that must also be satisfied. Other services available in the commercial property can vary greatly.

Financial viability

Once you business is registered, the Ministry of Commerce will require owners to show proof of financial investment. If you are new to the region and have no track record, you must be prepared to find your own financial resources through your bank or by other means rather than relying on local support.

Once you have established the validity of your concept, from a marketability stand point as well as financial viability, you can now look at the steps for turning your idea into a booming business.

UAE Commercial Companies Law and Federal Law define seven basic categories of business organization that can be established in Dubai and the UAE. The requirements for minimum capital levels, shareholders and procedures for incorporation will vary with the type of business structure.

Changes to Foreign Ownership and Visa Rules Announcement

Anyone coming into the UAE as a professional or as an investor is typically granted a residence visa of two years, which is renewable. This has now been changed to a ten-year visa for investors and professionals in highly skilled fields such as engineering, medicine and science. Students will be given a special five-year visa, while those who consistently perform well and earn top grades will be granted a ten-year visa as well.

Another very significant change is in the ownership of companies.Businesses within the UAE are divided into two main categories: mainland businesses and freezone businesses.

At present, mainland businesses can be partially owned by expatriate entrepreneurs, but must have a UAE national as a majority shareholder in the company. Freezone companies, on the other hand, can have full foreign ownership and are subject to separate regulations depending on the freezone.

With the new regulations, every business, whether mainland or freezone, will be able to have 100% foreign ownership without the need for an Emirati partner.

Confirm your Visa eligibility and requirement

For a business startup in the UAE, a visa permitting you and employees to live in UAE is essential to run your business.

Visas are allowed for almost all businesses.

However, their number varies according to a variety of criteria such as the size of the office, nature of the business, the category of the employee or the investor.

Documents Required for LLC

Investor’s passport copy

Local Sponsor’s passport copy

Manager’s Passport copy

Registration application form from Economic Department

Trade name reservation

Initial approval from Economic Department Tenancy contract for the Office/warehouse or showroom attested by planning department and civil defence department of Dubai municipality along with location plan.

Memorandum of Association duly attested from public notary.

Documents Required for Professional firms

Parent Business formation certificate duly attested from the UAE embassy in the home country of the parent organisation.

Board resolution for establishing a branch and to appoint the manager for the same

Attested copy(from UAE Embassy) of organisation memorandum / articles of association

Financial statements for the last two years

Local service agency agreement duly notarised in the UAE courts

Passport copy of the local service agent

Passport copy of the Manager

Company profile

NOC letter in favour of the Manager from the sponsor, if he is a resident of the UAE

Company Registration in Dubai, UAE

Businesses of any category operating in the UAE must have a license for registering into the business network of the country. Company registration in UAE requires a trade license and permission from different law enforcement agencies and the state government for setting up your business. Company registration in Dubai for businesses like financial services, food, health services, printing and publishing requires a lot more clearance than any other business.

Company registration in UAE falls into following three categories depending on the nature of your business:

Company Registration in Dubai, UAECommercial License – This license is issued to those companies who are just looking for trading business activities.

Industrial License – This license is for those companies who will engage in manufacturing or other industrial activities.

Professional License – This license is issued specifically for different service providers, artisans, craftsmen and other professionals.

For the company registration in Dubai, the Department of Economic Development (DED) of UAE issues the required licenses.

Get a License Notification

There are many complex requirements associated with the issuing of the business license. The company registration in Dubai for financial services must need the approval of the Central Bank of UAE. The license for the manufacturing companies requires approval from Industry ministry of UAE. Similarly, the medical service providers require approval from the Health Ministry of UAE.Once the necessary documents are obtained and formalized, the initial application process will begin at the relevant issuing authority along with registering the company’s formal name. This crucial stage paves the way for clarification of the final fees and the final acceptance of the company’s proposed activities.

Hire a registration agent to take you through the process of business startup

Hiring a business advisory firm to register your business startup may be your best option.

These consultants will not only hold your hand right through the setup process but will also actually register the company for you. And will help with opening your bank account, arrange for an auditor, do your renewals and offer you nominee services.

You may find their expertise in dealing with the local government bureaucracy and with Free Zone Authorities to be of great help in planning and itemize your business startup costs.

In most cases, these firms offer a team of experts to plan out your company registration from scratch – this includes the strategies you need to follow in order to smoothly set up your business, itemizing potential costs, offering licensing and location options, coming up with solutions for potential business hurdles, and so on.

Also, they will take care of all the necessary requirements to help you to have your business registered legally with minimal problems on your end.

If you are looking for trading in any of these industries in Dubai or any other, then we can give you the best advice for your company registration in UAE. For more details visit: http://www.namaccountants.com/ or Contact us: 971-558876440

How One Can Set Up a Prosperous Firm of Import Export in India?

Selling products or commodities in the global marketplace is actually a great prospect for the growth of the business. There was a period when it was really tough for people to set-up and run the firm of Import Export in India. Making your service or product famous in the world was an expensive and long process. But through the virtue of the internet, import export has been made stress-free. The Indian export and import business significantly enlarge the market for your products by offering lots of opportunities to work with customers all across the borders.

After so many years, operating the global trade business is still the biggest challenge for entrepreneurs. The global trade is the other word for import-export business. This kind of business deals in exchange for services, products, technology and so on to all around the world.

Today’s article explains how one can set-up his/her business of Import Export in India. First of all, we look at the documents compulsory for establishing a global trading business:

 IES number: Import and export code

 CST registration: Central sales tax registration if products are being moved across diverse states.

 TAN: Tax deduction account number

 Bank account on the name of your firm

 PAN Card

Steps to begin the business of Import Export in India

• Business Planning

Your primary step should be deciding the future plan for the firm. The proper business plan assists in the smooth working of the business. The proper planning includes some steps that have given below:

1. Selection of goods: First of all, you need to choose the kind of goods you’ll deal in the business of export import India. Goods can be related to fashion, handicrafts, consumable and many more.

2. Selection of clients: Next, you have to find people to sell your products. Finding clients in any state or country where the company runs is quite easier. But it becomes difficult when it comes to the global trade.

• Registration

One’s next step should be registering his/her company as a single entity. You can simply register firm either as an LLP, partnership, sole proprietor or a firm depending on the investment and number of owners in the company.

• Get IEC

Then, obtain import export code (IEC) that has ten digit numbers issued by DGFT (director general of foreign trade). The business of India import export cannot be accepted without IEC.

• Other crucial documents

Here are listed few other documents that one need for the firm like docs for taxation. These docs have mentioned below-

1. VAT code- stands on Value Added Tax collected by the seller from clients for consumption of goods or services.

2. CST- is another tax for selling products from one state to another.

3. TAN- It is an alphanumeric number issued to people for tax deductions on the basis of tax payment made by them.

• Appoint a Custom Clearing Agent

Any firm cannot operate all the functions involved in the functioning of the import and export business. Therefore, it is required to hire a custom clearing agent who will be responsible for inspecting payment of taxes and the functioning of import procedures. That person has to make sure that there are no issues in the process of import-export.

• Use your own cargo forwarder

There are a lot of things happen while arranging global shipping. Any seller cannot handle all of these things alone. Having a great cargo forwarder service provider is required to decrease pressure on the seller as well as save time. Any cargo forwarder company or person works as an agent that manages the shipping and storage of products on the behalf of sellers. A cargo forwarder works as an intermediate among seller and several transportation services.

To run a successful business of Import Export in India, you have to give attention to all its aspects and you also need to have a pronounced head for shaping different things.

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