Dubai: KEL Presents Fourth Mentoring Session

By Naveen Frank - Daijiworld Media Network Dubai

Dubai, Jun 11: The fourth mentoring workshop conducted by the Kanara Entrepreneurs Ltd (KEL) got underway at the India Club, Dubai , Sunday evening. A large number of KEL members and invited guests were present on the occasion.  KEL is a global, non-profit, mutual-benefit corporation founded by successful entrepreneurs to encourage, support and nurture entrepreneurship in individuals originating from the Kanara region. While fostering entrepreneurship amongst the expatriates from the Kanara region based in the UAE, KEL aims to expand its activities overseas through affiliations with individuals or associations with similar objectives.

 The theme of the workshop was ‘Company Incorporation Laws in U.A.E’ . It was open to all interested in understanding the various issues in setting up and managing companies in U.A.E. There were two keynote speakers for the evening.

Bashir Ahmed, Partner, Afridi & Angell an international law firm with offices in the UAE, summarised the various options that are open to entrepreneurs who are aspiring to establish businesses in the UAE. He clearly pointed out the major difference in the licensing of a business in the UAE when compared to other parts of the world, is the establishment of the business premises. This will have a significant added cost to the business.

He highlighted the options that are available for expatriates to open up businesses in the UAE. He partially spoke about   Free Zone companies and elaborated in detail about onshore professional and commercial businesses and the Limited Liability Companies (LLC). He clearly spelt the advantages and disadvantages of each type of business and also spoke about the protection involved on each of these different arms of businesses.

Ahmed was of the opinion that an LLC company would be the most appropriate one to business with. An LLC company would allow you to trade with no restrictions. Even  if there is a local sponsor , one could have full control of his business  and  there will be no threat as far as the profit sharing is concerned. But he also listed the negative impact it could have on such a business. There has to be a minimum capital that has to be made available and a local sponsor is a prerequisite.

James Bowden was  the second keynote speaker . He is a Canadian lawyer and is specialized in areas of Mergers and Acquisitions, Corporate and Commercial aspects of the law. He spoke in detail of the Free Zone companies of the UAE. He highlighted on the commonalities of all free zone areas of the UAE.  James pointed out the strong points and said that the risk in a free zone company was minimal. It could be fully owned by one person without a local partner, avoid duty and taxes. But he also warned of the weaker side of such a business. One will not be able to expand his business to an area outside the free zone. Also, it is likely that free zone companies are taken lightly by financial institutions and banks, thus making funding difficult. 

A question and answer session followed. A good amount of relevant questions were answered and doubts clarified.  The audience then broke up into groups to share and seek advice on the practical aspects of running a business in the UAE.

Gautam Sen Gupta, President , TiE  was the Guest speaker. He explained what TiE was all about. It is The Indus Entrepreneurs also known as Talent Ideas and Enterprise. It is a global non-profit network dedicate to the advancement of entrepreneurship. TiE was founded in 1992 in the USA and has presently 50 chapters worldwide.

Gautam praised the involvement of women entrepreneurs. He lamented stating that the efforts and success of women entrepreneurs goes unnoticed. He highlighted the different programmes TiE conducts round the year and he urged more people to become members and take advantage to the full.

Earlier Charles Dsouza, the Master of Ceremonies of the evening welcomed the gathering. He also introduced the guest speaker Gautam Sen Gupta.

Ivan Fernandes, President KEL invited the keynote speakers to the dais and also introduced them to the audience.

The event director Mark Denis Dsouza presented a memento to the keynote speaker.

Henry Dsouza while proposing the vote of thanks, specially  thanked the two main speakers and he hoped that all benefited from the workshop.