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Any project starts with a business plan. This document is needed not only by the entrepreneur who plans the opening a new company, but also by his/her existing or potential bank from which he/she plans to get credit from.
Sometimes a business plan is made only to predict at the initial stage how profitable the enterprise will be. In other words, the document is essential if you are beginning business activity in the UAE.
Despite the fact that business processes exist according to almost the same system all over the world, everything should be done within the legal field of the UAE, and it’s important to note that the laws and rules of this country differ to what Europeans are used to.
A business plan isn’t just a written plan of action, but one of the key steps in founding an enterprise. And, without any doubt, it’s better if it is compiled by a person who has plenty of experience in this field.
While drawing up business plans, an integrated approach is needed which will help to take into account a range of factors and avoid the pitfalls and additional costs that a person planning to start a business in the UAE is not aware of.
The business plan contains the goals and objectives of creating a business, the possible ways and steps leading to their achievement, the forthcoming expenses and the planned income. In fact, it’s a project of an enterprise that still doesn’t yet exist, which includes all financial calculations, forecast options including a tax burden, a preliminary balance sheet, a description of possible risks and measures which will help to prevent them. When carrying out business activities in another country, local features and difficulties of doing this type of business are studied and taken into account.