Top row (L-R): Rami Badawi, Amber Haque, Sergio Lopez, Tahir Shah and Tom Arnel. Bottom row (L-R) Yousef Al-Barqawi, Alexandra de Montaudouin and Emma Sawko.
Encourage the new
The UAE is a business hub, but if entrepreneurs are not likely to open up, there is a danger of becoming stagnant in what’s on offer.
Haque says unfortunately, there are not many institutional options available to budding entrepreneurs in the UAE yet.
She adds: “We understand there is an initiative at the federal level to support entrepreneurs of all nationalities in the UAE. Encouraging signs of support from the highest levels is an acknowledgement of the value entrepreneurs add to the local economy. For a long time it was all about the big brands imported from abroad. To a certain extent that is still the case, but we now see rising support for home-grown ventures.”
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Lopez says it would be interesting to set up a department specifically for start-ups divided by type of business as each industry is totally different in terms of legislation.
Badawi adds: “If I had one piece of advice for the Department of Economic Development it would be to come up with a licensing checklist that entrepreneurs can get off the website.”
Shah agrees and says: “I also would have liked a ‘cheat sheet’ which lists every charge you will have to pay when you set up. For example, I found out after I had paid up for my licence that I then had to pay an advance to auditors for the company, and that I had a limit on the number of staff I can hire.”
But an interesting point is raised by Shah and Al-Barqawi — it’s not just about home-grown versus international on a conceptual level, but on a financial one. International brands have larger pockets to dip their hands into unlike the independent ventures.
Shah says: “I wish there were layered fees for start-ups compared to other companies. For example, the cost of the licence is same whether I’m applying or Tim Horton’s is; I feel it, Tim Horton’s doesn’t.”
Al-Barqawi notes: “What would help a great deal is consistency with the application and enforcement of those laws. In other words, there should be a level playing field on which all concepts can fairly compete, rather than bigger, more financially backed ones taking advantage of their size and support in a way that no other small, independently launched concept can compete with.”
Montaudouin is positive as she says: “Each day, we were facing new challenges and had no idea of the timeframe when we would be able to operate. But with a bit of patience and a good business model, you get pretty much where you want.”
Is the UAE entrepreneur-friendly? It would seem things are picking up — it takes investors to look beyond the name, and for authorities to further streamline the process to make it easier for exciting new ventures to storm the country.
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