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Monday, May 20, 2024

Insights from a Business Setup Expert: An Interview with Imran Rashid

In this interview, we had the pleasure of speaking with Imran Rashid, the Founder, and Director of Virtue Corporate Services, a company specializing in business consultancy. During the interview, Imran generously shared his valuable insights on building a successful business, navigating the challenges of entrepreneurship, and how Virtue stands unique. With his exceptional experience and expertise, Imran Rashid has established himself as a thought leader in his field, and his perspective on business strategy and development is highly sought-after. Read on to learn from Imran’s experience and insights as he shares his valuable knowledge and business expertise with us.

Can you tell us about yourself and the team at Virtue corporate services?

Before entering the Corporate Services Industry, I accumulated more than 16 years of experience in Private Banking and Wealth Management across India and the UAE, working with multinational and local banks. During this time, I gained extensive experience in dealing with High Net Worth Individuals, Ultra High Net Worth Individuals, and Corporates, as well as a comprehensive understanding of banking, UAE regulations, and the business environment. This knowledge and expertise can be highly beneficial for clients seeking assistance with company formation, dealing with government entities, and setting up a bank account.

At Virtue, the team boasts several years of experience in the business setup industry and has aided numerous clients in establishing and expanding their businesses in the UAE. We thoroughly comprehend the local regulations, laws, and procedures. Moreover, we carefully listen to our client’s business requirements and assess them from different perspectives to ensure they encounter no issues in the future.

What are the key jurisdictions where you can help businesses set up operations?

Virtue Corporate Services can help entrepreneurs set up their businesses in Mainland, Freezone, and offshore jurisdictions. We are official channel partners of free zones in the UAE, such as IFZA, Shams, SPC, Meydan, Rakez, DMCC, Kezad, Jafza, and DWC, among others.

Why did you decide to start a business setup company in the UAE?

I noticed a significant rise in the demand for reliable, professional, and trustworthy business setup services in the UAE. Recognizing this need, I identified an opportunity to provide value to foreign investors looking to establish a foothold in the region.

Can you walk us through your process for helping clients set up their businesses in the UAE?

Our process for helping clients set up their businesses in the UAE is comprehensive and tailored to each client’s unique needs. We first thoroughly analyze the client’s business goals and requirements and then work with them to determine the best legal structure and type of license for their business. We also assist with obtaining all necessary permits and approvals, registering the company with the relevant authorities, and securing office space.

We provide ongoing support and advice throughout the process to ensure a smooth and successful business setup.

What sets your business setup company apart from others in the UAE?

We differentiate ourselves from other business setup companies in the UAE by providing a personalized and seamless experience for our clients. Our team takes a hands-on approach to each project, and we are committed to understanding our client’s goals and requirements. We also have a strong reputation for delivering high-quality and reliable services, and we are constantly looking for ways to improve and innovate our offerings.

We also have established relationships with local authorities and partners to ensure a streamlined process for our clients. Furthermore, we regularly review and improve our processes to ensure that we provide the best possible services to our clients.

What common challenges do entrepreneurs face when setting up a free zone company in the UAE? How does Virtue Corporate Services help them overcome such challenges?

Great question! With over 40 free zones in the UAE offering various packages for business incorporation, it becomes challenging for an investor to choose the right one for their business, and the team at Virtue helps clients overcome this challenge. Cheap free zone company formation packages often entice entrepreneurs.

However, such packages may have limitations and hidden costs that emerge after the company begins operations. Incorporating a business in an established free zone offers several advantages, such as exemption from value-added tax, zero corporate and income tax, 100% repatriation of capital and profits, and 100% exemption from customs duty.

Foreign investors may find it overwhelming to comprehend all the relevant UAE business laws pertaining to their business activities. At Virtue, we educate investors with up-to-date knowledge about the necessary regulations related to their business operations in the UAE.

Opening a bank account can also pose a challenge for a new business due to compliance policies. To assist entrepreneurs in opening their bank accounts, we help them build their profiles by showcasing their business experience and source of funds.

Connect with Imran Rashid on LinkedIn.

Find Virtue Corporate Services on LinkedIn & Facebook. Instagram

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