New Business Incubator by Dubai SME

Lavin Nalinababu, Business Consultancy

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HLB HAMT - Accounting Firm in UAE
Phone:- +971 4 327 7775
Mobile:- +971 55 160 1291
Email:- dubai@hlbhamt.com

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    Dubai SME has recently introduced a new business incubator named Bedayat, to promote entrepreneurship and innovation in the emirate. The initiative which has been launched in collaboration with the Sustainable City in Dubai will provide novel solutions to entrepreneurs and startups, helping them thrive in the area.

    The initiative intends to provide support and guidance to SMEs, encourage investment in latest technologies in Dubai, and create an ideal atmosphere for entrepreneurial startups. There are numerous other SME-approved facilities in Dubai and the current one, Bedayat, marks the seventh such initiative. Diverse variety of services, packages, and events are included in the scheme. This will enable entrepreneurs to compete in the local market and come up with innovative projects.

    The other incubators launched by the country has been successful so far; they have supported 50 incubated projects along with organizing numerous events that include training workshops and specialized programmes. Bedayat is another example that reflects on the efforts taken by the nation to promote entrepreneurship and innovation and this will contribute further to the accomplishments of the other existing incubators. It will help SMEs to develop innovations in the sustainable technology arena and convert them into commercial opportunities. Novel ideas in the fields of food technology, energy, water, building materials, transportation and waste treatment is another positive outcome expected out of the initiative.

    With the help of Badayat, entrepreneurs can meet business experts from diverse fields and engage in various training sessions. Success of projects are ensured by providing the opportunity to conduct research and experiments before applying them on-ground.
    The initiative aims towards a “smart ecosystem for creative entrepreneurs who believe in making cities more suitable and sustainable to live in”.

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    2020: Towards the next 50

    Jay Krishnan, Partner

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    HLB HAMT - Accounting Firm in UAE
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    Mobile:- +971 55 160 1291
    Email:- dubai@hlbhamt.com

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      The year of tolerance has come to an end and its time for a new beginning. This time the government of UAE has decided to take a different route, by developing a plan for the upcoming fifty years, instead of just one year.

      The year branded “2020: Towards the next 50”, will “involve all segments of the UAE society in shaping life in the UAE for the next 50 years and preparing for the country’s Golden Jubilee celebrations of 2021”. The UAE aims to implement numerous plans across diverse sectors that include economy, education, infrastructure, health and media.

      A committee will be created to develop a comprehensive plan for the next five decades. According to His Highness Sheikh Mohammed bin Rashid Al Maktoum, “50 years ago, the founding fathers shaped our life today, and next year, we will shape the coming five decades for the future generations.”

      The government emphasizes on working together as citizens and residents across all sectors towards the next 50 and make significant changes and raise aspirations.

      His Highness Sheikh Mohamed bin Zayed Al Nahyan said, “The UAE is about to mark a major milestone in its modern history as it approaches the Golden Jubilee with rising hopes and aspirations to strengthen its cultural position in the journey of humanity. With the willpower and unity of our people, we will work tirelessly to achieve our goal in making the UAE among the best countries in the world by the UAE centennial in 2071.”

      He further added, “In 2020, we will coordinate efforts, deploy possible resources and strengths and deepen our community partnerships to lay the foundations of a significant phase in the journey of our development. We will draft a new chapter in our economic, social and rapid development race. Citizens and residents who form our society are all active partners in building a developmental and cultural model of the Emirates of the future.”

      As part of the 2020 plan, the government is also planning to select a new logo that will represent the country for the next 50 years. Three logos have already been designed by 49 prominent Emirati artists and now it’s up to the public to select the best one among the three. His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has invited the public to take part in selecting the new logo.

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      Blockchain Strategies in UAE

      Vimal Ramachandran, Director

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      HLB HAMT - Accounting Firm in UAE
      Phone:- +971 4 327 7775
      Mobile:- +971 52 830 7998
      Email:- dubai@hlbhamt.com

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        Blockchain and artificial intelligence are the latest buzzwords in technology, that has the potential to transfigure industries. The government of UAE realizes the power of these advanced technologies and the impact it has in promoting innovation and development in the country. A series of strategies and initiatives to promote latest technologies are the by-products of this realization.

        The UAE government launched the Emirates Blockchain Strategy 2021 and Dubai Blockchain Strategy recently to capitalize on the technology.

        The Emirates Blockchain Strategy intends to transform half of government transactions into the block-chain platform by the year 2021.

        By embracing this technology, the UAE government expects to save:

        • AED 11 billion in transactions and documents processed routinely
        • 398 million printed documents annually
        • 77 million work hours yearly

        Another similar strategy related to blockchain is the Dubai Blockchain Strategy and it aims to make Dubai the first city fully powered by Block-chain by 2020 and the happiest city on earth. This will be made possible with the help of three strategic pillars, namely, government efficiency, industry creation, and international leadership.

        A global block-chain council was established by the Dubai future foundation to explore, discuss applications of the technology and organise transactions via the platform. The Council that consists of 46 members will facilitate transactions across diverse sectors and enhance efficiency and reliability levels.

        According to Marwan Al Zarouni, CEO of Dubai Block-chain Centre and member of the Dubai Future Council for Blockchain Technology, “The adoption of block-chain is so far very impressive and we currently have 40 projects in the pipeline in different sectors from both the government and private sectors. The new projects are piloted in new areas using artificial intelligence and the Internet of Things.”

        These initiatives will create an impact on the technology by allowing a significant reduction in time, effort and resources. Facilitation of transactions is at the convenience of people and is considered as secure with trust and transparency.

        Block-chain lacks a single point of failure. In addition to being efficient, the blockchain has other unique characteristics that make it a breakthrough innovation.
         

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        New Initiatives from Dubai Government to Promote Business

        Lavin Nalinababu, Business Consultancy

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        HLB HAMT - Accounting Firm in UAE
        Phone:- +971 4 327 7775
        Mobile:- +971 55 160 1291
        Email:- dubai@hlbhamt.com

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          In a sign of continuing investor confidence in Dubai and new opportunities arising across diverse economic sectors, the Department Economic Development in the emirates issued 2934 new license for various professional, commercial, industrial and tourism activities in June 2019.

          BRL also issued 250 instant licenses, which processed in a single step without the need for either the memorandum of association or an existing location for the first year while the number of DED trader licenses, which allows to conduct business activities on social media platform reached 219 in the same period. DED trader is an initiative aimed to license business activities on social networking sites.

          NEW FORMS OF LICENSE:

          DED Trader

          • An initiative aimed to license business activities on social networking sites. This is primarily to help business to promote their products.

          Businesses can promote their products through social networking sites, events and exhibitions, display in consumer point of sale etc. This also helps to protect trade name.

          • Businesses are also allowed to have bank facilities, membership in Dubai Chamber facilitating import and export. This also allows temporary employment services.
          • The cost of setting up the DED trader is very minimal.

          Instant license

          • Issuing the trade license in one-step without the need for either the MOA or an existing location for the first year only. The MOA and location to be submitted upon renewal.
          • This can be a limited liability company, one person LLC , sole proprietorship or a civil company.
          • Some of the activities would need external approvals.
          • Helps business to keep the cost low for the first year of operation. Helps business to establish.

          license
          INITIATIVE FROM DED TO EASE OF DOING BUSINESS

          Suspension of business activity under an expired license

          • This will help business to retain the license without penalty for non-renewal. The suspension of license will be for maximum of three years. The license free can be cancelled any time. No activity is allowed during the freeze period.
          • The business can renew the license anytime during the freeze period, however, the fees paid for freeze will not be returned.

          Mortgage

          • It is the process of mortgaging the license and the business office related to it or the partners shares in order to apply for a loan from one of the banks in UAE or for any other purpose that requires a mortgage certificate.
          • There are two types of mortgage, the mortgage of business office which requires announcement, and the mortgage certificate shall be issued. The mortgage of shared doesn’t require announcement, and a mortgage certificate shall be issued in respect thereof.

          CANCELATION OF COMPANY’S LICENSE THAT HAS BEEN EXPIRED FOR MORE THAN TWO YEARS

          Long term visa for investors without sponsors

          • The following categories are entitled to apply for a 10-year residence visa in the UAE.
          • Investors in public investments of at least AED 10 million

          The investment may take many forms such as:

          • A deposit of at least AED 10 million in an investment fund inside the country
          • Establishing a company in the UAE with a capital of not less than AED 10 million
          • Partnering in an existing or a new company with a share value of not less than AED 10 million
          • Having a total investment of not less than AED 10 million in all areas mentioned, on condition that the investment in sectors other than real estate is not less than 60 per cent of the total investment.
          • Persons with specialised talents.
          • This includes specialised talents and researchers in the fields of science and knowledge such as doctors, specialists, scientists, inventors, as well as creative individuals in the field of culture and art.
          • The visa advantage extends to the spouse and children. All categories are required to have a valid employment contract in a specialised field of a priority in the UAE.

          Eligibility for a 5-year visa without a sponsor:

          • The following categories are entitled to apply for a 5-year residence visa in the UAE.
          • Investors in a property in the UAE
          • The investor must invest in a property of a gross value of not less than AED 5 million.
          • The amount invested in real estate must not be on loan basis.
          • The property must be retained for at least three years.

          Entrepreneurs:

          • This category includes those having an existing project with a minimum capital of AED 500,000, or those who have the approval of an accredited business incubator in the country.
          • The entrepreneur is allowed a multi-entry visa for six months, renewable for another six months. The long-term visa includes the spouse and children, a partner and three executives.

          Outstanding Students:

          • Outstanding students with a minimum grade of 95 per cent in public and private secondary schools
          • University students within and outside the country having a distinction GPA of at least 3.75 upon graduation.
          • Long-term visa includes families of the outstanding students

          Residence visa to investors in Property:

          • Investors buying property for more than 1 million is eligible to get residency visa including the family members. The investor should have the title deed in the personal name and should also obtain clearance from Dubai police.

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          The Digital Future of HR

          Binny Broono, Manager HR Consultancy

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          HLB HAMT - Accounting Firm in UAE
          Phone:- +971 4 327 7775
          Mobile:- +971 52 830 7998
          Email:- dubai@hlbhamt.com

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            There has been widespread scepticism and fears that the integration of emerging new technologies like AI into an industry such as HR would inevitably lead to multiple job losses.

            However, that prediction was vehemently rejected by Binny Broono, HR manager at HLB HAMT, who believes the integration of trans-formative technologies like AI, Block-chain, Big Data and Virtual Reality will empower the HR workforce – and ultimately free them of mundane administration responsibilities.

            In a detailed and fascinating overview on the future of the HR ecosystem, Broono examines the role new technologies will play and attempts to project the impact the integration of AI will have on the industry.

            Broono explained that automation is universal, and its frontiers are ever expanding. However, the HR is very less aware of the potential – It is predicted at least 20% of the workforce will be automated in the future.

            The Digital Future of HRTechnology is transforming traditional HR functions such as hiring, training and benefits administration. And the execution of all this change demands a strong HR role.

            The ability to grasp and gain knowledge in automation will prove to be the cutting edge and distinction between those who survive and evolve in HR and those laid redundant or automated out of their HR jobs. The fear of automation replacing the jobs, especially automating the repetitive transactions is existent. However, on the contrary, more HR staff will be performing analytical functions and getting more involved with other organisational activities.

            Automation refers to the use of electric or mechanized processes to perform work without—or with intervention by humans. Most organisations believe that automating the HR activities is the role of IT however on the contrary the process owners will be the best person to implement the change.

            75% of the HR jobs can be automated as indicated by research, in consolation to the rest, more complicated jobs that require complex social interaction will and cannot be automated in the future. Individual employee and candidate at an organisation will be different and cannot have their needs met by an automated HR department.

            On the contrary computers cannot wholly replace human beings in the HR function but will eventually revolutionise the HR process. Like many aspects of cloud and business digitization, where tasks are taken away from us as humans, we are given more scope to direct our work in innovation and towards more creative endeavors powered by the new wave of technologies such as Automation, Digitization, ML and AI. The HR industry has developed efficient and data-driven operations solutions with predictable ROIs, an indication of the graduation of the role of the HR from an administrative and compliance department to key decision and impact maker.

            So, what has been the evolution in the last few years, and how are we equipped to face the 21st century?

            Technology has been the game changer, organisations continue to transition their core HR systems to the cloud and employ more AI-driven technologies to automate communication between HR and employees. The benefits of these tools—such as productivity gains, faster hiring or reduction of compliance risk. It is also told that the HR Function is the most vulnerable to be replaced by automation.

            It’s clear HR is undergoing through unprecedented changes. Don’t be surprised to see an increased demand for skills like Digital HR, design thinking, strategic workplace planning, agile working, diversity and inclusion.

            The Digital Future of HR

            AI will completely revolutionise HR”, says Broono

            I need to share two concepts. The first concept is difficulty, and the insight is that in order to transform your business with Machine learning (ML), you should think about goals that are challenging but not impossible.

            The second concept you need to use to assess ML use cases is specificity. Just like with difficulty, there’s a sweet spot between too open and too specific that allows teams to establish a heading but not get derailed by obstacles.

            The varied implementation of machine learning is evident in – chat bots that can automate screening, questioning, scheduling interviews, whereby drastically reducing time and manpower.

            Video screening powered by AI has the likelihood of identifying, analyzing body language and facial reactions.

            AI based screening and interviewing will negate the unconscious bias, stereotyping resulting in varied culture, merit based and skill-oriented interview.

            Virtual reality training with simulated training that are as close to real work, subtle situations, provide prospects in handling hazardous material training and critical situation simulation.

            Block-chain is also inevitable in incorporation of recruitment due to its immutability and accessibility, also reducing reliance on job portals.

            To conclude technology can help you to automate and streamline HR processes in the employee life cycle from hiring, on boarding, training, compensation and exit. As we take a leap towards the implementation of AI, careful strategy and a vision are perquisite for a successful implementation of board room plans. Implementing such technologies will have stiff resistance in face of layoffs, redundancy, fear, however on the upside, the long-term benefits are larger, and it is a worth exploring the avenue.

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