I am looking for an agent to market my upcoming game on the Mac, iPhone and Android platforms. I am also offering a French deal if you can sell into France. If interested please let me know!"
That was the note I received from someone called "Lloyd." After some initial investigation, it became clear that he had no previous experience in the video game industry and had gotten this far by taking advantage of a loophole in the French Tax Code.
Please note that I have no issues with Lloyd; he's using an open playing field to his great advantage. The problem arises when major corporations take advantage of loopholes without fully understanding what they're getting into.
Lloyd is based in the United Arab Emirates (UAE), a country that is quickly becoming a hotbed for entrepreneurs and businesses of all shapes and sizes. The combination of an open economy, low taxes and a pro-business government has made the UAE one of the most attractive places in the world to do business.
This is great news for legitimate businesses, but it also makes the UAE a haven for scammers and con-artists. I've had dealings with several businesses in the UAE that were, quite frankly, insane. Here are three of the craziest:
When it comes to starting a business in UAE, there are many things that you need to take into account. The process can be daunting, but with careful planning and execution, you can set up your business in no time. In this article, we will outline the steps you need to take to plan the perfect business setup in UAE.
Everything You Wanted to Know About Business Setup in UAE
Planning is probably the most important step you have to take when starting a business. You need to plan your expenditure, revenue and other details before you start a business in UAE. The planning includes knowing what you want to achieve with your business, how much money it would require and who will invest in this business. You also need to research the business climate in UAE and identify the right location for your business. You can also seek help from professionals who can guide you through the process.
Licensing and Registration
After you have planned your business, it is time to register it with the relevant authorities. In UAE, you need to register your business with the Department of Economic Development (DED). DED is responsible for issuing all licenses related to starting a business, operating and closing it. After you have registered your business with DED, you need to acquire some other licenses. Typically, all trading activities require a trading license from the municipality of the respective emirate. You also need to have an insurance policy to cover your business premises.
Financing is another important step in setting up a business in UAE. Most businesses require start-up capital, and this can be difficult to obtain if you don't have a good credit history or collateral. There are several options available to finance your business. Banks are the most obvious option, but you can also consider taking a loan from a family member or an investor. You can also apply for a loan from a financial institution. Most importantly, seek help from experts who can guide you through this process.
Setting up Business Premises
After all the planning and financing steps are complete, it is time to setup your business premises. If you already have a place in mind, make sure that it fulfills all the legal requirements for your business activities. You can select furniture depending on the size of your office, but try to get durable furniture that will last longer.
After you have started your business, it is time to hire the right people. This step requires careful planning and research. Make sure that you hire employees who are loyal and hard working. You can also consider outsourcing some of the activities to save cost.
The Business That Was Too Good to be True
I was contacted by a company called "Crystal Solutions" in the UAE. They wanted to license a game concept that I had pitched to them and promised me an aggressive royalty rate in return. The catch? They needed $50,000 up front and they didn't want to pay for any legal advice or contract review. Hmmm…
The Company That Took My Advice (And Gave Me a Royal Screwing)
I was contacted by a company called "Green Planet" in the UAE. They were looking for help in setting up their business and I gave them some advice on how to get started. A few months later, they sent me an invoice for $10,000. When I asked them why they charged me so