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July 5, 2020 by admin

Top challenges of doing business in Mauritius

Mauritius is one of the most developed countries in Africa thanks to its free market policies and attractive tax regime, but doing business can be challenging without having local help on board.

With one of the highest GDPs in Africa, Mauritius is an economic stronghold nestled within a burgeoning continent. Built on liberal economic principles, the country is renowned as a favourable investment destination on the world business scene, ranking in first place across most indices in Africa, such as the Mo Ibrahim Index of African Governance and The Wall Street Journal & the Heritage Foundation Index of Economic Freedom.

Manufacturing is the dominant sector in Mauritius, and with a large, young and well-educated workforce, companies find the island economy to be an ideal base for expansion. Successive governments have improved the attractiveness of Mauritius as an investment destination, and it is now viewed globally as a robust, diversified and innovation-driven economy which is conducive to business growth.

But despite the many appeals of expanding or setting up a business in Mauritius, the complex tax, legal and regulatory environment can be difficult to navigate without the help of local personnel.

Here are some information regarding business setup in Mauritius that’s will be helpful for establish a new business:

Starting a Business

Newly-formed companies are required to register and incorporate the business before searching for a company name online. Once this procedure has been completed a license fee and registration with the Social Security Office is also required.

Dealing with Construction Permits

Because of environmental considerations, applying for construction permits can be a long-winded process. There are several government authorities which must be consulted, most of which will be required to carry out inspections before any work can begin. Once all of the relevant departments have been contacted, an occupancy permit will be issued by the Ministry of Local Government.

Registering Property

A notary is required when registering property and a land surveyor is also needed to prepare new plans of the building. Once the sale is completed, a signed deed for the registration and transcription can be deposited, finalising property registration.

Paying Taxes

Tax rates are very competitive in Mauritius, although they can be rather burdensome. There are seven payments to be made each year which take an average of 161 company hours to file. Employer paid contributions to the National Pension Fund (NPF) is among the most time consuming aspects, as well as corporate income tax – flat rate of 15% – and VAT, which is charged at the same level.

Getting Credit and Protecting Investors

Although there is no private bureau coverage, Mauritius ranks well on all other indices tracked by the World Bank and International Finance Corporation (IFC) for ease of getting credit. It also performs well across the board in terms of investor protection.

Trading Across Borders

As an island economy, international trade is a crucial component of business procedure.

The cost of exporting and importing goods is very cheap, although it can take some time for goods to move across borders.

Enforcing Contracts

It takes over two years to enforce contracts and requires navigating 36 procedures. Filing and service can take almost a month to complete, before the lengthy judicial process can begin.

Culture

Mauritians prefer formal business relations and are more concerned about the details than becoming friends with partners. Business cards, brochures and price lists should be used, and be sure to be punctual in meetings. There are often an array of specialised positions and departments within the business and the wider economy, so use lunches and dinners to network.

Getting Electricity

Electrical connections are carried out by the Central Electricity Board (CEB), which conducts external and visual internal inspections as well as routine inspections of the civil works and meter installation. The CEB doesn’t carry out the civil work, which should be done by an electrical contractor.

Resolving Insolvency

Resolving insolvency is a similarly drawn-out process, taking 1.7 years to complete. The recovery rate is also quite low, although it is higher than other economies in Sub-Saharan Africa.

FDI Advice – we have the local knowledge to help you navigate these minefields. Whether you want to register a company in Mauritius or just want to streamline your Mauritian operations, talk to us.

Filed Under: Business, Business Plan, Research

June 22, 2020 by admin

The best small business idea to start in Dubai

Dubai is the trading capital of the UAE, offering unlimited business opportunities. Several reasons make Dubai an attractive location for most business people. First, the connection between the rest of the world is sorted. It makes it easy for people to do business due to its strategic location and can be reached to various parts of the globe. Companies which are situated in Dubai have the future to reach over a billion people connecting through neighboring countries in the Middle East, Africa, Eastern Europe, West Asia, and CIS. One of the busiest and well-connected airports in the world is Dubai International Airport.

Many features make Dubai such a booming entrepreneurial scene. The leaders in Dubai are continuously improving the business environment for investors. Best facilities and reviewing its progressive policies are committed to being provided by them. If you have all the requirements, setting up a business is more comfortable. Fortunately, there are partners such as FDI Advisor who can help ease the procedure of setting up a business in Dubai.

List of top business opportunities in Dubai

There are enough opportunities in various industries if you are looking to start a business in Dubai. Here are the top listed business opportunities in Dubai, which are small initially with minimal capital but a healthy Return On Investment (ROI):

Advertising

The advertising industry and digital media continues to show signs of growth. There is a massive opportunity for advertising professionals in Dubai. There are several business models and avenues you can consider if you are planning to get into this industry. Brand development, animation, 3D modelling, and media buying are some of the top advertising business opportunities. Advertising campaign developing, outdoor speciality advertising is included in others.

E-Commerce

A growing sector worldwide, eCommerce for which Dubai has many opportunities. It is not that well developed as in the US, Europe, or China, but the exciting thing here is that there are a lot of shoppers that you can target. Their shopping experience can be made adventurous and more convenient by connecting them with local retailers.

Bookkeeping

There is a request for professionals and firms that offer bookkeeping services, including various large and medium-sized firms in Dubai and the whole of the UAE. There are opportunities for people who have a background in finance and accounting. You’ll be needing almost zero capital to start a bookkeeping firm in Dubai.

Consulting

The most profitable business opportunities in Dubai are offering consulting services. The benefits outweigh the challenges that come through the demand for the extensive experience. Make sure you have all the significant licenses from the authorities before you start a consultancy business in Dubai.

Real Estate

Real estate is one of the considerable industries in the UAE today. The tallest building in the world is in Dubai; the Burj Khalifa. It also has many residential and commercial projects, artificial islands, the biggest malls, and many skyscrapers. Therefore, there are various opportunities in different segments of real estate. There is real estate development, property management, or brokerage, and you can decide which one to venture in. The vast population of Dubai expatriates who need properties to buy or rent, the reason why this city makes real estate so lucrative and a large number of visitors the city receives each year. You need to have all the licenses to operate if you are planning to set up a real estate agency in Dubai.

Apparel

Dubai is famous for many things, fashion apparel being one of them. It is a popular shopping destination for millions of customers from around the world coverage here to shop. Thus, if you are a fashion enthusiast, this could be a business opportunity that would connect you with customers worldwide. Be it the supply of women’s clothing, men’s clothing or kids wear, there is a high demand in Dubai. If your central point is on trendy models such as alteration service, boutique shop, children’s designer clothing, costume rental, custom button making, or any other similar model, you will get better returns.

Education

Dubai has one of the unique features, the presence of a vast number of expats of various nationalities. Therefore, anyone who can set up speciality schools, there is a big opportunity. To target working populations in fragments such as IT, hospitality and the arts; there are also opportunities for these industries. Certifications, licenses, and infrastructure are the main requirements. You can buy a franchise if you don’t want to start a new school.

Transportation

Dubai is a heaven for tourism. There are many unexhausted opportunities in the transport sector. Transportation gets directly benefited from tourism. Therefore, starting a transportation company in Dubai that can yield an impressive return for a passionate entrepreneur. The openings range from trans-city transport services to local taxi services. There is a high chance that this will have a direct impact on critical sectors, such as transportation because the economy of the country is expected to grow shortly. 

Security

There is less concern for safety in Dubai as compared to other cities in the developed countries, businesses, and individuals here are not leaving anything to chance. For guards and security gadgets to protect the assets of the company, they need security firms who can offer these services. If you have enough knowledge in business and resources to set up a private security firm in Dubai, there is a huge demand. You can sell your assets to security systems and equipment even if you don’t want to get directly into protecting assets for the clients.

Recruitment Agency

As the economy pursues to grow, the demand for skilled labour is ever rising. Industries are driven with the help of the skilled workforce. Many businesses are setting up offices in Dubai each year. These companies sometimes face challenges in finding the right skills. Less than 1 per cent is made up of the indigenous population. The language barrier is also a challenge. There is a prepared market for recruitment agencies, and apart from demand, recruitment agencies have been made such a lucrative opportunity as they need minimal capital.

You have now identified a profitable idea from the above list of business opportunities and growth in Dubai. For the legal requirements and procedures, you do not have to worry because FDI Advisor is here to assist you. Although Dubai is a lucrative business destination, remember there are rules that you have to research, learn and obey. You have nothing to agonize as long as you play by the books and some guidance from FDI Advisor. Contact us today!

Filed Under: Business, Business Ideas, Research

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