AYMAN AL WADI
The main strategy we use for debt management is to understand the reason for default, and then our goal is to come up with a set of practical tailored solutions that suit the debtor and the creditor circumstances. In some cases we find ourselves obliged to do the debt collection through a legal procedure by our law firm.
NOTE FOR STARTUPS
Start-up companies need to be aware of all the challenges ahead. We at AL WADI benefit from our long experience in debt, legal, and risk management to advise the investors proactively while their businesses grow and expand.
HOW IT'S DONE
We run a smart free due diligence to find out if the debt is collectible or not, abroad or domesticly, and collectible over long, medium, or short term. The defaulters can be of two types: some are not capable to pay; others misuse the crisis trying to delay the payments to save their cash.
RICHARD A. SMITH
HOW TO GET STARTED
There are a number of ways for non-UAE nationals to establish a business presence according to UAE law, which include branches and representative offices of foreign commercial companies, limited liability companies, professional firms and sole proprietorship, or complete business start-up through one of the free trade zones.
We can guide clients through the entire business start up process including advice on and assistance with the correct commercial structure, type of trade license, sourcing an appropriate local sponsor or service agent, identifying suitable office space, processing residence visa applications, opening bank accounts, and relocation of families.
A LOT TO OFFER
The UAE has a lot to offer those wishing to start new ventures or established businesses wanting to establish a presence in the Middle East including no corporate, income, capital gains, property, or wealth taxes, and it is easy access to finance.
LENDERS LOVE SMEs
Lenders love to have SME customers, but when it comes down to it, they are not always as keen, and able, to lend them money. My incoming plan was to build a finance company that exclusively focused on lending money to small businesses.
If you want to trade within Dubai, you must be a wholly owned company. If you want to use Dubai as a hub from a logistics prospective, or if you want to practice certain activities, such as medicine or professional services, then you can trade within the free zones. If you want to take a product and sell it into Dubai, then you have to be on-shore.
CAMPAIGNING FOR CHANGE
There needs to be legislation that allows a company to declare bankruptcy without the owner going to prison, so that they can stick around and work towards resolving their problems. We are a big campaigner for that.
© The Business Year