Expert Interview: Valuable Insights from Imran Rashid on Business Setup

We had the pleasure of speaking with Imran Rashid, the director and founder of Virtue Corporate Services, a business consulting firm, in this interview. Imran generously shared his valuable insights on building a successful business, overcoming entrepreneurial obstacles, and Virtue's distinctiveness during the interview. Imran Rashid is a thought leader in his field thanks to his exceptional experience and expertise. His perspective on business strategy and development is highly sought after. Continue reading to gain insight and knowledge from Imran as he shares his valuable business knowledge with us.

Might you at any point inform us concerning yourself and the group at Prudence corporate administrations?

I worked in private banking and wealth management for more than 16 years in India and the United Arab Emirates for both multinational and local banks before entering the corporate services industry. I gained a thorough understanding of banking, UAE regulations, and the business environment as well as extensive experience dealing with High Net Worth Individuals, Ultra High Net Worth Individuals, and Corporates during this time. Clients seeking assistance with company formation, dealing with government agencies, and opening a bank account may greatly benefit from this knowledge and expertise.

The Virtue team has a lot of experience in the business setup industry and has helped a lot of clients set up and grow businesses in the UAE. We have a thorough understanding of the local laws, regulations, and procedures. In addition, we pay close attention to our client's business requirements and evaluate them from a variety of angles to guarantee that they will not run into any issues in the future.

What are the most important jurisdictions in which you can assist businesses in setting up shop?

Entrepreneurs can get help setting up their businesses in Mainland, Freezone, and offshore jurisdictions from Virtue Corporate Services. In the United Arab Emirates, we are official channel partners of free zones like IFZA, Shams, SPC, Meydan, Rakez, DMCC, Kezad, Jafza, and DWC, among others.

Why did you choose to set up a shop in the United Arab Emirates?

In the United Arab Emirates, I observed a significant rise in the demand for trustworthy, professional, and dependable business setup services. I saw an opportunity to meet this need and offer value to foreign investors seeking a foothold in the region.

Can you explain to us how you assist clients in setting up businesses in the UAE?

Our approach to assisting clients in setting up businesses in the UAE is extensive and tailored to each client's specific requirements. Before collaborating with the client to select the most appropriate legal structure and type of license for their business, we conduct a thorough analysis of the client's business goals and requirements. Additionally, we assist with securing office space, registering the business with the appropriate authorities, and obtaining all necessary permits and approvals.

To ensure a smooth and successful business setup, we offer ongoing support and advice throughout the process.

What distinguishes your UAE-based business setup firm from others?

We set ourselves apart from other UAE business setup companies by giving our customers a personalized and seamless experience. We are committed to comprehending our client's objectives and requirements, and our team takes a hands-on approach to each project. Additionally, we have a solid reputation for providing services that are of high quality and dependable, and we are always on the lookout for new and innovative ways to enhance our offerings.

In addition, we have established relationships with partners and local authorities to ensure a streamlined procedure for our customers. In addition, to guarantee that we offer our customers the very best services possible, we conduct regular process reviews and make adjustments.

What normal difficulties do business visionaries confront while setting up a free zone organization in the UAE? How does Virtue Corporate Services assist them in overcoming these obstacles?

What a great query! Since there are over forty free zones in the United Arab Emirates that offer various packages for business incorporation, it can be difficult for investors to choose the best one for their company. The Virtue team helps clients overcome this obstacle. Entrepreneurs are frequently enticed by cheap packages for forming a free zone company.

However, these packages may have restrictions and hidden costs that become apparent once the business starts up. There are a number of advantages to incorporating a business in a well-established free zone, including complete exemption from customs duty, zero corporate and income tax, 100% repatriation of capital and profits, and exemption from value-added tax.

Understanding all of the relevant UAE business laws on their business activities may be overwhelming for foreign investors. We at Virtue provide investors with up-to-date information about UAE regulations that are relevant to their business operations.

Due to compliance policies, opening a bank account can also be difficult for a new business. We help entrepreneurs build their profiles by highlighting their business experience and source of funds to assist them in opening bank accounts.