Future Focus Infotech Comes to the Rescue of IT Employees with Bench Loaning
What is Bench?
Bench in the IT industry refers to resources which are between projects and are not billed to customers. They remain on standby until they are assigned to the next project by their managers.
Bench workforce is critical to nurture for any growing organisation. It aids ambitious companies to staff new projects immediately with talented resources without having to spend further time on recruitment. In the IT industry, the concept of “Bench” had become notably popular to ensure that skilled resources are always available to fill in immediate project requirements. However, benched resources are not billable, and this adds to the costs of the company. This eventually gave rise to an uncomfortable situation for the benched employees.
Many IT companies are facing the wrath of this situation in at least one of the following ways –
A tremendous increase in company overheads High attrition rates Loss of confidence among benched resources
It is well-known that Bench workforce is under-utilised in India. Although benched employees enjoy the so-called honeymoon period at the start, it gets tougher as days pass. This leads to unsatisfied employees, attrition and so on.
Someone had to come up with a solution to address this grave issue. Future Focus Infotech has a perfect idea called Bench Loaning to solve this problem. Bench Loaning is a complete platform to share & loan resources across the IT Industry that are currently on Bench.
Is there a chance of losing my company’s talent if I expose them to this network?
How will I execute a high-priority project if my Bench is not available when I need it?
You no longer have to get worried about these qualms. The loaning happens within a closed network of partners that are registered in this program, so you know where your resource is at any time. This gets even better; you decide how long you can contract the resource, so you decide when you want them back for your work.
Bench Loaning provides the Indian IT sector with a novel value proposition of just-in-time and on-demand talent across the IT industry in fast turnaround times ranging from a couple of hours to a couple of weeks.
Future Focus Infotech works as the perfect staffing partner to manage clients’ talent requirements better, optimising employee utilisation. The platform has garnered a lot of appreciation for its seamless integration with a vast pool of IT companies both, that have benched resources and that are in need of immediate talent.
Here are some of the benefits that you can enjoy with Bench Loaning –
Get your hands on the complete Bench List to ensure that you get the opportunity to select the best talent for your projects
Meet Just-in-Time project requirements without having to waste time on searching for the right resources
Improve your Bench Utilisation by giving them more opportunities to learn from
Nurture your talent by boosting their confidence Make Every Bench Resource Billable, thereby increasing company revenue
Bench Loaning has many more features to help your organisation, and we recommend you to get in touch with our team to discover more on this. We are striving to make the “Bench” a better place for IT employees and we urge you to join us in this endeavour.
Expand Your Services Globally the Unlimited Opportunities in GCC in 2018
Doing business in the Middle East
In the past three decades, the centre of global interaction has marginally shifted towards the Middle East. Global trade wise and conflict-wise, a lot is happening in this region that one should not miss out on.
What is attractive about doing business in the Middle East?
The Middle East region represents a region that is home to a variety of religions, races and therefore a wide range of opinions and diverse attitudes. Foreign investments are attracted towards modernisation of markets. This is what makes the Middle East a plumb target for you to expand your services in.
Another excellent reason is the availability of natural resources. This creates a conducive environment for economic and industrial growth.
The Middle East, being a vast congregation of mixed cultures, presents a well-educated and experienced workforce. Understanding the similarities and differences can give rise to various business opportunities in this region.
Taking all these factors into consideration, expansion of services in the Middle East would prove to be a very lucrative idea indeed. Dubai especially stands out when it comes to investment incentives.
Is the Legal Framework hard to handle?
Foreign investment is being encouraged with improving regulations and investment laws, making it easy for more business to take place. The increase in trade, exports revenue and transports and communication revenue is proof of the same. The liberal labour policies also enable simple and cost-effective measures to recruit employees from other parts of the world. The overall business environment has been improved paving the way towards increased productivity.
In the UAE, the legal concept of secondment does not exist. Any employee that is now seconded to the UAE is treated as a full employee of the UAE as per the law. Therefore, they are entitled to all employee protections as per the procedure. Sometimes, dual employment rights als rise. It is vital that such arrangements are properly structured to prevent any legal issues.
Where do we come in?
We offer the perfect solution for all your HR and staffing hassles. We work as your regional partner and will assist your company in the legal procedures that follow. We take care of everything that your employees would need during overseas deployment including accommodation, HR and logistics.
The question you have to ask yourselves is, are you ready to take your organisation to the global level?
5 Things to Check While Finding a Company Which Can Help in Employee Onboarding
Let’s start this article with a simple example of how two different companies decided to sign a project with two Middle Eastern companies, respectively. For the sake of this argument, let’s assume the companies to be Company A and Company B.
The former company decided to take up the onboarding processes in-house whereas the latter went on to bring a Global Staffing Partner on-board. With legal procedures including visa application and stamping, UAE work permit and other documents involving local office governance, Company A struggled to meet all the requirements. What were the consequences, you ask? They lost the project in hand. However, Company B had everything sorted as their staffing partner had the right experience and local presence to fulfil all the needs of overseas deployment with utmost care and attention.
What went wrong for Company A and what worked in favour of Company B?
This is exactly what we’ll be answering in this article that explains in detail, why you need a staffing partner to help you with employee onboarding. Not just that, we’ll also go ahead and give you a 5-point checklist of what qualities you must check before you hire your perfect partner.
Today, the right people being present at the right place are extremely critical for the success of a project in hand. Individual development and performance directly translate into company growth.
The manpower dilemma is a real challenge that every company tries to manage to be successful. There are multiple dimensions to this issue – Assuming you have a clear pipeline of opportunities you are working on, we have tried to capture a few people oriented dilemmas, when you are not clear which projects you are going to win and in what timeframe:
How many employees do I maintain on the bench? What Skill Sets should these employees be trained on?
What should be my ratio of Senior to Junior Employees? How long do I need to hold them?
Do I need to plan for onsite resources? If yes, how do I manage Visa and Compliance requirements? How do I manage Employee relocation?
An efficient way to handle these dilemmas is to find a reliable staffing partner who can provide you with the ability to scale up and scale down resources through innovative resourcing models. The words “reliable” and “innovative” are key in the previous statement. In addition, it would be good if you can find someone who can take accountability for the end to end process and work with you from pre-sales / proposal submission to placing the right resource on the project at the right time. Think how much it would simplify the administrative process for you, if the staffing company can manage employee relocation logistics, payroll and compliance with local law.
Think about the employee experience if they have a local expert guiding them right from planning travel, guidance to find housing, brief on local culture and help with employee local registration process. A bad experience can place him in a negative state of mind and impact on the project.
For example, if the employee takes one week to settle down because he has to understand the local procedure, register himself at the city office and find himself occupied with other legal procedures, it may severely hamper the project timelines and present a wrong impression about your organisation to the client.
Employee onboarding, when not done well, results in high attrition rate, inability to fit in with the company, and reduced productivity. Without the benefits that employee relocation and support have to offer, the employee is just another detached visitor looking for an excuse to leave.
What is lacking in the existing solutions available in the market?
There are a few solutions available in the market to handle the process of employee onboarding. The problem that lies with most of the answers is that they do not cover end to end process. In the eyes of the employee or the company, it could be half-baked methods followed to introduce two people together.
What to do in order to bridge this gap in the industry?
Hiring an experienced staffing company will solve the problem. Searching the market for a good employee is a full-time job and requires utmost care and attention. We strongly recommend you to look for the perfect staffing partner to help you with employee onboarding. This will also give you time and bandwidth to focus on expanding your business without having to be bothered by geographical and cultural limitations.
Here’s our 5-point guide to choosing the right partner for your employee onboarding process:
The company must have immense experience in different regions of the world to anticipate and handle any issue that might come your way. Prior transactions with the local players help with critical complications regarding visa application, payroll, compliance, employee accommodation, etc.
Expertise put the company in an excellent position of providing solutions to suit your unique requirements. They will have a variety of options from which you can choose what you think will work for you. This expertise is displayed with innovative models and a thinking-outside-the-box approach. Today companies are coming up with innovative models for not only in quick staff addition but also in areas of generating revenue from your bench.
There is no such thing as average work when it comes to a good onboarding company. Take a look at the company profile. The write-ups and news pieces speak volumes about the excellent services they provide to the clients. As you speak to them, look for the “partner” mindset and their willingness to work as an extended team who is interested and invested in your success.
Expanding your company globally requires transcending the borders. Your being new to a country should not stop you from establishing roots there. Choose a staffing partner who has a global presence. This way they can help you with the administrative work of expansion and help you focus on the business side of expansion, including customer relationship management and project delivery. In essence, the staffing partner should help you proceed with your business like it is in your backyard.
Nobody speaks for the company like its clients. While fancy websites and colourful advertisements are attractive indeed, it is the word of the customer which should express our brand value. They are the right advocates.
Who are we and what’s our take on the process?
If you want specialised talent for a role in your company, you need a professional partner who is equipped to handle it. This is where we come in.
We are Future Focus Infotech. We are aiming to redefine the employee onboarding space by providing an end to end solution to all your recruiting needs. We have an experience of more than 20 years and have successfully onboarded more than 20,000 employees all around the world. We have a local presence in about 40 countries and have partnerships with local companies that make the process of onboarding extremely smooth and hassle-free. Not just that, we have an extensive platform that has been built to address the issues that are prevalent in the Recruitment industry. Secondment and Bench Loaning are a few innovative solutions we offer. With Future Focus Infotech, Employee onboarding is an enhanced process for the company and a delightful experience to the employee.
As a Human Logistics Solutions provider, we take care of all the staffing requirements of the company. When a recruit is identified, his needs concerning paperwork, payroll, visa, accommodation and various other logistics.
4 Pain Points You May Face When Preparing for an Overseas Project
Scaling your operations to the global level can be less procedural, if the nuances of resource deployment can be understood well.
It is not enough to just get the right employee placed onsite. You must ensure that his needs are taken care of at all times. The requirements that he will have are directly related to his ability to do his job; prerequisites that if not satisfied will harm the efficiency of the position.
There are a lot of issues that are more than likely to crop up while preparing for an overseas project. Let’s look at a few.
VISA AND WORK PERMITS
This is one of the primary concerns that engulfs an employee when they want to be deployed overseas. The rules and regulations of the land have to be followed to the T. In most countries, the work permit can be procured with the assistance of the employer. The process of obtaining the visa is complicated. The employee should understand the type of visa acquired. Some conditions apply. For example, You will have to leave the country immediately after the project is completed or if you resign. You cannot look for another job after you arrive. Such stipulations cannot be broken.
INVOICING AND PAYROLL
Invoicing will be usually required to be done in the geography that the client operates in and not necessarily the parent location. The payroll that is to be done will need to be done in accordance with the local regulations and may involve components that you do not usually have in your original location. These can be tricky at times but definitely need to be considered carefully as any lacuna in compliance can have long term impact on the brand of your organisation.
Cost of living is another aspect that needs to be considered when looking at agreeing to a cost of invoice.
Apart from the required documents such as passport and offer of employment from the employee, the Employer has to submit various combinations of documents and other evidences while sending his resource abroad for the posting. It includes signed work contracts, monthly invoices and letters of intent from the client.
Some countries such as the US require evidence of family ties to the home country for specific cases. The consulate requires to see that the applicant is bound to return home after the end of the work period and that you, as an organisation, is not indulging in malpractice immigration.
The relocation package that comes with the overseas deployment should include assistance in finding the perfect housing that is optimum for the need as some localities could be expensive while others could be so far that transportation costs go up. On long term deployment or with family, local knowledge on schooling, healthcare etc go a long way in settling the resource comfortably, so that the work execution can go smoothly.
The employee must be able to understand local laws, especially with respect to Leasing arrangements and taxes when language and culture become a barrier.
OTHER LEGAL AND FINANCIAL PROCESSES
Not following various procedures laid down by the government has more than deportation as a consequence. They could blacklist the employee as also the organisation they represent. These are delicate issues that need to be handled with critical care. Like any other document, the fine print must be read carefully.
A different nation means different banking practices and tax laws.
Setting up an account abroad and getting credit in a new country is also a challenging task. Reference letters are a must in these scenarios.
How can we help?
Our secondment services enable you to take your organisation to the global level.
An agency not only equipped to handle the enormous paperwork but also familiar with the nuances of the country is the perfect secondment partner to recruit before deployment of employee abroad. We help you with careful preparations on everything required for a smooth transition and stay.
Focus your energies on growing global partnerships while we take care of your employees’ needs abroad. Ensure that it is not just an excellent opportunity, but also favourable conditions that enable you to fulfil your responsibilities with ease.
Get in touch with us to understand how you can benefit from our services.
RFP is just Beginning. Know your Business Requirements in the GCC.
The Gulf Cooperation Countries – Kuwait, UAE, Oman, Qatar, Saudi Arabia and Bahrain – are making progress concerning their policies. They have realised the importance of open-door trade and investment policy. Welcoming foreign companies to invest in the GCC has become vital to their economy.
Through the process of an RFP (Request for Proposal), the GCC is looking for and inviting companies to invest in them. Simultaneously they issue an RFI (Request For Information) to find a pool of companies that might have the required potential. This is followed by an RFQ (Request for Quotation) to invite bids.
The process of the RFP is long and tedious. There are numerous steps involved, and each stage has its own set of requirements. Understanding the customer requirement, drawing up a solution, putting together a project plan and pricing are as important as executing the project. You have to know that an RFP alone is not enough to lead your business in the GCC.
Countries like UAE and Saudi Arabia have been systematically planning to reduce their overall dependence on oil economy by making new policies to spur and promote other industries. This not only inspires the local to enter the entrepreneurial zone but also invites investment from outside of the GCC. The point to be noted very carefully is that the foreign entrepreneurs are not welcomed unquestioningly. As a foreign legal entity choosing to invest in the GCC, you have to jump through a few hoops first.
Considering the fact that they are an excellent place to invest in, these hoops are worth jumping through. The question is, are you prepared to face the journey. When you know that the destination is worth every effort, how far are you willing to go?
Let’s take a look at the Business Requirements in GCC. They are based on the kind of business activity you wish to invest it. It can be classified as commercial, industrial, tourism and professional activities.
Select a Business Activity
Determine the type of activity. This makes clear the legal forms to be signed. If the business activity cannot be classified as per the above, do get it clarified before proceeding to the next step. The type of license is associated with the kind of business activity. Hence it is vital you get the analysis done pronto.
Submit legal forms
This is essentially a description of the kind of business you are investing in. This includes details regarding the type of business and the activities involved. Aspects of ownership will also be declared here.
Select a trade name for the business
The guidelines have to be followed while naming the company. To avoid confusion with the clients, the license type must be related to the name of the trade. The application process should be followed to the T. Check the payment channels and ensure that the payment is processed within the given time after the payment voucher has been received.
Application of initial approval
This approval states that there are no objections from the local body concerning the establishment of the business and obtaining the business license. Pay attention to the deadline at all costs.
Preparation of MOA and the LSA Agreement
Local Service Agent or a corporate agent, as the case may be, need to be signed up for licensing and compliance along with the MOA. Use a law firm.
Establishment of the location of the business
A physical address is key to business in the GCC. Refer requirements as per the Real Estate Regulatory Authority. Subject to conditions, you can also add a new trade license to the same location.
Obtain necessary approvals
This gets tricky. Select business activities require some special approvals from various government departments. It could be Federal or Local. Be vigilant and get the required approvals.
GET THE BUSINESS LICENSE
Finally, all the documents end with this paper. You are now good to go.
Another crucial requirement is the non-legal aspect. There is more to establishing a business abroad. This can come at a high price because all interactions take place at a human level. Knowing how to strike a deal is important. Being aware of the cultural and traditional intricacies of the country can take your project an extra mile.
Establishing a successful relationship with the GCC includes putting in efforts towards a personal relationship. For example, the Omanis emphasise on getting to know their partners well before building a business. In all fairness, this is a reasonable ask. The bond created in the process can bring about a good level of trust and understanding between the parties concerned. Make time to have a non-business interaction as well. Why Future Focus Infotech
The legal and social requirements of conducting business in GCC can be a breeze if you have with you a reliable and trustworthy expert to partner with you throughout the journey. Future Focus Infotech commits to be such a companion which can help you establish firm and sound roots without having to face the brunt of the red tape and bureaucracy that when processed incorrectly could bring your business crashing down.
Your staffing partner would also enlighten you on the culture and traditions followed by the GCC. For instance, initiating a handshake with a woman would seem inappropriate in the GCC. Rest of the world, it is almost irrelevant. In this part of the world, it is not only frowned upon but might be taken negatively and could have disastrous consequences.
The best advice one can give you is to consult with a staffing partner who has the right connections in the location you wish to establish your business in. The rest will follow.
Future Success to Tech Companies
Do you know what is common between Fred smith, Steve jobs, Oprahwinfrey, Steven Spielberg ,Henry Ford and Tim Ferris??
They all failed in their first startup. A significant reason of business failures is lack of ability to scale business globally. Close to 50% of the start up to midsize companies tend to fail in early to mid stages. A significant reason is inability to address a global market audience and alter the segmentation dynamically.
Reference: NASSCOMM start up report analyzing a 1000 companies
Companies tend to cluster core business and non- core business functions while they plan a business strategy and operating models. A non core business function could potentially drain your cash and time and drag you away from your core focus operations. Typically, technology companies focusing on Logistics, Deployment and Staffing have tendencies to lose out or break even at a much later stage, resulting in stagnation. This happens as these essential but non core functions consume time and need lots of manpower support for execution resulting in increasing cost overheads.
While the logic behind getting these functions going internally stems from a business need for confidentiality, the truth is outsourcing these functions to respective core focus firms is the best way forward in terms of building efficiency and cutting costs. While a myopic view is sometimes taken over a quote or service charges, if one were to do the cost of running payroll for running a team allocate to do these functions, the benefits accrued over time will far outweigh the incidental transaction cost.
In terms of organizational confidentiality often touted as the cornerstone of such decisions, in today’s extremely professional and networked world, all transactions are governed by suitable agreements. Also, when firms work together, they become partners and the success of one is very important for the success of the other. With this being the case, the rationale of outsourcing non core functions due to the confidentiality reason becomes redundant.
Companies which tend to succeed are ones which have used aggregation and partnership models to great success. Non core functions that are typically your support and logistics has to be partnered with an aggregator on shared service model to treat with the best processes and cost parameters in the first instance. Tech companies need this bandwidth to become more successful.
The Hidden Secret of Face to Face Communication
Communication is the key essential to any relationship. Don’t restrict yourselves to long distance calls because of the legal and logistical issues that exist during cross-border travel. Business is best conducted when you have had the chance to meet everyone concerned at least once. Putting a face to the name always improves cordiality and transparency.
Communication system aided discussions have taken the front seat in Modern business trend. It’s interesting to pull statistics on remote vs face 2 face business results.
According to one survey, around 9 in 10 people say small meetings are their favourite communication method
Eighty-three percent of people work remotely at least part of the time
Seven in 10 millennials say going into the office isn’t necessary
But 84% of people prefer remote meetings
Remote meetings generate on average 10.43 ideas, while in-person meetings generate an average of 13.36
Nearly 100% of people say face-to-face meetings are essential for long-term business relationships
For every dollar companies invest in travel, they receive $12.50 in value
The close rate for in-person meetings is 40%
The average company would lose 17% of its profits if it eliminated business travel
Original Source: Hubspot
It’s imperative that for a healthy and long-standing business a close and frequent business travels becomes mandatory. How often we have decided to take the remote path due to visa restrictions and cost factors.
Future Focus Infotech – Future Focus is in the business of easing business travels even to remote destinations with ease of immigration inbuilt as a process.
UAE Free Zone VS Non Free Zone
We, at Future Focus Infotech, have met many clients who wish to start a business in the UAE. The reasons are incredibly lucrative in nature and the profits, once the business takes off, are abundant. We do not need to tell the client this bit. All this is thought through when the decision to start the business takes place. What our clients lack is the intricate details of starting a business. Which is fair. That is what we are here for, and we do know the UAE like our backyard.
Company formation in the UAE
The Middle East has diversified its economy to attract and welcome international business. Countries such as Dubai has enhanced telecommunications, transport and other infrastructure to facilitate the same.
New Companies can choose to operate from a Free Zone or a Non-Free Zone. Knowing the difference between the two can enable you to make the right choice of location. It is vital to have a complete understanding of all your options to make an informed decision on how to establish your company’s presence in the UAE. The overall growth of the company is directly impacted by this choice. The main difference lies in the requirements to set up a business entity, and the restrictions of the business activities allowed
Points to be taken into consideration while starting a company in the UAE.
The nature of the business
The capital investment
The requirement for investors now or in the future
Expansion plans now or in the future
The tax implications
The legal requirements as per the law of the land
Free trade Zone, also known as Free Zone
Free trade zones are areas in the United Arab Emirates (UAE) that have a special tax, customs and imports regime. These zones work under their own regulations. There are several UAE free zones across Dubai, Abu Dhabi, Sharjah, Fujairah, Ajman, Ras al Khaimah and Umm Al Quwain.
New companies today may opt to conduct their activities from a Free Zone. This is a designated and self-regulated area that is set up to catalyse economic activity within an emirate. This is governed by its own set of rules and regulations. There are approximately 40 Free Zones in the UAE and more coming up.
Each Free Zone has its own governing authority; therefore the requirements vary from Free Zone to Free Zone. However, most of them follow a similar framework. There are two types of companies that can be established in the Free Zone. They are
Sole Establishment (FZE) with one shareholder
Free Zone Company (FZC) where there are two or more shareholders.
Both individual and corporate shareholders are allowed. A manager is appointed and is responsible for the day-to-day activities, operations concerning the bank account and is the authorized signatory of the company. The condition is that this manager must be either a UAE resident or is in the process for applying for residency.
Benefits of a Free Zone
100% foreign ownership (there is no need for a local sponsor or partner)
100% repatriation of profits and capital
100% personal, dividend, and corporate income tax redemption
Exemption from import and export duties
No currency restrictions
Vast scope of activities are licensable
Effective and efficient communications (modern and up-to-date)
Fantastic support service
Can operate 24 hours a day
Limitations of registrations within a Free-zone
Not allowed to trade directly with the UAE Market
Can trade within UAE only via Locally appointed distributors
5% Customs Duty applicable to the local business
Employees are permitted to work strictly from the office within that specific Free-zone
Documents must be completed only in English or Arabic Language
Must possess a valid lease for office/warehouse space and/or development land
Companies not registered in a Free Zone (a local Department of Economic Development Mainland License) will require a local sponsor. A maximum of 49% foreign ownership is allowed.
Benefits of a Non-Free Zone
Allows you to operate freely in any location of the UAE
A non-free zone license does not restrict you to any one location.
The process of obtaining the license is strict concerning legalities and documentation
The documents have to be signed by the local sponsor as well
While the basics are quite easy to grasp, the application is a whole different ball game. Do give us a call when you want to decide the best options for your business. We are the partners you need to provide you with the best-laid plans for your proposed business activity. We are here with you all the way. Be it to find a local sponsor, the required paperwork and the apt location for your business.
Tips for Expanding Business in Qatar
Location. Location. And Location. Once you have decided the location of the business, keep in mind that you need to adapt to it. Know everything about the place. Have the flexibility and the versatility to adapt to what works in that location. What many companies do not understand is that what would work in one geographical area may not work elsewhere.
Companies can to thrive at their home base, and expansion is the next obvious solution. When a company decides to expand the business, it must be driven by the right reasons. In a lot of scenarios, the companies do not have a long-term view of the situation. Think of it as a battle versus a war.
A geographical expansion helps provide access to a new market along with additional resources. A company that takes the right strategy realises that the new location will increase the competitive advantage of the business. It must be done right, or it will impact the business negatively for an indefinite period of time.
Let’s talk about how Qatar has been the latest vision for many business owners and how to have a successful business expansion in this side of the world.
Size is not the tell-sign, and Qatar will tell you why. Smallest and yet the richest with respect to per capita income in the world. Very high human development and most advanced Arab state for the same as classified by the UN. Qatar wields disproportionate influence in the world and has been identified as a middle power. With record-breaking success across petroleum, energy, tourism, infrastructure, healthcare etc. sectors, you must know everything about this country if you think you could expand here soon.
Qatar is considered especially lucrative because of the fact that they impose no income tax and have the lowest company tax rates. A trendy destination for both employment and business conduct.
Tips for expanding business in Qatar
Despite being an Islamic country, most of its population are expats. Be aware of the background of the people you are dealing to be able to relate to them better. The way you conduct yourself with a local would be very different from an expat. Respect is the key, no matter what.
Qatar Business hours: 7:30 am to 5 pm Sunday to Thursday. Fridays and Saturdays are weekends depending on the kind of business and industry involved. Whilst English is spoken widely, Arabic is the official language. Documentation is primarily completed in Arabic with translations in English as and when necessary.
Dress modestly and conservative. This applies to both men and women. Handshakes are allowed between men. Make sure to first acknowledge the most senior person with their professional title and their first name. Do your homework well and know the people you are going to meet. First impressions are everything.
Qatar is one of the most progressive countries in the Gulf, especially with respect to gender equality. The daily life is significantly affected by their religion. It is not enough to just be aware of the practices followed but to apply it in the way you deal with them in business. For instance, the acceptance of invites is a sign of respect. Donation to charity and gifts to children are taken care of during Eid Al Fitr. Being a part of their lives would mean a lot to them.
Sensitivity to the culture and customs of the local is necessary for a good bond.
There are many little things that you can add to your list of to-do.
Take advantage of the strength of the available resources
Seek and learn from the knowledge of the location
Learn the competition and try to gain an edge
Understand the laws of the land along with the business, clientele and the surroundings well.
Have a local partner. This professional can help you understand intricate details of the journey.
These tips will not only help you be comfortable in the country of Qatar but also help you develop a deep bond that will ensure a successful business in the country.
Contact us today to know more about the country and how to establish a local business there with the right network. This is what we are here for. We help you with the much-needed insight and knowledge that ensures adherence to the procedures and policies. Take care of the expansion of your business, and we take care of you.
Understanding Qatar’s Marketplace
Expansion of a business is not just about relocating the business or trying the same thing in a new place. International expansion involves adjustment of the offerings to a new and completely different market. It is a well-known secret that every country will have its own knowledge profile. Companies a new market.often make the mistake of overlooking to adapt products to different markets. Companies that are successful at home have the tendency to apply the same formula and strategy overseas, that they used at the home market.
That is the first mistake a business thinking of international expansion can ever do. They must need to understand that what would work in one location may not work in another. We might have been rendered homogenous thanks to technology, but the distance between different marketplaces will have a direct impact on the demand and supply equation that goes on.
Setting up your business in a new location will have both risks and rewards. By learning about the marketplace of the location, you can reduce the risks. Qatar, with its rich cultural background and vast economic landscape, holds close to 12% of the total gas reserves in the world. It’s also home to crucial projects that include the Doha Metro System and the Long Distance Passenger & Freight Rail project. This connects Qatar to all the GCC cities with the implementation of the National Vision 2030. Don’t forget FIFA 2022 World Cup. Qatar is using the event to begin massive economic changes. The inflow of investment has started.
That makes Qatar a prime location for anyone who has their eyes set on business expansion.
How to understand Qatar’s Marketplace
Most businesses struggle to accurately assess the market with respect to its potential size, the required behaviour to succeed and the attainability of the market. You need to prepare a set of questions to answer while analysing a marketplace, especially one like Qatar. Assessment means answering the right questions. Decide whether you want to capture a share of an existing market or should you create a new market.
Current and potential size of Qatar’s marketplace. Would it increase or shrink? Why?
What is your goal? What percentage of the market would you like? What is it worth to you?
Analyse your product in relation to the market. Does it fit in? Or are you looking at a new market?
If the product already exists in the market, study the competition carefully. Success and failure points.
What do the buying habits of the market look like?
What is the margin expected?
Who are the target consumer organizations?
Answering the above points can make you realise what your business can bring to the market after taking into consideration the market’s external forces. It is important to assess both sides of the equation – the marketplace and your own capabilities. The two are two sides of a coin.
All it takes is some analysis along with critical thinking. Data speaks volumes. Your business’s approach to strategy is vital to gaining a competitive edge. The following points can help you take advantage of Qatar’s marketplace
Those who want to do business in Qatar must understand the culture. It is with a legal system that combines both the civil and the Islamic law codes
Qatar has relaxed some of its more confining laws in order to enable a better business atmosphere. Learn how these laws can help you in your business
Please note that contracts need to be in Arabic; otherwise, they are inadmissible in the courts of Qatar
Note that only certain industries, such as business consultancy, communication services and technology, are allowed to be 100% owned (subjective to ministerial approval). For other sectors, foreigners are only allowed to hold 49% of the company. Thus you will need to set up a joint venture, with a local shareholder holding at least 51% of the company
Countries differ. Consumers differ. The markets function in very different ways. Understand the different currents in each market before you decide to set foot there. Qatar is one such place. Enhance your chances. Minimize your risks. We help you bring knowledge and skill to the table. If you have decided to explore more in this region, by all means, reach out to us, and we will help you try to expand and conquer.