Over 100 SME Representatives Gain Insight into Regulations for Incorporating Companies and Negotiating with Banks for Funds
Dubai-UAE: 2 March, 2011 – More than 100 representatives from the small and medium enterprises sector participated in the 13th edition of the TECOM SME Builder event that offered tips to small and medium (SMEs) enterprises on establishing a legal presence in the UAE and approaching banks for working capital.
An initiative of TECOM’s Partner Development Management (PDM) department, TECOM SME Builder is a platform for small businesses to gain access to experts and consultants in different operational aspects of the industry. The initiative was created on the back of positive projections that recognise the role of the SME sector in the growth of the national economy.
Held on 24 February at the Dubai Knowledge Village Conference Centre, the workshop featured presentations on ‘Establishing a Legal Presence in the UAE’ by Therese Abou-Zeid, Senior Legal Consultant, DLA Piper Middle East, as well as on ‘What banks look for in SMEs’ by Vikram Venkataraman, Finance Expert, Salvus Strategic Advisors.
Therese Abou-Zeid said: “SMEs are regarded as the backbone and main driver of the UAE economy. Such businesses continue to play an extremely significant role through employing a large number of people. This makes it imperative for such units to comply with the legal and regulatory framework at the time of establishment and thereafter.”
Therese Abou-Zeid deliberated on the options available within TECOM, licensing regulations, cost, documentary and procedural requirements, as well as statutory obligations. Vikram Venkataraman offered his insights into the key aspects banks look for while offering credit, ways to understand a banker’s mind and skills for negotiating with a financial institution.
Ayoub Kazim, Managing Director of TECOM Investments Education Cluster, said: “SMEs are one of the most viable contributors to economic development. TECOM SME Builder aims to support the county’s growing sector by offering a platform to encourage exchange of knowledge and best practices.
“The discussions stimulated by the workshops are gaining increasing significance among small and medium-sized business owners who are in dire need of industry expertise and effective solutions.”
The triannual workshops provide the ideal environment for owners of small and medium enterprises to upgrade business management skills and widen contacts within their specific business segment for greater synergy. In addition to SME owners, membership to SME Builder is open to even those who are considering the prospects of launching their own business.
Qlina Alemai, Media Manager, Spear Advertising, said: “This is the first time that I have attended the TECOM SME Builder workshop. The highly informative session with different experts gave me the right guidance on how to go about setting up my own company.”
The 13th edition of TECOM SME Builder was sponsored by Emirates NBD. The event was organised in conjunction with participating experts from TECOM Investments’ business partners such as Salvus Strategic Advisors, Business en Motion, Envestors, Flagship Consultancy, The Referral Institute, Arabianbusiness.com, Bayt.com, RealHR, Integris Law Group, DLA Piper, Platinum CPD, Potential and Disruptive Play.