Before starting, every new business should prepare a cash flow projection. However superficial this may sound at least this will provide you with a visual representation of what is to come. One thing to note, please do tone down on your revenue expectations. It is usually the case that you over estimate your revenue resulting […]
Your business is a combination of different processes coming together. The better you get these processes to work together the better your business will perform. Business is not a micro-organism that can be left alone on its own to simply multiply, expand and evolve on its own. Business is something that has to be nurtured, […]
Most new businesses need initial capital to get established. This capital may be quite high because of the cost of adapting and fitting out premises and the cost of stock (working capital) or equipment. The cost of initial stock or equipment is likely to be a real problem – for example in the case of […]
How VAT Works VAT is a consumption tax. It is only levied once a product or service is consumed. VAT is additional revenue raised by the government by requiring certain businesses to register for VAT and then levy VAT on taxable goods or services. In essence, vendors act as agents on behalf of SARS. Businesses […]
Wow, what a serious topic but let’s not get too technical here but rather give a brief overview of the more pertinent issues relating to taxes. You or your company are taxed on your net profits. In other words: sales less expenses. This sounds easy enough however it is much more involved and technical than […]
Here are four good reasons why you should keep records: 1. Preparing tax returns for SARS All businesses are required to register for tax and submit tax returns during the year. For sole proprietors and most companies, the tax year runs from 1 March to 28 February each year. Companies can however change their year-end […]
So, you’re looking to start up something official, but which type of legal entity would be best suited to contain the magic? Here’s your options and a bit about each:
Trading as a sole proprietor If you trade as a sole proprietor your business name will be your name and surname. You can however decide to trade with another name. It might, for example, be Frankie Figs t/a The Corner Shop. Trading as a company If you decide to incorporate a company you will have […]
Can’t we just all keep our money under our pillows? Then we do not have to deal with this thing called a bank and the bureaucracy that comes with it. Well unfortunately not. Banks are part of our ecosystem and we rely on them for handling our cash flow as well as funding our businesses. […]
Selling your product or service on credit results in debt that are owed to you. If you sell on cash on delivery (COD) then you will not have any outstanding debts or risk of debts not being recoverable. Always try and mitigate the chances of having to provide credit to your customer or client, even […]
Mahatma Gandhi who in a speech in South Africa in 1890 said: “A customer is the most important visitor on our premises. He is not dependent on us. We are dependent on him. He is not an interruption of our work. He is the purpose of it. He is not an outsider of our business. […]
An intro to reducing your personal and business income tax We often get asked whether it is possible to legally reduce your taxes whilst growing your personal and business income. The answer is a resounding “yes”. At Nomad.cloud we are actively pursuing this as a business, and making it available to our clients. In a […]
Urban myth has it that if you put a frog in a pot filled with tepid water and gradually heat it, the frog will adjust its body temperature accordingly. When the water is about to reach boiling point, the frog decides to jump out. At this stage, it has lost all its strength and eventually […]
The Federal Tax Authority published criteria detailing the process for determining how a person can claim tax residency in the UAE. In the past, there was no such test, and a person was reliant on the so-called 183-day rule. The published criteria for tax residency in the UAE apply to natural persons. For corporates, tax […]
I currently have the pleasure of reading a book written by Viktor Frankl titled Man’s search for Meaning. In this harrowing account of his survival of the Auschwitz concentration camp during World War II he comes to one very specific conclusion as a result of his ordeal. He summarises it as follows: “Forces beyond your […]
Recent amendments to the visa application process introduced the Golden and Green Visa programs which is a huge benefit to the visa holder and once again shows the progressive nature of Dubai. Investors or business owners can either obtain a residency visa through the purchase of a property or by way of self-sponsorship through the […]
A Citizen belongs to a certain country, whereas a resident is permitted to live there having met certain conditions. The most notable difference is citizenship allows one to apply for a passport for the country in which one resides. Citizenship holds more rights than a residency permit or visa, like for example the right to vote. […]
RCBI stands for Residency and Citizenship By Investment. RCBI programs allow persons from one country to gain residency or citizenship in another for reasons such as tax benefits, better healthcare and state services, access to better education and employment opportunities, or freedom of mobility. Depending on the country of preference either citizenship or residency can […]
One of the biggest value destructions is the inability of people to empower others and command beyond themselves. Sure, time spent on what you are good at is directly proportional to the value you create. The more time you spend, the better you become at it and the more you can leverage your own skills […]
GENERAL OVERVIEW A trust is a legal agreement entered into by the “Settlor” whereby he appoints “Trustees” to manage and look after all trust assets on behalf of “beneficiaries”. Although trust arrangements may include numerous variations the most prevalent of these are whether a trust is a testamentary or inter-vivos trust, vesting or a discretionary […]
The latest in a string of Crypto exchanges have received the go-ahead for setting up regional headquarters in the UAE. Kraken, one of the world’s biggest Crypto exchanges, will soon open its doors in Abu Dhabi and be the first exchange to provide Dirham trading. Kraken has also partnered with Rakbank which will allow residents […]
“We see people and things not as they are, but as we are.” Anthony de Mello Your perspective of your surroundings is how your mind interprets it and what you ultimately believe it to be. Your brain selects and modifies all input and makes its own, subjective sense of things based on your own frame […]
INSIDE THE BUSINESS As a leader, nothing is more sobering than bringing to mind a quote attributed to Napoleon, “There are no bad soldiers, only bad captains.” Napolean When it concerns people in your business, consider them un-blameable. You hired them, right? You trained them? You clearly conveyed what was required and followed up, right? […]
We asked Franco Cronjé how to do it and what it means.
Franco Cronjé explains the benefits in this 1-minute video.
We asked Franco Cronjé in this 1-minute video.
“The man on top of the mountain did not fall there.” Vince Lombardi It was Sir Edmund Hillary who in 1953 became the first person to conquer Mount Everest. What is not told, and is so easily forgotten, is the story of a lifetime of effort and sacrifice preceding this accomplishment. You see, Sir Hillary […]
PSYCHAI Business Type: Management and Human Resource Consultancy Business industry: Human Resources, Software development Employee size: 15 Managing Director: Prof. Ederick Stander Regions: Africa and Middle East Website: www.psychai.co www.fitt.ai Business case Psychai is a multi-dimensional management consulting firm specializing in human resources and personal development. Psychai consults internationally on various aspects of management and […]
Incorporating a Company in Dubai brings with it huge opportunities. The benefits are immense as you gain access to one of the most vibrant economies of the world, excellent infrastructure, the ability to serve numerous markets as Dubai is regionally very well positioned, access to stable foreign currencies, residency permits for directors and employees, and […]
Franco Cronjé and team Fitt.ai managed to secure: Best SME Tech Solution Provider Middle East presented by @entmagazineme. Congrats to Ian Rothmann and Ederic Stander for a truly amazing product. This is only the beginning
We do not fear the unknown. We fear what we think we know about the unknown. Teal Swan Some of us live in fear. Fear of the unknown, the unseen, the “What if…?”. We fear events that have not even occurred yet. We are blinded, overwhelmed by emotion, unable to enjoy the here and now. […]
Except for some fear, which is normal, and subsequent adrenalin there are no legal obligations when you are planning to become self-employed. The safety net is gone. No salary at month-end. It is you and you alone who are now responsible for bringing in the sales and paying the bills. If you shy away from […]
When and Why a Business Plan is Necessary Yikes, really? A business plan? You must be kidding me. Who still takes time and effort spending hour upon hour scribbling down some details which are bound to change and will most probably never see the light of day? Especially in a world where change is constant […]
Up to mid-2018 the UAE was still on what was referred to as the “blacklist” as monitored by the Financial Action Task Force (FATF). The leadership of Dubai has taken drastic measures ensuring they were removed from this “black” listing and transferred to the “greylist”. Measures taken include the signing of numerous double taxation agreements, […]
The tagline for Dubai seems to be that it is a “Tax Haven” as employees can pay no taxes on their salary and companies are not required to pay any corporate income or capital gains tax. Not paying any tax is a very topical discussion amongst friends and colleagues alike. The term “Tax Haven” is […]
Economic Substance Regulations (ESR) require companies registered in the UAE that carry on one or more “Related Activities” to have economic substance in the UAE in relation to these activities and to comply with notification and return filing obligations. If you cannot prove Economic Substance or adhere to the filing requirements, your company’s information will […]
Is a tax-free lifestyle a possibility for South Africans? Can you earn an income or trade and invest in Equities, Bitcoin, Ethereum, Cardano, and the likes with absolute freedom and without having to pay any tax? South Africans are subject to a high marginal tax rate at 45% with corporates being taxed at 28% along […]
No single factor is a clear indicator of whether you are suitable or not. Being suitable for self-employment requires consideration of numerous aspects. One of the most indicative qualities is whether you have an internal locus of control as opposed to an external locus of control. In other words, Are you in charge of your […]
Why expand to Dubai? Is Dubai a safe city? What is a Free Zone? These and more all answered here…
If the spectactular subtropical island is not enough reason for you to be convinced and consider moving to Mauritius, then maybe some of the following more fundamental reasons may provide some convincing: Approved by EU and whitelisted by OECD Does not feature into any Black Register. 46 Double Taxation Agreements and counting (Majority with African […]
The Permanent Residence Permit allows a non-citizen to work and live in Mauritius for a period of 20 years. The requirements for permanent residency require that you be in possession of a valid 10-year Occupational Permit as well as adhering to the below-mentioned criteria per category. INVESTORS If an investor, as defined, holds an Occupational […]
The Occupation Permit (OP) is a combined work and residence permit which allows foreign nationals to work and reside in Mauritius under the following categories and is valid for 10 years Any person wanting to apply for the 20-year Occupational permit should first follow this process and obtain a permit in one of the following […]
The main types of companies to be incorporated by foreigners in Mauritius is referred to as either a: Global Business License (GBL) An Authorized Company Other companies which may be established include Domestic Companies, Freeport Companies, and Limited Partnerships. Mauritius is also well known for a jurisdiction in which you can preserve your wealth and […]
CORPORATE TAXES MUR imposes corporate taxes on its residents amounting to 15%. Subject to compliance with substance requirements your company holding a global business license may claim a 80% partial tax exemption on certain foreign sourced income. Most notably these include: Foreign interest Foreign dividends Profits of a foreign permanent establishment and many others The […]
Mauritius is an island off the east coast of Africa and is the business and financial hub of Africa providing numerous advantages for setting up your company or preserving your wealth.
For the onlooker, the title of leader seems glamorous, almost red carpet-like. But for the leader, the reality is sometimes far from it! Carrying the weight of the business and the ambition of every employee are taxing and all-consuming. Getting the business to move forward and the team to progress in the same direction whilst […]
You are now able to work remotely from Dubai under the newly established Digital Nomad Visa. Prior to this newly launched Visa in Dubai, an individual could only obtain a Visa and Resident ID card if by way of investment in property, employment, or setting up a business. The requirement for obtaining a Digital Nomad […]
You have made the decision to setup your company in Dubai and obtain a residency visa as part of this process. Now the question remains: What is the difference between the various options for setting up a company and which should I choose? You basically have three options for setting up a company: Offshore company […]
Nowadays it seems that we are continuously in a state of hardship, difficulty, or misfortune. Mankind of which ever race, or social or economic standing, has most probably not endured such hardship since the great depression or world wars in the mid-1940’s. We as a people, whether we are employees or business owners, are constantly […]
In recent articles we have touched on various factors to consider as to why you should call Dubai your home. It is not possible to obtain citizenship in Dubai. It is however possible to obtain residency and all that comes with it. This article provides a short overview of how you can obtain residency and […]
Travelling in a pandemic has taught me one thing – stop complaining and get it done. Imposed travel restrictions related to the COVID-19 pandemic are making travelling around the world freely almost impossible. On my most recent trip I, as a South African, had to quarantine in Namibia for 15 days before I was able […]
The UAE, which forms part of the GCC (Gulf Cooperation Council), has been growing rapidly over the past decade or two, mostly on the back of its oil reserves. The COVID-19 pandemic has not nearly made such a large impact on the GCC countries as is the case in most other countries. The GCC countries […]
Dubai is known for its lavish property development projects and outrageous landmarks all conceived in a mere 30 years or so. Dubai is “new” compared to other world leading cities and continuous to expand and growing. The latest masterpiece promises to be the Al Maktoum International Airport and its surroundings. In addition to the well-established […]
An interview is a very unreliable method used for making big decisions. Usually, for an hour a prospective candidate is bombarded with questions and whilst candidates try their best to make a favourable impression, recruiters are making up their minds on whether the person in front of them is the right person for the job. […]
Our minds are much more inclined to follow a good story, a story with a happy ending that we enjoy or benefit from. A brand is the story you tell. The story you want people or clients to believe about you, your business or your products. If you do not tell a story, there is […]
Ever wondered why a giraffe has such a long neck? I suppose that if you can reach where no-one else can, then you can eat like no-one else can. In the wild, these beautiful creatures stretch their necks beyond those of antelope, kudu and even elephants to strip leaves from the untouched upper reaches of […]
Digital assets, blockchain, crypto, bitcoin, ethereum, altcoins, exchanges … There is a revolution that is taking the world by storm. Cryptocurrency is a type of currency which uses digital files as money. Usually, the files are created using the same methods as cryptography (the science of hiding information). Cryptocurrencies use “decentralized control”, which means that […]
“You don’t hire for skills, you hire for attitude. You can always teach skills.” ~ Simon Sinek Appointing for skill only, clearly indicates that an organisation lack culture and do not consider the relevant soft skills required to enhance the business. I believe enabling your business for success requires that you considered recruitment based on […]
A valuable summary of company setup requirements, taxes, and zones in the UAE.
Why it’s smart to diversify risk and explore overseas options in light of a failing local economy.
As I sit in one of my Nomad offices, I look down at the bottle of hand sanitizer on my desk. How did we get here? I wonder. How did we get to a point where we wear masks all the time and sanitize about everything? In this split second it dawns on me that […]
How often do you hear people say: “I do not have time”? Have you ever considered that you do not own time? Time was never yours to begin with. If so, how is it possible for a person to state that they did not have time to do this or that? Simple, it is referred […]
For far too long business owners of businesses large and small, have neglected succession planning only to be exposed when it is too late. The inconvenience of dealing with the difficulties of ensuring successful transitions, either to the next level or the next generation, is what will ensure wealth preservation and successful generational transfer. “Avoiding […]
In a sense 2020 was needed. Not because of Covid-19 and the lasting negative impact this had and continue to have on families and businesses all round, but rather to force us human beings to reflect and start acting differently. “The inflection point was reached. There is no returning to the normal you knew. “ […]
Failure has been branded by the majority as embarrassing and weak, resulting in reputational damage and adversity. Some people are so scared of failing they don’t even try! And those who try keep seeking certainty instead of accepting that not all information will be available when the journey is started. Instead, requiring clarity should be […]
If it is too easy, you are in your comfort zone. A very bad place to be. Maybe it is time to shift. To move to the next level and onto the next challenge. “Avoid comfort, challenge yourself constantly.“ Comfort is the first step of stagnation. Avoid comfort, challenge yourself constantly. As human beings we […]
“Make yourself free to work on the business, not in the business.” Make yourself free to work on the business, not in the business. Be pro-active now in finding out about better ways of working, there are tons of online tools and cloud-based solutions that can reduce man hours on paperwork, and give you access […]
The world is ever more connected, online and cloud-based. Holding on to analogue processes and paper-based methods will mean you can’t link with client, suppliers and other businesses who are adapting to new digital norms. “If your business doesn’t have a discoverable online presence, and your back-office functions are not cloud-based then you simply won’t […]
