Starting a business in the GCC, especially in a country like Oman is one of the most lucrative prospects that one can come up with. Countries like these are fast and stable markets that can be ideal to launch a successful business career. With flexible and transparent procedures, the state makes for a conducive environment for business.
Top 8 tips to have a successful business overseas
1) Good knowledge of the region
One must have a good understanding of the area before venturing into business there. An extensive and thorough research must take place before finalising the location. This is vital because you must be prepared for what you could face out there. A prospective business plan cannot be made viable without taking into consideration all the factors that could affect it. This includes a thorough study of the conditions of the market and the competition you could face.
2) Right Information
Engage a partner to implement innovative ways of staffing. Questions such as how to increase resources, catering to specific requirement with respect to the job profile, employee costs regarding salary, living expenses etc. have to be answered. Get your facts correct. That is the key to a successful business anywhere.
3) Investment money
Once you have registered the business, you will be required to show that you have enough capital to go through with the investment. Have sufficient backup along with a guarantee to ensure that you can satisfy the needs and requirements of the Ministry of Commerce.
4) Local guide
A local guide with the right background can provide you with useful insights to take the business off the ground. A domestic partner will be the guide who can help you navigate. This includes the support of the local people and the government as well.
5) Local Partner
This partner will hold the majority interest and will control the business. This is a current requirement by the law and is under review in a few states. It is not necessary for him to invest in the start-up. He also has the option not to participate financially. His presence is vital though.
6) Experienced lawyer
There are no two ways about this. A lawyer is a must. He will take you through registration complexities and can protect your interests in the business. It does not matter whether the company is a small shop or a large enterprise. Setting up in specific zones like the free trade zone can have merits you can take advantage of. If anything goes wrong, you need to know the legal recourse to solving the issue. Get a professional from the outset.
7) Connect with the right authorities
The government supports the export and manufacturing industries. The local chambers of commerce can provide the right advice regarding start-ups and businesses. They are the ones to approach before you embark on your journey. Guidance and local legal advice regarding the registration formalities can be sought from the DTI, Arab-British Chamber of Commerce, the Middle East Association or your Embassy’s commercial section.
8) The Right Attitude
Attitude matters. Conducting business with the Arabs is not a piece of cake. They are firm yet polite. They are professionals who will give you the right deal. You need to be thorough in your transaction with them and transparent and with clear communication. A polite and patient attitude will help you build a good trusting relationship with them, and you will go a long way.
A point to be noted is that all of the above requires the right path to take. You can choose the help of different sources to begin the journey of a new business, or you can decide to avail the professional services of a partner who has experience and expertise in the matter. Partner with secondment providers such as GOHLS which give you smooth and convenient solutions for all your secondment related activities. Overcome the hurdles that you could possibly face while expanding your business in Oman, all in one place. GOHLS.