Are you starting up your own business? Do you have a business run without proper compliance and regulatory structure in place? there are a lot of things you need to know. It’s every man’s dream to be established, build something they can take pride in as theirs, and grow with it. It’s also every man’s nightmare to see something they worked so hard to bring up crumble into the ground. The nightmare gets worse when you realize that what made everything come down could have been easily prevented. We live in a world with many policies; even for something as simple as using a social media platform, you see 5 pages of terms and conditions to read. It’s easy to ignore the terms and conditions of a social media platform and possibly suffer the consequence of losing your account when you do something wrong, but the stakes are higher when you ignore doing the right thing and protecting your business.
WHAT IS A REGULATORY LICENCE?
Regulatory licenses are basically licenses or consent that are issued by the government, agencies or any other body of authority permitting you to run your business in a particular niche or in a particular zone. Now, these licenses save you from legal troubles later and even help protect your businesses in many ways than one. You may be starting small, but we all know the idea of starting a small-scale business is so that one day it can become very big. We’re talking global big.
Dependent on what your business is about and how far you want to spread your wings, you will need to be licensed for you to have the right to run your business. Anything could bring your business to the light, either good or bad. We all most times want our business in the light, regardless of how it does come to light; you know what they say “all press is good press,” but when push comes to shove, your license is your ticket of leniency.
WHY SHOULD YOU GET A REGULATORY LICENCE?
The risks of not doing proper compliance for your businesses are very inconvenient, and some you may not recover from. They could stain your brand image on a small or even larger scale, not to even mention the possible financial implications and fines that could come with them. The importance of setting up your business properly cannot be overemphasized. There might indeed be a long list of boxes to tick, but making sure you have done everything right doesn’t only bring you the feeling of completion, it also breeds peace of mind as a business owner.
HOW TO GET YOUR LICENCE TO OPERATE IN FINANCIAL CENTRES?
If you want to operate financial services in the Middle East and North Africa (MENA) regions, then you need to be authorized. Needless to say that the sector of business is not only tricky, but it is highly policied for obvious reasons. To do this, a good way would be to get authorized by the DIFC or the ADGM. There is a well-laid-out path you have to follow, straightforward, but sure enough, not that easy. The good news about having to set up so many things for your establishment is that for something as highly important as setting up regulatory compliance for your business, you do not have to do it yourself.
Unitas Client Advisory is a leading regulatory compliance advisory and consulting firm who have, over the years, helped businesses achieve seamless compliance setup. We help businesses help lay a good foundation for the future, which in turn increases productivity and promotes profit. Our long-standing relationship with our clients has been built with intention as we seek to make them feel at home, or rather at work, while we help them take care of the structuring of their businesses. We assist and are also available to advise on proper directions to take while taking into cognizance of current trends and regulatory policies.
Unitas offers a variety of services all with the aim of preventing losses and promoting a proper Regulatory Business Plan (RBP) and organizational framework for your business. Of all our services, one in which we take pride and which has often been referred to as our ‘flagship service’ is that of our Institutional Licensing Department. With our wealth of experience in all categories of licenses issued by the DIFC and ADGM, we have helped create ease for several businesses from all over the globe looking to obtain licenses from them in order to conduct financial services. Our uniqueness is not in that we do it (which is rare in itself); it is in the way we do it.
WHY SHOULD YOU CHOOSE UNITAS TO OBTAIN YOUR LICENCE?
There are only a few firms who assist in obtaining licenses from these top UAE financial centers and even fewer ones who have the experience we boast of. That, however, is not what makes us a standout choice. Many Industrial licensing firms have in mind the route they always want to take businesses when processing their licenses; it always feels a bit robotic. Here, at Unitas, our primary assignment is to have a full understanding of the organization we intend to procure a license for. We go in-depth to become a part of the client’s business and then help in creating the RBP. Afterward, we begin the process of applying for the license. To get the license, Unitas behaves just as a middleman. Carrying along with us the whole firm in our processes through our internally developed IT portals for clients.
Our duty doesn’t end with helping you secure the license. We also live up to our advisory name by helping to develop manuals for the firm and its leadership which helps in outlining the risks and obligations of operating in a financial center. We also provide training to senior management of the firm for easy settlement and adaptation to the various obligations.