Dubai Chamber organizes seminar on buying and selling an existing business in Dubai |
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Experts provide legal guidance, valuation methods and common financing practices for business endeavours Dubai, UAE: Under its strategic objective of supporting the development of business, the Dubai Chamber of Commerce & Industry'sDubai Chamber of Commerce & Industry's
Business Support Department hosted a seminar on "Buying or Selling an Existing Business in Dubai" at the Chamber premises on Monday.With its aim of raising awareness on the important steps business owners and investors could undertake before buying or selling an existing business in Dubai, a legal expert and a valuation expert were invited to give an introduction on this topic to the business community.
Mr. Steve Bainbridge, a Senior Associate from Al Tamimi & Company, gave an overview of market trends, provided guidance on conducting due diligence before buying or selling a business, and highlighted important steps to consider before signing a contract. While, Mr. Graham Martins, the Managing Partner for PKF UAE, which is a firm of accountants, auditors, and business advisor, introduced commonly practiced valuation methods, and discussed ways of valuing goodwill and other non-tangible assets, and common financing practices utilized by new business owners.
Said Steve Bainbridge, "Without conducting a legal and financial due diligence investigation process, it is not possible to truly understand the nature and scope of the business you are purchasing therefore the legal side of buying or selling a business is all about allocating risk."
Graham Martins stated, "There is no set formula for valuing a private company as each one is different. Furthermore, contrary to popular belief, you cannot just value goodwill. Rather, you will need to consider the business as a whole."
Dr Belaid Rettab, Senior Executive Director, Economic Research and Sustainable Business Development Sector, Dubai ChamberDubai Chamber, informed that this seminar organized by the Chamber aims to help business owners and managers sharpen their business acumen by making informed decisions.
The Business Support Department, which organised the seminar, works to improve the business environment through its various business support initiatives, which include organization of seminars, roundtables, training workshops, and also provides business counseling and credit rating services.
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Established in 1965, the Dubai ChamberDubai Chamber of Commerce & Industry is a non-profit public entity, whose mission is to represent, support and protect the interests of the business community in Dubai by creating a favorable business environment, supporting the development of business, and by promoting Dubai as an international business hub.
© Press Release 2010
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