We have made it. It’s no longer a case of awaiting 2021. The year is here, and so are we. We are a proactive organisation, one of strength, and one that finds that strength in our unity. This is built upon the backs of all our stakeholders. As we make this transition, the time is quite right to not only take stock of our many achievements, but also to adjust to the lessons that we have learned in 2020, and express gratitude to you, the stakeholders.
It is impossible to ignore the fact that the COVID-19 pandemic was the most dominant negative factor of 2020. It is also impossible to say that the pandemic is over. What we can say, however, is that My Business Consulting DMCC was not only able to weather the storm, but to thrive where many others fell. Our team was able to implement our corporate strategy to maximum effect, fueled by passion and determination. This is an amazing achievement.
I am of the belief that crisis reveals character. When we entered the pandemic, we entered it from a position of strength. While, as we alluded to before, it is not over, we can say with a positive tone that we are now stronger. My Business Consulting DMCC has had not only new acquisitions, but also a tried and tested experience in crisis management. It is from this strength that we pull optimism, and it is this optimism that will propel us into this year and beyond.
My respect and admiration for our clients continue to grow. It was through your unyielding support, trust and loyalty that helped to steer us through. We look forward to the prosperity and growth of your businesses and will be happy to tackle any marketing challenges with passion and enthusiasm.
The government of the United Arab Emirates has done an impressive job of providing legislative, judicial, and executive support to the citizens and businesses of the UAE in the face of the mostly opaque and villainous nature of the pandemic. For that, our sincerest gratitude. Your leadership not only inspired bravery at an individual level, but also served as a lesson in the achievement of success through unity, consistency, and well-designed crisis response strategies.
Our gratitude also extends to our partners, who helped us steer the ship through some of the most seemingly impossible obstacles. Without you, My Business Consulting DMCC would certainly not be where it is today.
Finally, I would like to thank our extraordinary team. The success of My Business Consulting DMCC in 2020 was reliant on the dedication, adaptability, and expertise of each member of our team. Despite these challenging and uncertain times, our employees said that they were able to thrive and perform their best whilst working at My Business Consulting DMCC.
How Global Pandemic Changed Our Work Processes
COVID-19 has not only changed the operation processes of businesses here in the UAE, but in the entire world. In the UAE, businesses had to adjust to a remote mode, and by all indications, this was a process that took many of them months to fully implement. I am pleased to report that in comparison, My Business Consulting DMCC was able to fully undergo this transfer, thanks to our proactiveness, in two days! Here is how this phenomenon was achieved.
Project Management System (PMS): My Business Consulting DMCC is the proud owner of a well-designed PMS that allowed for an effective transition to remote operations. Our employees were able to successfully work from home. This is because the PMS was utilized for the daily updating of employee actions and tasks for each client’s request. Managers were also able to effectively monitor the attendance of each employee through the system.
Shared System Database: One of the effects of the pandemic was the restriction of travel. In that regard, some of our employees were stuck in their countries. Thankfully, our shared system database circumvented this negative aspect by providing a platform for the preservation of the quality of work and the adherence to our well-established work processes. We utilized our state-of-the-art remote communication tools to maximum effect.
External Operations Procedures: My Business Consulting DMCC has implemented well-organized external operations procedures that negated any delay that would have resulted otherwise. Parcels were diverted to the assigned database, allowing the requisite employee to seamlessly process and action them. This resulted in all employee queries being processed without delay.
Positive Thinking: We are comprised of an extraordinary team of positive thinkers. With this energy came an aptitude for the embrace of change, which as you all know is a dominant theme in this pandemic. Despite these challenging times, using hyper-automation and agility, we were able to achieve new heights.
My Business Consulting DMCC Achievements 2020
I cannot express this enough; 2020 tested us and instead of going belly up, we prevailed. My heart is full of gratitude as I think of the people that made this happen, as well as the United Arab Emirates, I can herald our achievements with pride!
Team expansion: Despite the challenges, we adapted to the emerging needs of our clients. With these new needs came a need for team expansion, and we did this by attracting the best professionals to the company. We have strengthened our position with the addition of Operation and Sales specialists. This translated to a 17% personnel growth and included the acquiring of a third office.
Profits growth: Expansion was not solely personnel based as our profits also saw growth. In contrast to the context of the world in 2020, our economic indicators show a positive growth in profits when compared to that of fiscal 2019.
We Achieved Recognition and Prestigious Awards
For the fourth consecutive year, My Business Consulting DMCC was crowned Top Performing Consultant and Best DMCC Promoter 2019 by the World’s #1 Free Zone Dubai Multi Commodities Center (DMCC). Again, this is thanks to the hard work and dedication of each member of our team.
We Responded to Global Challenges with Strength
Our portfolio saw an increase despite the suggestion of decrease due to the pandemic. Our turnover is significantly higher when compared to the end of fiscal 2019.
Thanks to our extraordinary team, we have seen an increase in paid transactions by 4% for all our services.
Paid contracts for our Bookkeeping, Admin & PRO departments grew by 30% and 33% respectively.
We conformed to the reliance on online learning. My Business Consulting DMCC was able to host its workshops and training modules by effectively utilizing virtual platforms. We have attended a total of 59 training sessions, despite the pandemic, with an emphasis on increasing our knowledge base in accordance with the shifting dynamics of customer needs.
We were able to launch new services.
Ultimate Beneficial Owner (UBO) Assessment and Declaration
Re-entry Assistance for Client after the Lockdown
We Have Achieved Highly Competitive Growth in Company Formation Service Sales
Steady Growth in Business Setup Services: One of the most significant lessons that we have learned during 2020 is the need to acknowledge and celebrate the positive things. And we really have much to be proud of: Free Zone Company Formation Sales has seen an increase of 12%, LLC Company Formation Sales grew by 8% and Offshore Company Formation Sales saw growth of 2%.
There was a 73% increase in clients of major Free Zone Authorities: These include Dubai Multi Commodities Centre, Sharjah Airport International Free Zone, Umm Al Quwain Free Trade Zone, and Dubai Economic Development Authority. On paper, these increases seemed insurmountable, yet we did it. This was through effective promotion strategies and government policies, where foreign investors were attracted to company formation here in the UAE.
2020 Brought an Increase in The Number of Requests for Our Services
We had a 100% success rate in the handling of UAE Residence Visa requests: Despite the three months of lockdown, UAE Residence Visa requests were quite popular during 2020. Our team is reported to have spent a total of 2,224,482 hours processing UAE Residence Visa requests.
96% success rate in handling local banking requests: The challenges presented by the pandemic as it relates to new ESR regulations and COVID-19 restrictions were not effective in subduing the success of handling corporate bank account requests. Our team is reported to have invested a total of 335,920 hours in processing requests for bank account opening services in the UAE.
Our team invested a total of 86,430 hours in Accounts and VAT request processing.
We Stand as a Role Model in Marketing Communication
Marketing Excellence: Of significant note is the fact that My Business Consulting DMCC stood out for its strong online presence aimed at the enhancement of external communication, the amplification of positive feelings, proactivity in the leadership of businesses during difficult times and overall standing as an example to others in times of uncertainty. Similarly, by conducting ongoing social listening, we were able to respond quickly to the needs of our clients, providing them with very specific content.
This position and its attributes allowed us to effectively stand out to our competitors by taking the lead. While many of them were reeling from the effects of the pandemic, we thrived due to our passion and engagement. Marketing Communications did not cease during the pandemic, and this enabled us the ability to remain visible as we embraced our online platforms amidst the overall silence. Our loud voice allowed us to reach a total of 3,1793,093 online users across 27 countries. This is even more outstanding when we analyse that we were able to do this with minimal expenditure through social media. We have succeeded in reaching 90% more users on Facebook’s platform than we did in 2019. Additionally, our LinkedIn platform netted us an increase of 72% when compared to the previous year.
My Business Consulting DMCC has started this year from a position of strength. This is a strength honed through proactivity, discipline and commitment. We will continue on this path, holding true to our mandate of being a premiere reference company in the UAE Corporate Services market. We will grow, honoring our commitments and thus project and manifest a better and even more successful future.
Again, let me thank you, the stakeholders of My Business Consulting DMCC. May the Government, employees, partners, and valued clients find the best that 2021 and beyond has to offer.
Keren Jadhav CEO of My Business Consulting DMCC