The importance of correctly managing your team

How to manage employees effectively using ISO Management standards

Many businesses, no matter what the size, forget their most important asset. Their staff! It’s not easy when you, as a business owner, CEO or General Manager, are constantly trying to balance profit and loss, fight suppliers or chase debtors to remember that there is a team below you waiting for leadership, decisions and support.

Communication, as we all know, is key in any business. However, it is all too often overlooked when it comes to internal communications. Business leaders need information to make good, solid business decisions. So, they need accurate, timely information from their Heads of Departments (HoDs). These HoDs need to collect and collate the information required from their teams. But if the teams don’t know what information, in what format, when and why, that information will be slow, possibly incomplete or inaccurate.

A team is created by working together, towards a common objective, supporting each other, and providing clear and consistent input to the next in line’s process. This requires leadership, knowledge and support. Every member of a team is important. Every member of a team needs to know why they are important, feel important. A team needs developing, which means that each team member needs developing, not just within the business, but within the person.

The 3 main ISO management systems, all now in a new and improved format, help place the individual staff member, no matter what role, within the system. It helps business leaders to put in place those processes and procedures that will enable staff to feel part of the team, support them, develop them and, in doing so, provide consistent, high quality and safe services and products to your customers in order to meet or, better still, exceed your expectations for them.

If you want to know more about how ISO management systems can improve your company, please contact mail@affiniax.com or call 04 425 6616.

Affiniax Participates in Dubai Chamber Sustainability Week 2020

How to create a healthy working environment

Affiniax Partners was one of the 51 participants of the Dubai Chamber Sustainability Week 2020 Campaign from 18th October – 5th November.

We actively organized sessions to create a healthy and happy atmosphere for our employees. We organized an in-house virtual Hatha Yoga session to kick off this campaign.

Yoga session was followed by the Breast Cancer Awareness webinar organized by Zulekha Hospital and Friends of Cancer Patients. The major highlight of this webinar was Awareness on Breast Cancer and the Importance of Early Detection.

We then organized Weave the People session where we discussed issues faced due to Work from Home (WFH) by engaging leaders, managers and employees in honest discussion, and involving them in generation of practical and permanent steps to overcome those issues.

We also participated in Stretch and Stabilize webinar for a brief discussion and practice on stretching by Yoga Acharya from ‘Pratimoksha‘ and an Intense HIIT training session of 30 minutes by the Wellness Coach of Oman Insurance.

We concluded this campaign by organizing the session on the topic- Mental and Emotional Wellbeing during WFH. We witnessed the highest participation in this session. We formed groups and discussed with our group members the 3 things EVERYONE can do to manage their mental wellbeing.

We checked the happiness rate of the participants through an anonymous post campaign survey. 67% of the employees said that they were Happy with the sessions and 33% of them were Very Happy with these sessions.

Categories HR

LIQUIDATIONS IN THE UNITED ARAB EMIRATES (PART 1)

INTRODUCTION

Liquidation can be defined as the winding up of a Company by selling off its assets to convert them into cash to pay off the firms unsecured creditors. The secured creditors take control of the respective pledged assets on obtaining foreclosure orders. Any remaining amount is distributed among the shareholders in proportion to their shareholdings. It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they come due.

Types of Liquidations

There are two types of liquidations in the United Arab Emirates.

  • Voluntary Liquidation

In case of voluntary liquidation, the owners or shareholders of the firm decide that to close and wind up the Company as they do not have enough funds to pay off their creditors and other liabilities.

  • Mandatory Liquidation

In case of mandatory liquidation, the liquidation order is put forward by the courts. It is not in the will of an owner or shareholders to liquidate their company. This usually occurs when a company fails to pay creditors multiple times. Because of this, creditors can file a request for the liquidation of a company.

Here the assets of the Company are distributed to the creditors and contributors based on the priority of their claims.

Roles and Duties of a Liquidator

A liquidator must be appointed in order to liquidate a Company in the UAE.

Below are 7 points which describe the role of a Liquidator.

  • The liquidator appointed by a Company in its liquidation stage shall represent the Company in any litigation that may occur.
  • The assets of the Company are sold by the liquidator in order to settle the debts of the Company.
  • Certain debt is considered as priority and these are settled before other debt. This mainly includes the outstanding employees’ salaries.
  • Once all debt has been settled, the remaining funds are distributed among the shareholders or the owner.
  • In case the funds generated from the sale of the Company’s assets are insufficient to pay off the debts, the deficit will be adjusted against the share capital of the shareholders.
  • The Statement of Affairs and Liquidation Report has to be prepared by the liquidator after conducting the necessary procedures.
  • The liquidator would also be responsible to request for the removal of the Company from the Commercial Register.

Documents required for Liquidation of a Company in the UAE

  • Copy of the license
  • Memorandum of Association
  • Shareholder’s Resolution to liquidate the Company
  • Power of Attorney
  • Passport copies of all shareholders along with Emirates ID’s
  • Application for deregistration
  • Statement of Affairs and Liquidation Report
  • Letter from Labour and Immigration department that there are no visas.

To learn more about liquidation procedures in the United Arab Emirates, read Liquidations in the United Arab Emirates (Part 2)

For more information, Email us at mail@affiniax.com

LIQUIDATIONS IN THE UNITED ARAB EMIRATES (PART 2)

In my previous article, titled, Liquidations in the United Arab Emirates (Part 1), we came across the roles, and duties of a Liquidator, the necessary documents required and the different types of Liquidations in the UAE.

We now take a look at the Procedures for Liquidation.

Mainland Company

In case of a mainland Company the following steps and documents are required for its liquidation:

  • Shareholders resolution confirming the liquidation of the Company. This would usually be in the form of the minutes of the meeting which is held by the shareholders in which they decide on liquidation of the Company and appointment of the liquidators for the same.
  • An acceptance letter from the liquidators accepting their appointment.
  • Application for cancellation of the Company from Department of Economic Development (DED)
  • Receive liquidation certificate from the Department of Economic Development (DED) once the above steps are completed.
  • Once the liquidation certificate is received from the DED, the Company has to publish a notice of liquidation in two local newspapers.
  • After the notice has been published, there is a notice period of 45 days for the debtors to submit their claims (if any).
  • Once the notice period of 45 days is over, the Company must submit the following documents:
    • A declaration stating that all parties have no objection relating to the liquidation of the Company
    • An approval would be required from other government agencies for the cancellation of the Company’s license.
  • The Company must then cancel its firm card with the Ministry of Human Resources and Emiratisation
  • Cancellation of the foreign partner’s visas which are sponsored by the Company.
  • The last step is to pay the DED fee and the company will be successfully liquidated.

Free Zone Company

In case of a free zone Company the procedure is slightly different and involves the following steps:

  • Every free zone in the UAE has a portal. The Company intending to liquidate must notify the free zone by applying on the member portal.
  • Once they have notified the respective free zone, they need to submit their application for termination of the Company.
  • After submission of the application, they need to publish the notice in a local newspaper.
  • The free zone will file a final Company termination letter and the Company will be liquidated.
  • Letter to be obtained from the Labor and Immigration department that there are no visas.

Bank Accounts, Employee Contracts, Utilities and Other Services on Liquidation

In all cases, the Company will need to cancel the employees’ visas and their work permits. Dubai portal explains that this requires coordination with both Department of Naturalisation and Residency and Ministry of Human Resources and Emiratisation.

As per the UAE’s Labor Law, employers are required to give their employees a two-month, paid notice period before terminating their contracts. In many cases, employees can keep their residency visas until the company’s trade license runs out. Then, the company needs to cancel utilities and telecommunication services and close all its bank accounts. Collect a NOC from the utilities providing company and bank closure confirmation for processing the closure.

Company liquidation can be a complicated process. However, we can assist you in case you decide to liquidate. Our procedures for preparing the required documents and completing the process shall help you liquidate your Company smoothly.

To learn more about liquidation procedures in the United Arab Emirates, read Liquidations in the United Arab Emirates (Part 1)

For more information, Email us at mail@affiniax.com