Crowdfunding started to pave the way for Investors and Entrepreneurs in Middle East

Do you believe that your idea is worth funding? Are you struggling to get capital for your startup?   Then come to the international source of capital fund and gain ample support for your unique and creative idea.

The toughest part about starting a venture is finding a source of capital. Many people take out loans to make their dream or idea alive and spent their whole life to pay back these debts. Now the things have changed.  The old loan and funding system has replaced by the new concept which is known as Crowdfunding, the micro financing of a project or ventures by a large number of funders in an online setting. Simply it can be said as the solicitation of funds from multiple investors through a web based platform or social networking sites for a specific project, business venture or social cause. Since the late 1990s, this new form of informal financing system has been emerging as one of the best tools and successfully built up a new standard of excellence in the capital marketing.

This mode of financing is not new. What is new in crowdfunding is that it uses the capabilities of social network and other features of internet which enables the large number of users. There arise the question, how this becomes so popular?  It’s because of its extensive scope and simplicity of function. The fiscal crisis of 2008 had paralyzed the whole financial market and traditional system based on banks and other business establishment failed to keep the economical balance. It is during that time Crowdfunding emerged and re-established a strong financial system and a global entrepreneurial environs.

Crowdfunding has become the most viable way to fund the creative ventures and startups. There are more than 600 crowdfunding platforms around the world. But still so many people are not aware of this flexible source of capital. Startups and creative project such as music, art, and films get more privileges through this platform. It also helps the early stage companies to move on to the next level.

The benefits of crowdfunding is two sided. Crowdfunding provides ample opportunities for investment in spite of all the geographical barrier. The unique feature of investment in a Crowdfunding is anyone who gets interested in the idea can make their investment. Even a single Dollar is valued. It can make someone’s dream alive.

Buckacapital.com promoted by a UAE based business consultancy company is one of the leading Crowdfunding platform with a wide network of business experts, genuine and reliable investors. If you think that your idea is worth funding and you are able to describe your project and its goal, you can register and add your project in www.buckscapital.com.  It is a team of business experts who made their signature in the field of IT, investments and real estate and also are the eminent partners in the development of great Project on UAE. Their motto is a solid base for everlasting success in capital marketing.

 All types of projects which seem unfit for the patterns and rules of traditional capital market can find adequate capital through this web based international platform of Buckscapital.com. And what is required is just need to fix a goal and budget for your project. If you can explain your plan with suitable image and video in www.buckscapital.com you can successfully find outpourings of support from all over the world. Entrepreneurs must provide all the information regarding their project like

•         How long will it take to complete the project?
•         How much baking need to complete the project?
•        How does the money be used and details about the reward.

They also need to keep in touch with the community during the development of project.

            The crucial aspect of crowdfunding is the question of compensation and reward for the investors. Though few will pledge money simply to provide support. But as per the rules of crowdfunding the donors to be given anything as reward for their support.  This reward may be an immaterial acknowledgements ranging from a mere thank you mail, enhanced version s of the product, merchandise and souvenirs to making the contributor part of the product.

            Buckscapital is such a large international platform which help the upcoming entrepreneurs to connect to a global network of investors who are interested in the respected projects. “The coming year is the year of Crowdfunding and it is the most vibrant and fruitful accomplishment to strengthen the global entrepreneurial environs.” Said the CEO of Buckscapital. Once you register your project in www.buckscapital.com you will get the direct access to the investors which facilitate to gain market validation and exposure of the project. It’s a place where you can find risk free environment to make your idea alive which trigger rapid growth of the company. 

UAE Revoked one month gap for Renewing Visit Visa

The UAE has revoked the condition of a one-month gap for renewing visit visas. People on such visas will no longer need to exit the country to get an extension of their stay here. They can now do it by paying Dh570 and stay for a month more without exiting the country. 

 

The Visit Visa applies to tourists who wish to spend more than 14 days in UAE, those coming for family visits as well as those on long-term business visits. It requires the sponsorship of any UAE resident or any company or hotel licensed to operate within the UAE.

Brigadier Dr Rashid Sultan, a spokesperson for the UAE Ministry of Interior, said the ministry was re-implementing the decision No 337 of the year 2004 to enable all those who have visit visas to get an extension.

"All companies and visitors should submit applications and transactions before the expiry date of the visa period to avoid violations. The immigration services will be provided at all UAE port of entries and immigration offices," he added.

The official said the new rule is applicable for all entry permits. These permits would include transit visas, short-term (one month) and long-term visit (90 days) visas, student visas, visas for medical treatment and residence visas.

In the previous visa requirements, visit visa holders needed to exit the country after the expiry of the visa term and had to stay out of the country for at least a month before being able to re-enter on another visit visa.

He said that amending of visa status will be done electronically and without complications as part of the new procedure. People do not need to the leave the UAE, but they can amend their visa status and pay the required fees in order to facilitate the transactions for visitors and residents and to save money and time.

Obaid bin Suroor, Deputy Director of General Directorate of Residency and Foreigners' Affairs in Dubai, said that all the decision issued by the Minstry of Interior will be implemented by all immigration departments.

Labour Ban Free Rules Now Effective in UAE

The new Ministry of Labour (MoL) rules regarding employment contracts, termination and work permits will come into force starting January 2016. The new rule is part of the new resolutions issued by Labour Minister Saqr Ghobash Saeed Ghobash in September.However, workers in grade IV and V who have not completed six months with the first job are exempted from this rule, he added
According to the Ministry, employees will be allowed new work permits to join another facility immediately, even if the employee has not completed two years at the first facility.As per the new rules, a six-month labour ban will not be imposed on an employee, if he/she and the employer opt for mutual termination of job contract. 

The new rules have been designed to reinforce a "balanced and productive" relationship between employers and employees.They take into consideration the consent between the two parties; flexibility of movement in the labour market; and meeting the needs of employers to hire workers from within the country and abroad.

As per the new rules related to standard labour contracts, employers should apply for a quota from the MoL. The offer letter should contain a detailed description of the job offered as well as rights and duties of each party. This is to be made through a Tas'heel center. If the worker is in the UAE, he/she must sign the employment offer before the employer applies for a tentative approval to employ him/her.

A standard MoL contract has to be signed by the worker before it can be presented to the MoL for registration. No alteration or substitution of terms may be made unless it benefits the worker. After the offer letter is signed , employers must enclose it with the application to obtain an approval to issue a work permit. After the worker enters the country, he/she needs to sign the contract within 14 days.

Limited period contracts

•  Terms of the contract has expired and not been renewed
•  Employee and employers mutually terminate the contract, provided the worker has completed a period of six months
•  Employer initiates the termination of the employment contract

Unlimited period contracts

•  The two parties mutually terminate contract, provided worker has completed 6 months
•  One of the parties acts to terminate the contract and notifies the other party
•  The employer terminates the contract for reasons other than non-compliance by the worker

U.A.E Employers Face 14-day deadline to complete Labour contracts from 1st of January 2016

Starting January 1, 2016 ,U.A.E labor department insisting employers  bound to present approved labour contracts within two weeks of workers arriving in the country to join for work.
During a meeting held in Abu Dhabi on Tuesday, which was attended by 300 employers and government representatives, Humaid bin Deemas Al Suwaidi, Assistant Undersecretary for Labour Affairs, said: "Employers face a 14-day deadline to complete signature procedures following the workers' entry into the UAE. If the worker complains of any delays, then the ministry allows him to search for a new offer."
"The new measures implement three new decrees issued by Labour Minister Saqr Ghobash Saeed Ghobash recently with regard to regulating the labour market," he added.
The ministry has also relaxed its rule regarding the mandatory medical report to be submitted with a job contract.
After the new laws come into effect in the new year, the ministry will not issue new work permits to overseas workers or renew current residents' work permits if the employer does not present a unified signed contract. It will accept contracts which would be signed electronically by both parties regardless of the location of the workers or contracts with fingerprints, in specific cases.
Referring to the renewal of contracts, Al Suwaidi said that the signature grants workers free will to renew the contract or simply choose to end the relation and find a better offer or move back home.

This, Al Suwaidi said, would end misunderstanding between both parties.The move has been welcomed by companies and employees alike.

Three stages for hiring

The new procedures of recruiting foreign workers from outside the country for a two-year work visa will be in three stages.

Firstly, the employer applies for quota regardless of the number of workers recruited, the second demands handing over a printed offer letter containing a comprehensive description of their rights, duties, terms and conditions, through Tas'heel service centres or through the 'MoLApp' smartphone application.

"Secondly, employers should electronically sign a job offer, send it to the worker regardless of their location," Al Suwaidi said.

The job offer should then be either signed or fingerprinted as required.

The offer will be in both Arabic and English in addition to a third language that the worker understands, which can be available on the ministry's website.

"Each worker can review their work contract through the ministry's website after registering on it using their passport number, nationality and their transaction number as each has its own code," Al Suwaidi said.

During the work permit extraction stage, employers attach the signed offer letter by the worker for the initial approval.

The ministry then works on reviewing the application to make sure it meets all the requirements and then issues the permit, which allows the worker to come work in the country under a work permit.

Al Suwaidi also said that the electronic system will not allow new job offers for workers during the initial approval stages and replacing work permits will be treated according to specific procedures under issuing new work permit measurements.

"It's not mandatory to include medical report with job offers, especially that today we are electronic linked with the Residency and Foreigners Affairs, which does not issue workers a residence visa with medical report," he added.

U.A.E Revoke Six Month Labour Ban from January 2016

Effective from January 2016, there will be no six months ban if services are terminated in mutual agreement between the employer and employee. UAE Ministry of Labor has confirmed that the ban of six months will be cancelled beginning January if the work permit and employment are terminated in mutual agreement.The Ministry of Labour said that beginning January 2016, it will revoke the six months ban rule, if employee and employer opt for mutual termination of work permit.

The new rule is part of the new resolutions issued by Labour Minister Saqr Ghobash Saeed Ghobash in September.However, workers in grade IV and V who have not completed six months with the first job are exempted from this rule, he added
According to the Ministry, employees will be allowed new work permits to join another facility immediately, even if the employee has not completed two years at the first facility.
The ministry has completed procedures for implementation of the resolutions beginning next year, the report added.
Humaid Rashid bin Dimas Al Suwaidi, Assistant Undersecretary at Ministry of Labour, told Al Bayan that under the new resolution, employees who end their service in agreement with the establishments and cancel their work permits will be allowed to move to other establishments, even if they have not completed two years at the workplace.
However, workers in levels IV and V who have not completed six months with the first facility are exempted from this rule, he added.
Al Suwaidi said that currently workers who terminate their service through consensus and have completed two years are also not allowed to move to another facility immediately. They are allowed to join another job only after a period of six months from the date of cancellation of the work permit, he added.
As per the new resolution No. 766 of 2015 workers will be granted new work permits immediately beginning January, explained Al Suwaidi and added that this is so as long as both the parties fulfill the conditions agreed upon in the labour contract signed between them.

Al Suwaidi confirmed that the new Ministry rule aims to attract and retain talent, and is in line with the strategic goal of the government to being a knowledge-based economy attracting global talent.
He said the ministry aims to promote workers from within the country rather than bringing them from abroad, especially people with expertise.
Al Suwaidi said last year 340,000 workers who ended their service at one job could not get new work permits because they had not completed two years and the labour market thus could not benefit from experiences and skills.