-
Financial Reporting Advisory Services
Grant Thornton’s Financial Reporting Advisory Services (FRAS) team supports organisations through a diverse range of accounting and reporting services including transaction accounting, analysis and adoption of new International Financial Reporting Standards, training on new and complex standards, and other related services that enable organizations to achieve greater transparency and navigate through the ever-changing regulatory landscape.
-
CFO Advisory Services
Chief Financial Officers (CFOs) and finance teams periodically face difficulties in financial reporting and accounting. To address these issues and challenges GT’s team looks to reduce the periodic uncertainty faced by our clients around difficult reporting and accounting standards and can help overcome these difficulties with our CFO advisory services.
-
International Financial Reporting Standards
Capability in International Financial Reporting Standards (IFRS) is one of our core skills. We have access to a full-time team responsible for high quality, consistent application of IFRS throughout the global organisation.
-
International Public Sector Accounting Standards
We are equally experienced in the adoption and implementation of International Public Sector Accounting Standards (IPSAS).
-
In-Country Value
Grant Thornton is honored to be one of the Certifying Bodies to implement the National In-Country Value (ICV) Program for the Ministry of Industry and Advanced Technology (MoIAT)
-
Staff Secondment Services
Finding qualified, skilled professionals for a specific purpose and time period can be a significant challenge for many organisations. We alleviate that challenge with a talent pool of highly motivated and technically trained individuals who have excellent soft skills and the agility to adapt quickly to varied client environments.
-
Transformation Advisory
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
-
M&A and Transactions Advisory
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
-
Forensics
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
-
Restructuring
We have an established standard of excellence for Restructuring within the United Arab Emirates with a focus on client success throughout a complex period of the business life cycle.
-
Incorporation and Compliance
Grant Thornton assists businesses in setting up and complying with these regulations and acts as adviser for companies to ensure their activities, policies and procedures follow the guidelines specified by respective regulations.
-
ICFR
Grant Thornton is a market leader in providing Internal Controls over Financial Reporting (ICFR) services to many well-known entities in UAE.
-
Islamic Finance
Grant Thornton's Islamic Financial Services team comprises a global network of professionals with in-depth knowledge of Islamic finance and providing practical, value added assistance to their clients across a range of specialisms and issues.
-
Regulatory Compliance
Grant Thornton holds a proven track-record in Regulatory Compliance advisory, our range of services will facilitate robust guidance to help you manage your regulatory risks and affairs, our teams of specialists assist our clients in the following areas:
-
Corporate Tax
Our diversified team of corporate tax subject matter experts combines a perfect blend of international experience across several industry sectors, technical expertise, and commercial nuances with a commitment to deliver exceptional value to your business.
-
VAT
The VAT team at Grant Thornton is well versed with the VAT Laws applicable across the region and holds valuable experience and professional accreditation in assisting clients across diverse industries to comply with the VAT obligations.
-
Transfer Pricing
Grant Thornton UAE assists its clients in providing transfer pricing solutions that are implementable and operational, considering the facts and concerns of its clients.
-
International Tax and Tax Due Diligence
Grant Thornton UAE supports multinational groups to optimise their tax structures. We can also assist businesses in analysing existing group transactions and inter-group supplies, as well as advising on potential implications of various taxes to facilitate an efficient Group tax structure.
-
Economic Substance Requirements
Economic Substance rules were introduced in the UAE in 2019, requiring UAE businesses that undertake certain ‘Relevant Activities’ to maintain and demonstrate adequate substance.
-
Customs and International Trade
The team at Grant Thornton is positioned centrally to assist the businesses with global cross-border tax structuring, planning and compliance needs.
-
Excise Tax
We provide Excise Tax related advisory and compliance services to the producer, importer, and the storekeeper of excisable goods
-
Business Process Outsourcing Services
Our team at Grant Thornton offers comprehensive and cost effective outsourced solutions, enabling stakeholders and business owners to focus on their core business goals.
“I’m convinced that about half of what separates the successful entrepreneurs from the unsuccessful ones, is pure perseverance.” (Steve Jobs)
This bring us to the questions, is it ever too late to start your own business? Are there sociological restrictions to being successful post a certain age? Who is restricting us? Are we are own biggest critics?
We are constantly surrounded by ideologies that innately shape our lives both personally and professionally. With this comes, perceptions of when intrinsic milestones in our life should take place, which we ratify by creating conceptual realities.
In doing so, we as human’s confine ourselves into ‘doing things’ when they ‘should be done.’ Societal norms surround us on a daily basis via media representation, through peer perceptions and philosophies. This is further aided when we see companies such as Snapchat, taking the technology sector by storm with their innovative solutions to millennial matters. However, in a world where millennials only represent a fraction of society are we limiting ourselves purely because of demographical elements such as age?
Success as we know, holds no boundaries. As entrepreneurs around the world come up with innovative solutions and develop market leading products and services, there is always a competitor who will launch a more dynamic product/service, hence complacency being seen as one of the biggest elements of failure. Successful businesses are built on a foundation of perseverance, on the notion of never giving up and with the view that “winners never quit and quitters never win.”
Some of the most successful companies have been founded by individuals who have gained industry experience and knowledge, which have been learnt ‘on the job.’ This has allowed them to invest their skill and passion mixed with entrepreneurial flair to later lead billion dollar businesses. For example, Vera Wang who is a renowned fashion designer worked as a Senior Fashion Editor for Vogue in the 70s, before moving onto work at Ralph Lauren, where she perfected her art and skill to later set-up her own company ‘Vera Wang’ in 1990 at the age of 41.
Vera Wang has since turned what began as a single bridal boutique into a fashion and lifestyle empire with an overall retail value of over $1 billion. Here we have a billion dollar business, set up by a founder in their 40’s who had colossal passion and perseverance.
Vera Wang isn’t alone, some of the most successful businesses that have been found by entrepreneurs who believed it’s never too late include1:
- WhatsApp (valued at $19 billion) founded by Jan Koum at the age of 35
- Intel (valued at $55 billion) founded by Robert Noyce at the age of 41
- Sam Walton started Wal-Mart (valued at over $250 billion) when he was 44
- McDonald’s (valued at $28 billion) was found by Ray Kroc at the age of 52
- Wikipedia (valued at approx. $12 billion) founded by Jimmy Wales at the age of 35
- At the age of 55, John Pemberton invented Coca-Cola (valued at $79 billion)
- Charles Flint launched IBM (valued at $214 billion) at 61.
- Harland Sanders set-up KFC at 65 (valued at approx. $23 billion) and his facial illustration still represents the brand today.
This highlights some of the most successful businesses of our time, which were found by tenacious entrepreneurs who never gave up and never let ideologies restrict their hunger for success. Another great example of perseverance is highlighted by Howard Schultz who found Starbucks, Schultz was turned down by banks 242 times and attributes the struggle to his winning idea which now sees Starbucks located in every city around the world.
A study funded by the Kauffman Foundation2, surveyed 500 successful high growth founders. It found that the typical successful founder was 40 years old, with at least 6-10 years of industry experience. Twice as many successful entrepreneurs were over 50 as under 25.
It found that mature adults bring experience to the table which further aids them in the decision making process, whereas fresh graduates bring innovative solutions which at times don’t have the level of ‘test proof’ methodologies as mature founders.
Some founders have been known to use their retirement funds to invest into their long standing business idea, this not only allows them to see their concept come to fruition but financially it can be exceptionally rewarding if done with passion and determination.
The above further highlights, that as individuals we shouldn’t let ideologies allow our aspirations to fade into the distance and that there is never the wrong time to pursue a vested business interest with sociological ‘norms’ and ageist barriers fast becoming a thing of the past.
Those who succeed believe that it is never too late to have a winning idea – what might seem like a personal passion today could be the route to a future million dollar business, if you never give up.
“It’s never too late to be what you might have been.” (George Eliot)
- http://tech.co/wp-content/uploads/2014/11/Too-Late-to-Start.png
- http://www.forbes.com/sites/krisztinaholly/2014/01/15/why-great-entrepreneurs-are-older-than-you-think/