All businesses have to critically examine their actions, whether the business is just starting out or has been in operation for a while. A Feasibility Study assesses the viability of a proposed business or a future venture. It involves assessment of economic factors of a project, assessment of Demand, Competition and Return on Investment. It provides valuable information for a “go/no-go” decision.
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For companies following accounting year as January – December in the UAE, the first tax period shall begin with January 2024. In such case, current year 2023 assumes significance as it’s a year immediately preceding the year 2024 when CT law effectively becomes applicable to them. The financial data and results of any taxable person’s business for the year 2023 would form the foundation and be considered as a comparable for the year 2024 which will be its first tax period. Even otherwise, transitional provisions as contained in Article 61 of the CT decree law states that closing balance sheet will become the opening balance sheet for corporate tax purposes for the tax period on “as it is basis”. Hence it’s imperative to ensure that financial results of the year 2023 depicts a true and fair view of the financial state of affairs and profitability of any business.
Conducting a feasibility study can help the owners assess if the project is financially feasible or not. A good feasibility study can help identify the strengths and weaknesses of a proposed plan. It can also assist in identifying new opportunities and improving decision-making in the project.
42% of startup businesses fail because there’s no market need for their services or products.
23% failed because they didn’t have the right team running the business.
42% failed because of pricing and cost issues.
Our team of experts determines the infrastructure and operating requirements, quantifies your costs and benefits, assesses key risks and recommends contingencies necessary to support informed decision-making.
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Manoj Pandey is a Chartered Accountant with more than 20 years of professional experience. He specializes in development of tax strategies, transfer pricing, BEPS, Cross border taxation and M&A services. He also leads MBG’s Abu Dhabi operations. He has played a key role in advising clients on tax and regulatory advisory in a fund structure, entity options on inbound and outbound investment both from the GCC countries’ perspective as well as from Indian tax and regulatory perspectives.
Komal Grover is a Chartered Accountant with 11 years of professional experience in the field of Corporate and International taxation. Ms. Grover’s core experience includes advising clients in the field of tax technology & transformation, corporate tax structuring, mergers & acquisitions, tax implications on cross-border transactions, tax treaty(s) analysis, controversy and dispute resolution, etc. She has worked with clients in diverse industries such as manufacturing, trading, consumer/ industrial products, hospitality, automotive, real estate, aviation, IT & ITES services and others.
