The OABC, in partnership with Al Busaidy Mansoor Jamal & Co (AMJ), organized a seminar on the basics of corporate law and finance. Titled ‘Survive to Five: Navigating Financial and Legal Aspects for Companies in Oman’, the seminar was delivered by AMJ Senior Associate Asad Qayyum to help new companies of all sizes establish the legal and financial frameworks required to achieve sustainable success.
Emmee Haun, co-founder of the OABC, said, “The OABC has a very wide variety of members, from large corporations to SME’s, and we try to hold events that will give practical help where it’s needed for each member.
This event was a great way to assist members who are living in the intensity of those early days of opening a business, a season that can last for several years. For young companies, the early days can be a challenging but foundational time, and as the OABC, we want to help them succeed in any way we can.”
The seminar was divided into six categories, with each focusing on a different organizational aspect integral to the development of new businesses. Starting with ‘Business Formation’, other steps included ‘Tax Information’, ‘Employment Issues to Consider’, ‘Intellectual Property’, ‘Key Customers/Supplier Relationships’, and ‘Networks and Support Organizations in Oman’.
Mr. Qayyum also commented, saying, “Setting up and running your own business can be very exciting and rewarding. However, no how brilliant your business idea is, without a solid legal and financial foundation, you run the risk of becoming one of the ‘4 out of five’ startups that statistically fail in the first five years. This seminar will them avoid a number of common pitfalls faced by entrepreneurs no matter what sector they are operating in.”