Transforming an idea into a business can be a journey fraught with hurdles, but overcoming these is both why and how Vera Doljenkova FCCA established her Dubai-based consultancy Vero360 Degree Solutions. ‘We help people to achieve their goals by solving their structural and operational needs,’ says Doljenkova, whose three-person team works mainly with start-ups, small and medium-sized enterprises and those relocating to the United Arab Emirates (UAE).
As the UAE’s business administration is becoming increasingly digital, incorporation processes are not complex, says Doljenkova. But there are still many factors to consider when setting up, relocating and running a company there: for example, potential locations, company type and structure, the emerging UAE corporate tax (CT) framework, required licences and authorisations, and regulatory oversight. ‘Some aspects are common across the world, and some are unique to the UAE,’ she says.
‘I had to think as if I was running those businesses myself’
Client needs, Doljenkova explains, vary widely, from setting up a corporate bank account and choosing the right holding structure, to day-to-day financial and operations management. Ultimately, Vero360 aims to provide transparent, ethical and unbiased advice. ‘We strive to give our clients the feeling that they have an in-house finance team.’
Bespoke approach
Making this the focus of her own business was an idea that solidified for Doljenkova after more than a decade working in Dubai’s financial services sector. ‘At first, I was reporting to heads of finance and operations. Then I became one myself and started working directly with business founders. To deliver my work, I had to start thinking as if I was running those businesses myself,’ she explains. ‘That’s when I got the entrepreneurial spirit.’
Working with business founders gave Doljenkova a deeper understanding of their needs and expectations – and how best to meet them: ‘My perspective changed,’ she says. She could see the benefits of a bespoke approach as compared with the off-the-shelf offerings of many corporate service providers. ‘Very few are able to take the view of the client and offer a solution. I thought I could deliver those solutions that my clients had so much need for.’
Strong team
Starting her own consultancy also offered valuable learnings. ‘When you start a business there are so many things to think about and so many challenges,’ Doljenkova says. ‘Most professionals want to join well-established firms with big offices and many years of operations, which can make it hard to find talent and motivate them,’ she says. ‘I was extremely lucky to get the right people to join me.’
‘My staff motivate and inspire me every day’
Doljenkova found her first employee – who had recently completed his ACCA exams – through the Dubai-based training provider she had herself studied with a decade before; but building a team also created operational challenges. ‘Initially, I had a flexi-desk and we worked remotely with clients,’ she says. ‘At some stage that setup became impossible and I had to get an office.’
The move to a permanent location was crucial in building a strong team. ‘We’ve become like a little family,’ she says. ‘They share my results-focused attitude to work, and motivate me every day with their dedication and inspire me with new ideas.’
Doljenkova’s career began a long way from the UAE – in Uzbekistan. After graduating with a degree in accounting and audit from Tashkent State University of Economics in 2007, she worked first as an exchange office cashier inspector at the National Bank of Uzbekistan before taking a position as an accountant at textile firm CLC Spentex Tashkent Toytepa.
Dubai opportunity
Wishing to explore new horizons, she started applying for jobs overseas. ‘But with very little experience and only local qualifications, Dubai was the only place that offered me a job – and the opportunity I needed,’ she says.
Unfortunately, her employer shut its UAE operation in 2009, as the financial crisis bit. ‘I then joined the finance team of VR Capital Group in DIFC and found myself among highly qualified finance professionals,’ she says. ‘I realised it was an opportunity to learn.’
‘I knew without those four letters after my name I would not be taken seriously’
Wanting a challenging and prestigious qualification that would position her as a top-tier finance professional, she picked ACCA. ‘I knew without those four letters after my name I would not be taken seriously.’
Working full time, she could take only two exams per sitting at a time when there were only two sittings a year. As she wanted to qualify fast, she spent her entire annual leave studying and took no breaks between exams. Even while pregnant and still working full time, she did four exams. Her son was five months old when she sat the last two. The following year it all paid off as she was promoted and doubled her salary.
Perfect timing
Establishing Vero360 in 2024 was perfect timing, as this was a point when even well-established businesses in Dubai needed additional support with aspects of finance and operations, particularly around the UAE’s recently established tax framework. Helping businesses deal with a blizzard of information was crucial.
The UAE introduced VAT in 2018, followed by corporate tax on the net profits of many businesses from 2023. Most recently, a draft law has affected tax exemptions for extractive and non-extractive natural resource businesses. ‘During that first year of federal corporate tax, official clarifications were being released pretty much every Friday,’ Doljenkova says. ‘It was vital to keep up.’
‘I lost time overcoming my doubts. Believing in yourself is vital’
As aspects of the tax landscape vary between Dubai’s freezones and the mainland, and according to the type of company, advising on regulatory aspects of finance and operations is increasingly complex. ‘We are always reviewing new information and looking ahead,’ Doljenkova says.
This is critical for both existing and aspiring business owners. ‘Since starting Vero360 I’ve realised that you get where your focus is,’ she says. ‘If you focus on doing your job, you may do it well, but if you want to develop your business the focus is very different.’
And there’s another thing Doljenkova wishes she’d appreciated sooner. ‘I lost time overcoming my doubts that I could operate independently,’ she admits. ‘Believing in yourself is vital.’
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