Chairman's Message

Chairman Message

Dear Members, Former Chairmen, our Vice Chairman Shri Jai Prakash Agarwal and other colleagues in the ExCom,

I am humble and my heart is full of gratitude. It is a matter of pride and privilege to serve the largest and the best overseas chapter of ICAI, India as the Chairman of the Dubai Chapter.

It is said Rome was not built in a day and same is with our Dubai chapter. It took 42 years of efforts to earn the present status of Dubai Chapter as the largest and best overseas Chapter. I have been a member of this Chapter since 1993, when I landed in the dream city called Dubai. There used to be less than 150 members and difficult to find members to serve the ExCom.

Thanks to all our past Chairmen and their teams for their contributions and efforts, I am fortunate to have inherited the rich legacy of our Chapter. The CA profession has contributed a lot in my professional as well as in my personal life. On a lighter note it will not be exaggeration to say that one of the main reasons of having an intelligent, accommodating, and beautiful life partner Varsha, was my qualification of CA. My in-laws proudly mentioned “Kanwar Sahab CA hai”. Then, the Audit goes a step further, “Kawar Sahab CA hai, ya CA kar rahe hai?”. Because in some cases a boy would became “Kawar Sahab” before even becoming a CA.

Dear members, based on my experience as an International Commodity Trader and of other successful Chartered Accountants as business leaders I'm of the firm opinion that a CA equipped with financial acumen, strategic thinking, and clear understanding of the break-even point, is most suitable to become an entrepreneur and business leader. Entrepreneurship does not mean just to start a business. It is the time for innovation and technological breakthroughs. We have heard the story of the thirsty crow and learn “necessity is the mother of invention”. Now, more than ever innovation is a must not only for growth but for the survival of business.

The journey of an entrepreneur starts with Imagination. Albert Einstein said “Logic will get you from A to B but imagination will take you everywhere.” It is my experience that the size of your dream decides the size of your vision and the size of your vision decides the size of your success, if it is backed by commitment and passion. All of our dreams can come true if we have the courage to pursue them.

Keeping all these in mind, dear members, your new ExCom has adopted the theme for the year “Chartered Accountant as an Entrepreneur” and has been beautifully captured in the New logo designed by experts in a special shape - not fully round, with specially designed fonts, keeping the left & right slightly open in the middle. The theme of the year has been abstracted and named “Charterpreneur”.


“Chartered Accountant as an Entrepreneur”

My favourite world leader His Highness Sheikh Mohammed bin Rashid Al Maktoum - Vice President and Prime Minister of UAE and the ruler of Dubai said “The future belongs to those who can imagine it, design it, and execute it. It isn’t something you wait for but rather create.”

This year we will focus on learning from various successful leaders and entrepreneurs, and focus our learnings on technology like AI, digitization, blockchain, data analytics, cryptocurrency, cyber-crime etc. We are all witnessing the 4th industrial revolution based on technology which has stretched the boundaries of intelligence & capability beyond our imagination. With the advent of these new age technologies, the limits of what human beings can do will be expanded exponentially in the decade to come. In organising these events Quality will prevail upon Quantity of the events. It is time to change our mindset and think big. And there is no better place than Dubai for us to do so - known for its visionary leadership, accelerated growth, and deep adoption of technology - having one of the highest penetration rate of Internet and smartphone in the world as well as world’s firsts and world’s biggest in its arsenal.

It is said that when you stop learning you stop leading. This year is also going to be the first year of the corporate tax in the UAE. To keep our members updated and aware we will continue to have focus group classes on IFRS, TAX, PBI, etc. Under new initiatives we will start monthly newsletter – “Tax Update” covering Corporate Tax as well as VAT and relevant articles, preferably from members.

“Balance is the essence of life”. No amount of your success in business or profession can compensate for your failure at home. Social and sports activities are part and parcel of any inclusive and successful organization and we will find ways to make it more engaging and meaningful throughout the year.

Under the new initiative your ExCom in its first meeting on 1st April has decided to introduce, with the help of experts, awards to be announced every year based on performance & achievement in the annual period of 1st Jan to 31st December of members:

  • Member of the Year
  • CFO of the Year
  • Business Leader of the Year
  • Buddy Chartered Accountant of the Year
  • Young Achiever of the Year

For the first 4 awards a nominee must be a continuous member of the Dubai chapter for 5 years and for the Young Achiever award the nominee should be a member for a minimum of 3 years and should be below 31 years of age as on 31st December of that year. A member can nominate himself or herself or any other member that is worthy of consideration. Full details of the same will be shared soon in the due couse.

I believe in collective leadership and teamwork. It is said that “If you want to go fast go alone, but if you want to go far go together.” An individual has limited power but a team has unlimited power. I assure you, your new ExCom will work as a cohesive team to take our Dubai chapter from great to greater. Getting due recognition to CA degree and ICAI will be on the top agenda over and above all.

Looking forward to your support by way of active participation and connecting new members to the chapter.

Coming back to our theme of the year, Entrepreneurship. Many a times we blame our luck but luck is a common denominator in success and failure. What is different is our effort which is in our hands. There is a story of a Hanuman Bhakt, that I would like to share with you all. A devotee was regularly visiting the Hanuman temple and was sincerely praying every day for the prize of ₹10 Lakhs lottery. After few weeks nothing happened, so he started fasting on Tuesdays as well. Even after that nothing happened, he then started coming twice to the temple in a day - both in the morning and evening. After a few more weeks he started getting nervous. Finally, Lord Hanuman appears and strikes him on the back with his Gada and said “I can get you ₹10 Lakhs lottery, but idiot, do you expect me to buy the lottery ticket for you as well.

The difference in success & failure is our efforts. The fastest way to success is to fail fast. Success keeps getting up again & again… & again but failure doesn’t.

Keep your efforts continue, when KFC Founder can open its franchise at the age of 60 plus, Mr Biden can be President of USA at the age of 80 Plus, A Chaiwala can become Prime Minister of Biggest Democracy of the World. A Chartered Accountant is most deserving Profession to become Business Leader and an Entrepreneur. Need of the Hours is to change our Horizon and start thinking big beyond Accounts, Finance and Auditing as business Leader.

This spirit of perseverance has been captured nicely by Ghalib and serves as a powerful mantra for success in love and entrepreneurship both:

Thank you very much firstly, for your patience and taking time out with better half for the first event of the year and secondly, your trust and confidence in the new ExCom.

Your suggestions and feedback will always be a source of energy for all of us.

Jai Hind & Wa Alaikum Assalam

With Gratitude,

Yours,

CA Rajesh Somani
Chairman, ICAI Dubai Chapter NPIO