Counselling your way to go!

Priju Dominic, Managing Director, Domtax

Domtax is much more than a consultant. It is a reliable partner that provides end-to-end business solutions

Ishtiaq Ali Mehkri

Published: Mon 10 Dec 2018, 10:02 AM

Last updated: Mon 10 Dec 2018, 12:08 PM

Priju Dominic, Managing Director, Domtax, is a trend-setter when it comes to businesses and their minute details. He is an articulate tax consultant, a great financial advisor and a dependable business associate. His company, Domtax, is indeed a one-stop solution to address all of the issues that any business entity could come across. It deals in VAT advisory, audit and assurance, accounting, feasibility and management, and last but not the least, filing of returns. Offshore banking solutions, outsourcing and company incorporation services are also its other portfolios.
Dominic says that from A-to-Z, the company works as a confident associate of the client, and takes care of all business-related financial and strategic issues in a holistic manner. With Domtax as the consultant, there is nothing to worry for a client as it brings with it impeccable integrity and professional approach, and does all it can to work out tailor-made solutions.

With his exceptional leadership qualities, Dominic believes in leading from the front, and is cool to the core as he lends an attentive ear. Perhaps, this is what makes the job of addressing and understanding clients' requirements easier. The managing director, however, is not content with taxation services, and has successfully ventured into the technical domain as he buys and sells aeronautical accessories, including aircraft engines.

"We have multiple other companies, but our specific identity is in dealing with taxation consultancy," a beaming Dominic remarked. A banker by profession with an MBA in Finance, Dominic plunged into the lofty territory of entrepreneurship as a consultant by choice. "In 2011, we started VSP Auditing Associates in partnership, and soon started working formally on taxation issues," he added.
The inception of Domtax, could well be defined as an outcome of the law of necessity, as the UAE was set to implement Value Added Tax the following year. "We take care of lego-financial issues, from setting up of a new company to managing an existing one, to liquidating it as per law," he observed, saying his company has done exceptionally well despite being a newer entrant.

Domtax presently is expanding its formal presence to three countries, i.e., United Kingdom, Singapore and Kenya, and plans to broaden the reach. "By 2020, I expect to have offices in at least six countries," he confided. Dominic successfully treaded the idea of buying aircraft engines, and the technical team of Aero Aviation Engines has churned out laurels in no time. The company enjoys the accreditation from the UAE authorities.

"We do what we know, and we make it happen," is how a humble Dominic defines his multi-tasking role. "I leave it on the technical side to decide and deliberate, and trust in their acumen," the Managing Director quipped, when asked how comfortable he is with the Greek of engineering.

He went on to say that, "We suggest the best possible ideas, as well as the opportunities to start a business - whether it is in the UAE or abroad. We spell out options to our clients, and then closely work with them in the arenas of strategy-making, acquiring finance, pricing policy and branding. We are a total corporate solution consultant." Domtax works as part of the Board of Directors for companies it aides and advises, and looks after their profile.

Commenting on VAT in the UAE, he said it is more of a misunderstood issue than actually it is. He said we work with our clients in addressing apprehensions, guiding them on complicated tax situations and act as their tax consultant and advisor.

Making a point on business prospects these days, he says, "The slowdown of business is not owing to VAT but a host of external geopolitical issues, brewing trade wars and the economic situation." The Domtax boss, however, said that "micro-lending is in a very tough phase, and it requires an enhanced focus to create a robust mechanism to augment their financing needs." Perhaps, this is where Domtax comes into rescue and rehabilitate its clients in professionally managing their respective taxation and financial affairs.

Dominic believes in a transparent approach, and takes prides in the fact that success is owing to integrity and fair play. This is what he calls his company's edge over others. "We give the best advice, take responsibility and serve our clients with absolute fairness and equality."

He says consultancy-cum-advisory services are his forte. "As a business person, however, I look for opportunities and am always open to newer ideas."

He thanked the great leaders of UAE and hailed their wise decisions, apt strategies and futuristic vision that makes UAE a better place and the most preferred location for doing business in this modern world.

- mehkri@khaleejtimes.com