In the fast-paced world of global business, where entrepreneurs often look for shortcuts to wealth, Valerian Dalmaida offers a grounding, contrarian philosophy: “Keep the law of the land—and the profits will follow you.”
It is a simple mantra, but one forged over 40 years of experience. As the founder of Quick Accounting and Advisory LLC in Abu Dhabi and a founding member of News Karnataka, Dalmaida is a man who bridges two worlds: the bustling commercial hubs of the UAE and the humble, community-driven roots of coastal Karnataka.
The “Accidental” Accountant
Dalmaida’s journey to becoming a reputed financial mentor was anything but planned. “I never knew there was something called a CA,” he admits with a laugh.
Growing up in a family of modest means—his father a worker on a P&O passenger liner and his mother an illiterate homemaker who fiercely valued education—Dalmaida followed the tide of his peers. When friends moved to Mumbai, he followed. It was only after seeing a friend pursue articleship that he challenged himself: “If he can do it, why can’t I?”
That question launched a career that saw him audit for giants like the Taj Group in Mumbai before returning to his roots. In the 1980s, while most peers flocked to cities, Dalmaida set up practice in his village of Kulai, Suratkal. By 1991, looking for broader horizons, he moved to the UAE, eventually serving as a Senior Auditor, Group Financial Controller and Group Head of Support Services before “retiring.”
But for Dalmaida, retirement was merely a pivot. “60 is not a time to relax,” he says. In 2019, recognizing the opportunities brought by the introduction of VAT in the region, he launched his own firm, proving that reinvention has no age limit.
The UAE Advantage: A Haven for Entrepreneurs
For Indian entrepreneurs eyeing global expansion, Dalmaida argues that the UAE remains unmatched. He describes it as a “happiness-centric” ecosystem where the government actively facilitates business.
“The UAE has opened up so much,” he explains, highlighting the shift allowing 100% expatriate ownership in mainland companies, removing the old requirement for a 51% local partner.
However, the allure of a tax-free income often confuses newcomers. Dalmaida breaks down the current reality with the precision of a veteran:
- VAT: A flat 5% on most goods and services (with exemptions for public transport, health and education).
- Corporate Tax: A relatively new introduction, but one he deems “client-friendly.” Businesses only pay 9% taxon net profits exceeding 375,000 AED (approx. $102,000).
- Personal Income: Remains tax-free for individuals working in companies.
The Blueprint: The 5 C’s of Starting Up
For those inspired to take the leap, Dalmaida warns against diving in blind. He suggests a five-step framework he calls the “5 C’s”:
- Consult: Before booking a flight, hire a consultant. Understand the legal landscape.
- Calculate: Know your capital. Are you funding this yourself, or do you need investors?
- Confirm: Be certain about your product or service niche.
- Create: Set up the physical infrastructure and office space.
- Conclude: Launch operations with all licenses in place.
“Business that keeps accounts will be successful. You must know where the money has gone.” — CA Valerian Dalmaida
The Trap of the “Rich” Entrepreneur
One of the most striking insights Dalmaida shares concerns the mistakes founders make. The biggest pitfall? Not paying themselves.
“You need to withdraw your profits every month,” he advises. Many entrepreneurs mix personal and business funds, never realizing if they are truly profitable. Dalmaida insists that founders should take a salary and withdraw monthly profits. “Only when you withdraw can you reinvest,” he notes.
A Legacy of Giving Back
Beyond the boardrooms, Dalmaida is a man deeply tethered to his community. Driven by the memory of his upbringing where “barriers didn’t exist” between religions or castes, he is heavily involved in philanthropy.
He is not just exporting talent to the UAE; he is importing investment back to Mangalore. By advising companies to set up back-offices in Karnataka, he aims to utilize the district’s connectivity (air, sea, and rail) to generate local employment.
“My mother knew the value of education despite being illiterate. Today, reading and writing aren’t enough—you need skills,” he says. His work with media and charitable trusts is his way of ensuring the next generation has the platform he had to fight for.
The Final Verdict
As the interview concludes, the conversation returns to the core values that sustain a business for four decades. For Valerian Dalmaida, the secret sauce isn’t a complex algorithm. It is Trust, Truth, and Compliance.
“If there is a will, the sky is the limit,” he tells the young professionals watching. But he adds a caveat that defines his career: “Respect all, and keep the law.”
Need expert advice? For NRIs and entrepreneurs looking to set up in the UAE, CA Valerian advises doing your homework first. You can find more about his work through Quick Accounting and Advisory LLC in Abu Dhabi.