Since the early 1980s, Atlantic Insurance has assisted small, medium, and large Business Insurance their assets and liabilities in Australia and overseas from our Head Office in Melbourne, Victoria. We work in a wide range of industries and our experienced Client Managers provide specialized risk management and insurance advice to protect your business.
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Running a small business is a bit like walking a tightrope – it’s thrilling, but it comes with some risk.
It can be hard to know which risks to take and which to avoid.
And what about the ones you can’t see coming?
This is why business owners need insurance – to help them reduce risk so their business can thrive.Why do you need business insurance?Claims and lawsuits are expensive, and you can be sued even if you haven’t made a mistake.
Small business liability insurance, including commercial liability insurance, can protect you and everything you’ve worked for.If someone slips and falls in your place of business, or if an unhappy customer sues you, you could be looking at a potentially devastating lawsuit.
What you need to know about business insuranceTo help small business owners understand the nuts and bolts of business insurance, we created the Business Insurance 101 guide.
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As part of the UAE’s commitment as a member of the Organisation for Economic Cooperation and Development (OECD) inclusive framework, and in response to an assessment of the UAE’s tax framework by the European Union Code of Conduct Group on Business Taxation, the UAE issued Economic Substance Regulations (Cabinet of Ministers Resolution No.
31 of 2019), (the ‘‘Regulations”) on 30 April 2019.
This regulation will put a stop to wrong tax practices followed in international business and will ensure that the correct amount of taxes is paid by the companies in the respective countries where the ultimate beneficial owner is based.These regulations are applicable to all businesses, whether established onshore or in a free zone, and certain other business forms that carry out any of the defined ‘‘core income-generating activities (CIGA)” listed below:Banking businessInsurance business Investment fund management business Lease – finance businessHeadquarters businessShipping businessHolding company businessIntellectual property business (“IP”)Distribution and service center businessTo meet the economic substance requirement, companies will generally get to satisfy the subsequent three tests:The corporate should be directed and managed in the UAE for the specific activity.The company’s CIGA should be performed in the UAE.The company should have an adequate level of qualified employees, premises and annual operating expenditures.Major impacts of ESR on businessesThe UAE government has implemented ESR regulations whose deadlines are coming very near.
The Economic Substance Regulations will have a great impact on the companies within the United Arab Emirates.
The impact will include the following:Reporting obligationsEach noon is required to provide annual or bi-annual “economic substance return” specifying how the entity complied with substance rules.
As the implementation date of the various economic substance laws in some of the noons was 1 January 2019, the reporting obligations relating to compliance with the economic substance rules for entities incorporated prior to 1 January 2019 is as early as 1 July 2019 in some of this noon.
Running a food truck business is a great opportunity for businessmen if they are passionate about serving the best food.In contrast to opening a restaurant, there is no need to buy or rent expensive spaces so you get to start with a small investment.Some food truck owners prefer to park their vehicles in apartment buildings, private areas, schools or company offices.
There are also a couple of food streets in large cities where you can start.Indeed, given that the threat of COVID-19 follows us everywhere, a food truck is a safer option.People can wait for food in their car's security or can queue, keeping social distance.The benefit of mobility in a food truck allows owners to access several locations.The outbreak has changed the food truck industry:vehicles no longer operate in the streets, but have changed their business strategy.
Clients hire food trucks for special events such as business meetings, weddings or shoots for films.Some also carry ads and banners for various brands, providing a different source of revenue for the owner.SETTING UP OF FOOD TRUCK Initially you should have a business plan that outlines the program for growth in future.
A description of the product : List the food offer or, specifically, provide the details of the menu.Starting a restaurant truck business will require an investment in - Truck for the businessInsurance Promotion Interior decorationIngredients for cookingDisposable itemsSystems for the process of cookingPOS software systemUniform for all staffsCertification of food safetyThere are also recurring expenses such as - Staff payrollFuelProper permits and licenses In India, the average start-up cost of a food truck business would range between 15 lakhs and 25 lakhs.It depends on what you're going to sell and the type of vehicle.To start a restaurant truck business, follow these steps - PROPER RESEARCH - You need to look up your city's food truck scene for the following Preference of taste by peopleWhat they want to eat on the run.Existing enterprises and their USPs.DemographicsPremises to sell food.Crowded offices where to find potential customers.Inquiry for the type of product you wish to sell.OPT FOR AN EXCLUSIVE DESIGN - Choose a concept that blends your unique style sensitivity with the interests of your target clients.You are required to choose a name and logo that represents your company.
The name of the company , logo , and concept should be exclusive , memorable and give a clear idea about what you are planning to deliver.An interesting concept and a well-conceived logo can encourage a passerby to become a customer.PICK THE RIGHT TRUCK - The vehicle is expected to be at least 18 feet in length, and a new one may cost between 7-8 lakhs INR.Food trucks are of various sizes and are personalised.The cost of the decor may range from Rs 1 lakh to Rs 5 lakhs.
If you want to save expenses, you can buy a used one that will be about half the price of a new one.LICENSES - Food License : FSSAI is the relevant governmental body which issues licences for all types of food enterprises.