RERA Certified Local Sponsor in Dubai – His Roles and Responsibilities

Events whether on a large or small scale require a sponsor. The sponsor will be responsible for supervising the entire project or event over its whole cycle.  The sponsor will be the required leader, he or she will decide the sequence of steps in a project, will coordinate between all the heads and overview the entire project.

Usually a Sponsor is an individual with years of experience in the role of leadership. He or she must have e sponsor is also an influential personality who can chair his or her ways through people and make the participants listen to him or her effectively. The sponsor has both steering as well as stealing role. RERA certified local sponsor in Dubai fulfills all the duties efficiently and effectively.

As such there are many roles and responsibilities of a local sponsor for real estate in Dubai but the major ones include-

• Sponsor is the captain of the ship- sponsor will decide the particular event or project to be undertaken and will shape it. He or she will analyse the cost of the entire project and also make the cost benefit comparison. This forms the basis of starting any project. Without understanding the benefits that can be realized from the project one should not invest their funds.  A project should be started where it is needed the most.

• The sponsor will be responsible for smoothly managing the project in its entire cycle. He or she will resolve conflicts if any between the members and take care of any last minute mishaps. He or she has to be capable enough to offer any and every kind of advice as and when required. He or she should have contacts with the right people from all kinds of professions and backgrounds. This will help in getting all the approvals easily and solving a problem if one arises. For example having contacts with government officials can help in saving time by way of easily getting the approvals.

• After the base of the project as decided and the baselines decided and made clear any change after it has to be made by the sponsor. No changes can be made without the approval of the sponsor. Any increment, decrement, rectification, alteration will take place by the sponsor. In this he can be assisted by a team selected by him for this purpose. This is beneficial for the project in the way that not everyone can alter the project as per his wishes. It will also help in sticking to the timeline.

• Sponsor will play an important role in identifying risks and explain to his team the ways of managing it. The important areas are identified by him before hand and ways are sought to surpass them. The local sponsor for real estate business setup in Dubai will let the head of the project understand the risky portions and assist him in tackling them. For example if the sponsor knows that an industry cannot be established in a forest area he will not go ahead with the project and save precious time and resources.

If you want to start real estate business in Dubai and looking for a trustworthy local sponsor then we at Business Link UAE consultancy assist you through the whole procedure to get right RERA Certified Local Sponsor in Dubai.

About VAT Implementation and Registration Services in UAE

The United Arab Emirates (UAE) a member of the Gulf Cooperation Council (GCC) is getting ready to roll out the new Value Added Tax (VAT) regime on the first day of the New Year. But, what does VAT actually mean? How does it impact common man’s life? The aim of this post is to throw some light in this direction.
 
VAT implementation in Dubai, UAE, a GCC member country, can be considered as another source for raising government’s revenues. According to estimates, the UAE government will generate additional revenues of over Dh12 billion in the first year of implementation of the VAT.

The decision to implement VAT was taken by the governments in GCC member countries with a view to diversifying revenue sources in the wake of a sharp drop in oil prices. Further, the recommendation of the International Monetary Fund (IMF) that the members of the GCC should diversify their revenue sources and reduce subsidies to achieve fiscal consolidation had put the countries under pressure.

As part of the implementation of VAT in the UAE, it is mandatory for companies reporting annual revenues of more than Dh3.75 million to register under the VAT system. On the other hand, registration is optional companies earning revenues in the range of Dh1.87 million to Dh3.75 million during the first stage of VAT implementation. Eventually, all companies will have to have VAT registration.

Even after VAT implementation & VAT registration services in Dubai, the UAE will continue to remain tax-free in several ways. This is because salary income is not taxed in the country. Further, free zones would continue to be tax havens, offering even complete ownership for foreign investors.

In order to ensure that the impact of VAT on common man is minimal, the government may either exempt or zero-rate many supplies. Most governments implementing VAT focus on taxing consumers’ discretionary expenditure. This is to protect people earning lower incomes.

According to an announcement made earlier by the UAE government, VAT will not be applicable in the case of 100 food items, health, bicycles, education, and social services. However, VAT will be applicable in the case of electronic items, smartphones, cars, watches, eating out, jewellery, and entertainment. It is also expected that the GCC members will levy excise duties on beverages that are harmful to health, especially those that have high sugar content.

Companies supplying products or services for which VAT is applicable will be allowed to reclaim VAT on costs. On the other hand, VAT cannot be reclaimed when supplying products or services exempted from the VAT.

As VAT is levied on the price paid by the customer, cost of products and services may increase. However, suppliers can decide the price of the products or services they provide.

There is hardly any time left to clearly understand the implications of the value-added tax system and make the required changes. In addition, the complexity and size of a business will determine the amount of effort required to implement changes. However, it is important to take the impact into consideration and deal with it in the best possible manner.

If you are looking for VAT consultants in Dubai for VAT registration services, please call Business Link UAE at +971 43 215 228 or email to us at info@businesslinkuae.com. We are VAT Consultants in Dubai and we provide VAT registration services, and Accounting and auditing services for small and medium companies. We have a thorough understanding of UAE rules and regulations and the requirements to be met for setting up different types of businesses. We work with complete transparency and clients will not be burdened with hidden costs. In addition to providing cost-effective business solutions, we work as per the time frames agreed upon.