Ron Blum who is globally distinguished as an optical inventor and business personality has founded the major solution providing enterprises Egg Factory, LLC in 1999 where he is now operating as the key person guide and MD. He is equally the founder and chairperson of Pogo Tech operating in the same area and working together with Egg Factory to produce a variety of premium solution base, lenses, and superior glass eye glasses for people suffers from complication eye problems.
Being an accomplished optometrist, as of today, he is involved with a record number of 500 product patent appeals worldwide out of which a large number has already been in his bag. In global vision care area, the contribution of Mr. Ron Blum is just enormous. Regardless of you talk about Egg Factory, the inventor of companies such as High Performance Optics, Innotech, Encore Vision of Pixel Optics, all are the product of his great insight and have enriched the world of eye care in combination.
As said above, following complication of his degree in Optometry, he initiated with his foremost project Egg Factory that appeared as the most productive solution provider in Optics and Ophthalmics in America. As one of the largest holding companies worldwide, Egg Factory LLC has presented health care field with four major young groups, one after another starting from 2013 to till 2017. Among them, companies like Encore Vision LLC, Global Billion Dollar Company; Encore Health, Performance Optics IP and IP of Refine Focus are remarkable. While the Encore health has been acquired by the global leader Novartis in 2017, IP of Refine Focus has been under the management of Essilor in 2013 and Innotech became the part of Johnson and Johnson.
Prepared with a highly knowledgeable team of medical professionals, researchers, scientists and state-of-the-art research and development cells all over the United States, Mr. Ron has made his Egg Factory a specialized group developing ophthalmic produces, lens, electronic approach based eyeglasses and more. The solutions are ideal for people with acute nearsightedness, farsightedness, and in need of superior class of multifocal solutions. In the recent years, the focused group has stepped into researching, producing, and marketing items including retarders, auto-focus optical systems, zoom and liquid crystal electro optic products.
Notably, all these items are highly demanding in eye care industry all across the globe. Other than eye care medical field, the products made by Egg Factory have also been popular in industries makers of commercial cameras, bio-medical imaging, energy applications, and solar power electric solutions.
According to the industry experts that while millions of children to elderly, suffer from series of eye problems caused by aging, common myopia, and long-sightedness, chronic health issues, malnutrition mainly found in deprived community, the solutions provided by Ron Blum and his major groups are truly appreciable. The company is intended to launch a variety of other products and solutions to help the eye care industry, health care labs, clinics and various other industries in coming out with superior products and services.
VAT Fines and Penalties in UAE
A full list of penalties has been approved by the authorities in UAE regarding VAT. Now, nobody will be able to avoid VAT registration in UAE no matter what he does. If he is eligible to pay, he will have to pay it without finding any other way of escape.
Pay VAT or pay penalties
If someone is having enough amount of taxable goods and supplies, he becomes eligible to PAY vat. If such a person doesn’t register for VAT, after getting caught, he will get punished or he might have to pay fines as well. this is why it is better for the person to pay VAT tax Dubai rather than finding escape ways. Always keep ready vat accounting and auditing / VAT bookkeeping. Go to this link https://farahatco.com/blog/methods-vat-accounting/ and find more info.
A proper list of the penalties has been approved which will be implied on the ones that will get caught violating the tax laws.
No penalty will be less than 500AED and it will not more than the triple value of the transaction of the business that is under consideration at the moment.
List of penalties
If someone fails to keep the records that are needed for the procedures of the tax, he will have to pay the fine of AED10,000 at is first time violation whereas he will be fined AED50,000 if he repeats the violation again.
If a person is not able to submit the data in the Arabic language to the authorities who asked for it, he will be fined AED20,000
If the person is not able to submit the application of registration within a specific time period, he will be fined AED20,000
It is as important to submit a deregistration form than it is to submit a registration form in a specific time period. If someone doesn’t comply with the commands of the authorities, he will be fined AED10,000
Amendments in the tax record are also to be informed to the authorities. If nobody does that, he will have to pay AED5,000 at his first attempt to violate the tax law. If he does the same again, he will be fined AED15,000
A legal representative will be fined AED20,000 if the authorities are not notified about the appointment of a legal representative.
If the tax representative doesn’t file a tax return in a particular time limit, he will be fined AED1,000 for is the first-time violation but if he repeats it again, he will be charged AED2,000 within 2 years.
People need to understand how important it is for them to pay tax and comply with the tax laws no matter what. If they do not do so, they will have to face penalties which they wouldn’t like at all. so, they should make sure that they comply with all the rules and regulations of tax laws. Contact Farahat & co. for free advice.
All mentioned above is not just it. there is a lot more people might face I they do not pay the tax to obey the rules of the tax laws. so, if you want to be safe, obey the rules. It is your duty being a resident in UAE.
Strategic Financial Tips for Successful Enterprises
Every company needs solid financial management to stay in business. This entails planning, controlling and effective management of the financial aspect of the market. This is because it takes more than a good business impression to stay in business. There tactical financial management tips that include;
This requires an accurate record of all resources available in the company. Every enterprise needs to have a capital budget for purposes of proper financial planning. This enables the company to allocate resources in order of priority. Several aspects need to be considered when planning finances they include
Actual financial supervision requires an enterprise to invest in a reliable system that meets the specifications of the business it operates. This enables the observation of vital data in the company. The system should be easy to understand and for other staff to perform. It is critical to keep checking if the required data is being collected over time for purposes of studying your financial trends and making decisions.
Another important aspect of financial planning is the management of financial risks. Through a well-documented risk management framework. This can be complied with by the help of a governance and risk compliance team. It contains a list of all risks related to the business.Their financial implications and how to mitigate these risks for instance through insurance.
Use of Financial Information to Manage the Enterprise
These are financial statements that every company needs to have.These should be accurate and precise to the enterprise. They include;
- Cash flow statements
- Balance sheets
- Profit and loss figures and statements
- Changes in equity statements
- Wages and salaries statements
A qualified employee will come in handy in the interpretation of these statements. Alternatively, the company may contract a qualified GRC team individual to read and interpret the reports and give financial advice. For example, the company might have made so much profit, and there is the need for expansion.
All the employees working for the enterprise should have some financial performance of their firm.This enables them to get motivated and build confidence especially if the company is making a profit. All employees should be allocated financial targets so that they have a direction of working towards success. For instance, the head of human resources could be assigned an economic goal to reduce the wages by 2%. Performance evaluation within a stipulated period is necessary to keep the team members on course. They also help to evaluate how the company is performing financially.
This is action based on reliable and well researched financial data and interpretation. The enterprise can use tools that are not capital intensive to provide financial information. Cloud-Based software is such one tool.It offers real-time data relevant to the business, for instance, daily sales and expenses. Besides, it provides actual time data anywhere; this can guide the company in decision making. There are other aspects of financial control namely;
Tracking of Invoices
The company should have well-stipulated terms and conditions for payment of invoices.They should be communicated to all their clients for awareness especially when there are any legal aspects related to the fees. The cloud-based software can be used to track payments of invoices according to the set deadlines.
Living Together Agreements
It is crucial that you put in place a cohabitation agreement or a living together agreement when you live together with your partner. The purpose of entering into such an agreement is that your assets are safeguarded even if you both were to split ways in the future.
The assets that can be safeguarded by a living together agreement are those which have been bought before you started living together with your partner. It can include other important aspects such as how the living expenses will be divided between the two of you and how the debt accumulated during your relationship will be shared between the two of you. Setting out such a financial agreement makes it clear as to who owns what when you cease living together.
When to use a Living Together Agreement
A living together agreement can be used if:
Ø You are currently living with someone or intend to live with someone in the near future
Ø You wish to set things straight regarding ownership of assets and also how bills will be paid
Ø If any of the partners decide to approach the court upon the split up, you wish to have a formal agreement which can be deemed legal by the courts
Contents of an Agreement
The following aspects should be made clear in the cohabitation agreement:
Ø The income earned by each person in the relationship belongs to the one who has earned it
Ø The property or assets which were owned by a partner continue to be owned by that particular partner, irrespective of the status of their relationship.
Ø The assets which were bought together will be owned jointly by the couple.
Ø Both partners will share a joint liability to pay off the debts that were acquired jointly.
Ø The splitting of living expenses
Is Independent Legal Advice Necessary?
Before entering into an agreement of this sort it is advisable for each of the partners to seek legal advice. This can help to prove at a later date that both the parties entered into the agreement completely aware of what type of agreement they were entering into.
It is also advisable to make complete financial disclosures as there can be claims later of having acted under some influence. Having a formally drafted agreement rules out the possibility of a dispute and proves that each partner had voluntarily signed the agreement and that no pressure had been placed on them to agree to the terms involved.
Terminating the Agreement
If any of the following events have occurred, the agreement can be terminated:
Ø One of the partners die
Ø The partners involved in the agreement decide to get married or enter into a civil partnership with each other or any other person
Ø Both partners mutually decide to terminate the agreement. A deed will be signed to make this happen
Ø One of the partners is handed over a written notice which terminates the agreement
Ø Partners decide to adopt a child
Ø If court rules out the agreement to be legally invalid
Distribution of Assets after Termination of Agreement
When an agreement is terminated, the assets which have been acquired after entering into this agreement will be treated as being owned jointly. Therefore the assets will be sold and the income earned will be divided equally between the partners. The debt which was acquired jointly will have to be paid in equal shares. For any personal debt, the partner who is liable to pay it will be responsible for its repayment.
Which other documents are required for Legal Protection?
If one of the partners who were living together were to pass away the cohabiting partner may find a claim to the deceased partner’s assets. To prevent your assets from being inherited by the wrong person you may have to write your own Will. Almost two thirds of British citizens presently do not have a valid Will which puts their assets at risk.
English Law doesn’t recognise cohabiting partners and the rules of intestacy may not ensure wealth distribution according to your wishes. There are many ways you can write a Will such as using a simple Will template which several websites provide or by hiring the services of a solicitor.
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