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Looking For Easy Extra Income? 7 Ways to Earn Money With A Pick-Up Truck

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When it comes to working vehicles, there are none more reliable than a pickup truck. With powerful engines, flatbeds, and the ability to tow heavy trailers and machinery, pickup trucks are the go-to vehicle to get any job done. Pickup trucks are one of the versatile vehicles on the road today, and with a little hard work, they can help you make tons of money.

The following are all business ideas that you can start immediately, as soon as you acquire a truck: for side hustles, you may want to consider renting one instead of purchasing one, especially if your budget is tight at first. Whether you are looking to make some extra with a side hustle or start a new career, here are the best ways you can start making money with your pickup truck today.

Junk Hauling Service

You’d be surprised how much money people are willing to pay to get their old furniture and belongings out of their house. Take away everything from mattresses, desks, filing cabinets, and more. All you need to do is load up the truck, drop it off at your local dump, and you can make a nice chunk of change while offering a helpful service.

Construction Work

One of the obvious ways to make money with a pickup truck is by working in construction. Pickup trucks are the perfect vehicles to carry heavy tools, equipment, and materials. Consider starting your own construction company or looking up odd jobs on online service websites like craigslist.

Moving Service

Professional moving companies can be expensive, and many people aren’t willing to pay such high prices, especially if they are just moving down the street or across the city. Using your pickup truck, you can provide affordable moving service to your friends or family that are looking to relocate. With a pickup truck, you can fit almost everything in the back of the bed so you can make fewer trips between houses.

Delivery Service

More and more people are shopping online, and according to the Bureau of Labor Statistics, delivery drivers are in high demand. Luckily, a pickup truck can serve as the perfect delivery vehicle. Consider delivering furniture, appliances, packages, and food. You can even sign up to work with major companies like Amazon and use your own truck. Since trucks have a ton of storage space, you can hold more deliveries than the average vehicle and essentially make more money.

Landscaping Company

Another great way to make some consistent cash flow with a pickup truck is to start a landscaping business. Like construction, you’ll have enough room and torque to carry heavy tools, lawnmowers, and materials. An easy way to break into the landscaping industry is to offer easy services like mulching beds, cleaning up leaves, and planting flowers.

Towing Services

Sometimes people rent trailers or boats for the day but don’t have the right vehicle to tow them with. Using your pickup truck, you can offer your services as an easy way to make some extra cash.

Snow Plowing

Trucks are known for both their versatility and durability. Why not use that to your advantage? If you live in an area that gets heavy snowfall in the winter, consider buying a plow and starting a snow removal service. People are willing to pay top dollar not to have to shovel their driveways. The best part is you will only have to work once it snows, and you can make a full week’s paycheck in one day.

Resell Items

A creative way to earn some money on the side is reselling used items. Use your pickup truck and drive around to different yard sales and look for the best deals. Using a pickup truck allows you to buy more items and larger things people can’t carry in a regular car. You can then easily fix them up and sell them for a profit on eBay, craigslist, or the Facebook marketplace.

Start Making Money Today

There is nothing like earning a little cash on the side to push your way towards financial freedom. There are plenty of lucrative ways to use your pickup truck today.

What You Can Expect from a Fulfilment Service: A Look at the Step-by-Step Process of Fulfilment

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Ecommerce fulfilment services have become the best friend of many an e-commerce company. It has proven its merit in fulfilling orders across the country (and even the globe), shipping them, and making sure they arrive at their destination as promptly as possible. Once your customers finalise their purchases, your e-commerce fulfilment partner can take charge of the fulfilment process, and it is indeed a necessary element in your supply chain.

Aside from storing your product inventory, the fulfilment company will process the order, pick and pack the product, and transport or ship it to your customer. Your e-commerce fulfilment partner will ensure a much more streamlined process, and if you may already know, this takes a lot of work and effort. But if you are not completely sure of what you can expect from a fulfilment service, here’s a look at the step-by-step process of fulfilling an order.

Step 1: Receiving the order

The first step relates to inventory, and for the fulfilment company to take care of orders, you need to have enough inventory for your products for the fulfilment company to have what they need. Your fulfilment provider should already have the stock on-hand in their facility or warehouse, so once they receive an order, they can begin fulfilling it

Step 2: requirements for storage

Your fulfilment company should have proper warehousing for your goods, and they need to make sure that your inventory is stored in an organised and easily accessible manner. It would be best to have a dedicated location or area for each product, and your fulfilment partner is responsible for keeping your products visible and secure.

Step 3: order processing

Once the fulfilment provider receives an order, it’s time to pick and pack it. They will be responsible for picking it from the warehouse and packing it for delivery or shipment. They should have a packing slip containing information about the location and quantity of the product, along with packing customisations and requirements.

Step 4: shipment

When the fulfilment service has attached the shipping label, the package is ready for shipping to your customer or merchant. You can have the packages delivered to a specific home address, a post office, a courier branch, or a fulfilment centre. The shipment should come with tracking details, allowing your fulfilment partner to keep track of it and update you and the recipient on the parcel’s real-time whereabouts.

Step 5: returning items

Your e-commerce fulfilment partner doesn’t just take responsibility for delivery – they can also take charge of and handle returns. It’s not often, but sometimes customers may want to return an item. If this happens, make sure your fulfilment partner can deal with returns. For returns, customers will send back the item, and when the item is sent back, your e-commerce fulfilment partner can evaluate it and determine why it was returned. They will inform you of their findings, and you can then decide whether to dispose of the product or restock it in your product inventory.

Whilst these steps are crucial, remember that speed is of the essence – once you receive an order, your fulfilment partner should act on it right away. When you have a solid fulfilment process, it secures your business’ standing with your customers as well.

6 Things To Consider When Planning A Shipping Business

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Starting your own shipping company is a good idea as there’ll still be a demand for your services years from now. The peak of the shipping industry is here to stay, but before you dive in, you should think about whether you’re well-equipped to enter the market as a business. You’ll have to compete with larger companies, so how can you be the best? What should you include in your plans?

These are a few of the important things you should remember when you start your shipping company:

Cargo Handling

Exporting

Have you thought about how you’re going to train your staff regarding the best practices of cargo handling? You need to think about this before you launch your company. People are going to be trusting you with both sensitive and fragile goods, so you need to be ready.

As a shipping business, you should acquire all equipment that’ll make cargo handling easy. A pallet, for instance, should be one of the first things you should buy as your business equipment. You can check out suppliers such as Challenger Pallet & Supply and others to choose the type of pallets your business needs.

Legalities

The legal aspects are crucial when you’re starting a shipping business, and it’s a must to ensure all requirements are met. You need to be fully authorized to run the company and have no legal obstacles. This is an important point to remember because you could find yourself in serious trouble if you don’t.

You must have all the necessary files to make sure your goods and business are safe. In this regard, a bill of lading is one of the most important documents you should be familiar with. It’s an official document that proves you have goods under your care and custody belonging to somebody else.

Insurance

You should also consider the insurance you’ll need for your shipping business. You must ensure that you’re fully covered against all losses. Be sure to cover both your customers and your cargo.

Proposed Delivery Speed

manage exporting

The speed of delivery is another important consideration. Shipping companies should be able to deliver packages quickly to any place in a limited amount of time. If you’re thinking about starting a shipping business, it’s important to consider the speed at which your company will deliver packages, as well as the shipping challenges you might face. This will allow you to plan and keep up with local businesses.

Projected Price of Service

Another thing to think about when you start a shipping business is the cost of your services. Your company must be able to stand out from others. There are many shipping companies on the market, so competition can be fierce. You must find a way to offer better services to your customers for less money while still being profitable.

Your Niche

Many entrepreneurs think they must create a service that serves everyone for them to be profitable. In reality, that turns out to be a gross mistake. You’ll be able to better serve a group if you define who you’re trying to serve. You’ll be serving a market segment that’s well-defined in your mind, so it’s easy to know what they want the most.

Before you begin your shipping service, you should define yourself as a business. There are many shipping options you can choose from. Here’s a list to help you plan:

  • Freight forwarding is the service of moving goods from one place to another. This could include moving trucks with products, materials, or cargo ships. The freight forwarders act as an intermediary between the shipper and the trucking company. They receive the shipment and then handle all the logistics.
  • Logistic service involves the transportation of goods by trucks. This service is great for providing fast delivery to local customers. It may be worth hiring your own drivers depending on the goods as some require special skills not taught in the driver training classes. GPS tracking can be an investment to make sure your trucks deliver the goods on time.
  • Dropship distribution is the delivery of products to customers without having to own them or buy them yourself. In this business model, the seller is simply the conduit between manufacturer and client. You can specialize in order fulfillment service for these clients.

Conclusion

These are just a few of the many factors you need to know when starting a shipping business. In the few months before you launch your business, research is going to be key, so do as much of it as possible. In this way, you won’t be surprised by anything if you know how it all works. Consider the ideas mentioned here as you plan and prepare.

Exporting to EU After Brexit: What We Know So Far

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The UK as an ex-member of the EU is presently allowed to avail favored market rights to 40 countries from 70. Keep in mind that those 40 countries trade with the EU already.

If there would be no new contracts to make up for the preceding losses in the business industry, the UK will have to follow the tariffs rules imposed by the World Trade Organization. Negotiations are ongoing to avoid Britain from suffering massive losses in merchandise trades.

If you are planning Exporting to EU, after Brexit, then you must know and follow the below points:

after brexit

Be Sure to Get EORI

As an entrepreneur, you need to ensure that your company has an EORI number. To keep on importing your products to the UK, a 12-digit number called EORI beginning with GB is a must-have. If your company does not own any EORI number, there may be delays and higher costs when you import goods and commodities. However, if your business is service-centered, then EORI will not be a requirement.

If you are trading in the EU for your company’s products, there would be a requirement of an EU EORI. If you don’t have any number with this name, then you should apply for it at the customs office of any EU member country. For the time being, it is possible to have alternate ways of exporting goods.

For example, the top 3 Italian exports are metals, machinery, and textiles. Learn more about this, reading this article about Italy’s exports. Until the Brexit period ends, it is very convenient to export products, but after that, the rules would be even more difficult in terms of weight, or quantity.

Create Export Statement

To create an export statement, you can employ a special agent or expert. Even if you are capable enough, you can do it yourself too.

  • Freight agents can help you deliver goods all over the world, and even help you clear customs at the borders.
  • If you opt for presenting an export statement to customs by yourself, then be mindful of three key factors when exporting goods from the UK. Those 3 keys are:
  1. How to create?
  2. When to create?
  3. Which documents should you have for custom clearance?

Check the Payments

If you export products and commodities from the UK to any member country of the EU, the EU importer should pay duty taxes for the products and commodities to be received. The amount of taxes and fees payable depends on the type of products exported.

Know the Rules

You have to see the guidelines about exporting different goods. For example, you will need a license for exporting goods like tobacco, etc.

Check VAT Procedure

The VAT procedure is going to change after Brexit. Therefore, you need to see and plan how you can claim it from the EU members.

Be Sure to Transfer Goods Properly

Containers

In the post-Brexit period, you can use a representative/contractor to ship your goods out of the UK at any time, but if you ship by yourself, you must get an operator license to transport the goods without any hurdle at the border.

Your queries about exporting goods to the EU after Brexit are always welcomed. Drop your message for us or ask in the comments below!

Top 7 Business Shipping Challenges And How To Address Them

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For many businesses, it’s never easy to get their products shipped to their customers. In fact, there are various things that can go wrong when it comes to business shipping. For instance, aside from dealing with hefty fees, business owners may deal with damaged products and lost packages.

Fortunately, there’s a solution for every business shipping challenge. One of these solutions includes finding the best customs broker to help you expedite your shipment’s customs clearance.

Other than that, to help you avoid customer complaints regarding your shipments and solve your biggest shipping concerns quickly, below are the common shipping challenges and ways to address them effectively:

Shipping Delays

Shipping

One of the toughest and most common shipping challenges for businesses is delays. There are several reasons why delays happen. Often, delays are classified into two forms, which are internal delays and external delays.

External Delays

When it comes to external delays, they’re typically due to some factors, such as delivery vehicle breakdown, poor weather conditions, and heavy traffic. In this kind of delay, there’s nothing you can do to resolve such issues.

That’s why some companies have created solutions, like delivering products via drone. However, such solutions aren’t practical. So, the only best way to address it is to inform your customers as soon as possible about the possibility of shipment delays.

Internal Delays

Internal delays, on the contrary, are something you can control if you’re aware of them. For example, you can prepare your items as usual without any customization. With this, you can easily hand them over to your preferred shipping couriers.

If you’re planning to send packages to other countries, be sure to prepare the important documents required by the customs to improve your business’s delivery process. This is because authorities may put your shipments on hold if you don’t have the right documents.

Damaged Items During Shipping Or Handling

Transport conatianers

As a business owner, you should be aware of the harsh conditions in most shipping streams. The forces that shipments may face as they’re loaded in the ships, trucks, and planes are greater than what they’re experiencing when sitting at your home or business location.

To resolve this problem, have a proper crating and packaging scheme in place. If your items are packed or placed in shipping crates well, the risk of damage is reduced.

Order Returned

Even if the possibility of this shipping challenge is rare, business owners may feel uneasy once their orders are returned. The situation can be much tougher to decipher if you have an inexperienced or unorganized order management system. In addition, you can miss some of your orders if your warehouse is big or if you’re dealing with countless orders every day.

Also, if you use third-party shipping carriers for your business shipments, you’ll need to contact them to find your packages. If you’re out of luck, the search might take several days, weeks, or even months.

To avoid this frustrating situation, you should always keep in touch with your chosen delivery agent. Luckily, there are some shipping plugins you can use to track your shipments in real-time. This kind of feature has different order status checkpoints, which will keep both shipping carriers and business owners aware in case an order was lost or misplaced.

Route Disruptions

Some things outside your control may affect shipping routes. Political unrest, pandemic, and natural disasters are some of them. While such events are unpredictable and can’t be prevented, think of other ways to deal with them.

For instance, you can work with the best shipping logistics service providers that monitor every event that may affect their shipping routes. If problems arise, they’ll take advantage of their industry contacts to change the path of their shipments to avoid any possible trouble in the long run.

Customers Refuse The Delivery

Even if it’s uncommon, there are instances wherein some customers don’t pay their orders and would often request to return them. This may happen for some typical justifications, such as when customers made the wrong placement or the items they received were damaged or incorrect.

Regardless of the case, it’s never simple to manage returns. The reason behind it is that you need to get the orders back, unpack your items, and place them back in your inventory. Handling returns may also cost you time and money.

To avoid losing resources and lessen the hassle, you can make a minimum order limit for cash on delivery (COD) products and charge fees to customers if they refuse to accept the orders. This is necessary as it can help prevent damage to your revenues and avoid future delivery refusals.

Expensive Shipping Costs

For both business owners and customers, shipping is never cheap. Generally, the cost of shipping packages may depend on some factors, like how much the packages weigh, where they’re going, and how fast they need to be delivered. Unfortunately, several businesses don’t know how to handle expensive shipping costs.

To avoid paying a high shipping cost, one of the options you can consider is to let your customers pay for it. When you charge your customers for shipping, you’ll allow them to order your items without the need to worry about your profit margins.

However, it isn’t always a good idea because some customers don’t like expensive shipping costs. So, you might want to charge your customers a flat rate and affordable shipping fee to reduce the shipping costs and avoid driving your customers away. Just make sure to consult your shipping company regarding the costs, so you and your customers won’t be surprised by the charges.

Unexpected International Fees

Unlike domestic shipping, international shipping is more expensive since the packages have to be transported in far places. In addition to that, international shipments are subject to local taxes and duties. For this reason, some businesses get rid of international shipping as much as possible. However, if you want to serve customers globally, you need to deal with international shipping.

Therefore, instead of eliminating international shipping from your business, be clear with the policies involved with it, so your customers will be aware of the possible extra fees they need to pay for international shipping.

Conclusion

To provide excellent customer service, it’s essential to be aware of the common business shipping challenges and the best ways to resolve them. With this in mind, you’ll be able to impress your customers by handling shipping issues with grace. Plus, you can ship your products or items with confidence. Just make sure to continue planning and improving your shipping strategies to provide the best possible shipping experience to your customers.

What You Need to Know About DVR Trucking

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Technological advantages keep on getting better. It is safe to say that many of these innovations are responsible for getting us to our present world. Thanks to tech, modern trucks fit the description of moving computer networks featuring endless opportunities to collect and transmit data. If you want to get digital video recorders (DVR) for your fleet, you need to know more about the component and what it offers.

Video recorders offer enhanced protection and refuge for commercial vehicles. The information in this article explains how DVR trucking is beneficial for fleet owners and their businesses.

Protection from Fraudulent Insurance Cases

If you have never had experience with fraudulent insurance claims, you are aware that it is a way for insurance firms to minimize their risks and expenses. Fitting digital video recorders in your trucks make it easy to fight off malicious claims and protect the reputation of your fleet agency. Footage from the surveillance system comes in handy as evidence in refuting the allegations from the insurance firm. It also helps build trust between the driver and agency since they are protected from the claims.

Prevent Vehicle Theft

DVR can relay a live feed, which prevents thefts and other inconveniences. For instance, the data compiled by the digital video recorders can help firms retrieve stolen vehicles. Both external and internal video recorders assist with blind spot functions such as reversing. Without a surveillance system, knowing the activities of your vehicles is impossible unless you trust your drivers.

Identify Poor Driving Practices

It isn’t easy to know if your drivers are giving full accounts of how the daily ventures. With a surveillance system in the vehicles, fleet owners can comfortably monitor how each staff member handles themselves on the job. Any form of dvr trucking helps fleet owners identify poor-performing or misbehaving drivers and their crew members.

Cost-Effective

With the information you get from DVR trucking, it is more natural to strategize and improve the company’s performance. Saving money is one of the most powerful means of boosting business functions. By eliminating all liabilities from the company, one can quickly get to optimal performance. Since surveillance systems offer security against numerous inconveniences, they are cost-effective fleet business features.

Collect Real-Time Data

Information gathering is a significant factor for many successful businesses. The ability to collect first-hand information comes in handy when fleet owners are looking to make business modifications. For instance, data from a particular vehicle can tell you more about how specific drivers perform. It makes it easy to pick out your best staff members and eliminate those making the company incur extra costs.

Conclusion

Investing in DVR trucking is an excellent way to keep tabs on one’s fleet of vehicles. You cannot fully trust employees unless you have experience working with them. The surveillance system helps fleet agencies improve the security of the workers and vehicles. However, to get the benefits mentioned above, you have to get a reliable fleet surveillance system.

Tech innovations in the business sector are helping entrepreneurs make progress faster than before. For fleet owners, DVR trucking solutions should help the company’s performance, worker’s productivity, and safety.

Importance of Transportation in Supply Chain

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Transportation is not merely a means of moving people from here to there, it is much more than that and holds so much importance in other businesses of life rather than just this. Take the supply chain, for example, transportation plays a major role in the supply chain to the extent that the world’s supply chain would have been suffering from great damage and trouble if it wasn’t for transportation.

Must be thinking why? Well, logic is: if transportation hasn’t been a part of the supply chain, then exporting and importing of products, shifting them to the warehouses, and completing their journey to the consumer doorstep would have been nearly impossible.

You may have heard people saying that warehouse is the heart of the supply chain, well I tell you what: they are highly mistaken because it would be much better to give this position to the transportation. Many factors make transportation an integral part of the supply chain. Some of the most important roles of transportation in the supply chain are discussed below.

Synchronization with the Supply Chain Technology

Whether it is the ocean, road, or air freight, with the help of these goods transportation means, you can easily track, monitor, and synchronize with your supply chain. Thinking how come?

Let me tell you that a company is allowed to monitor and handle its supply chain via Transportation Management Software (TMS). TMS helps you ensure timely deliveries of your products by providing you access to monitor daily transportation operations and trading information. Thus transportation helps you a lot to synchronize with your supply chain for good.

Improved Customer Service and Satisfaction

Transportation also plays a great role in maintaining and keeping a company’s reputation. If a company is continuously delivering its products late to the buyers, this means that the company is not very promising and hence this leads the customers into thinking that such a company can never provide them with good customer support who doesn’t even respect the value of time.

While on the other hand, good transportation means enhanced customer service and satisfaction. When the customers will be receiving their products at the right time, they will surely be satisfied and will give only good reviews about your company.

Provided More Options for Supply Chain

We all know the fact that transportation can never be done with a single type of transport mode. Every different nature of the product requires its respective mode of transportation. Therefore, the facility of transporting goods from a variety of different methods plays a most important role in the supply chain of a company.

For example pipelines, transportation media are used to transport gaseous and liquid material from one position to another, whereas heavy types of machinery are transported via ocean through shipping companies. Similarly, the products that are though lightweight but are needed right at the moment are delivered to their owner via air.

Final Verdict

The discussed above was just a little glance at the importance of transportation in the supply chain, there is still much more to be discussed in this field. There are many other advantages and the important role that transportation is playing in the supply chain as well as many other businesses.

Why Do You Need Professional Help To Break Into The Logistics Industry?

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Jobs in the logistics and warehousing industry pay well. As per the U.S. Bureau of Labor Statistics, the logistics sector jobs are expected to grow at a rate of 26% from 2010 to 2020. The demand for logistics professionals is expected to exceed supply by a ratio of 6:1. If you are interested in joining the supply chain industry, this is the right time to jump on board.

Logistics recruitment is difficult due to the on-going skilled labor shortage. Many logistics companies seek the help of professional recruiters to hire the best person for the job. If you are trying to break into the logistics industry, professional recruiters can help you find a dream job.

Here are a few reasons why you need professional help in finding the best job in the logistics industry. 

Learn About Different Positions

The logistics word is a general term used to describe different activities in the supply chain. Supply chain management has a broad scope that starts from procuring raw materials for the product and ends with delivering the product to customers.

If you are new to the logistics industry, it can be hard for you to pair your skillset with particular positions. Professional Recruiters are aware of the job scope and the skill set required for a specific job. They can help you apply for the logistics industry’s right positions where your skillset is in demand. 

Gives Candidates Insight into Business

Many candidates leave jobs after a few months as they cannot adjust to the company’s working culture. Professional recruiters are known to give candidates real insights into the business during the logistics recruitment process. Before you appear for an interview, experienced recruiters will tell you about different job positions available. They will also describe what it is like to work there, the work culture, and career growth opportunities.

This helps candidates determine whether they can adjust to the work culture or what kind of work environment to expect when joining a particular logistics company.

Help Candidates to Get Critical Strategic Skills

The main reason for logistics companies using professional recruiters is they get access to candidates with vital strategic skills. Professional recruiters can help you know which strategic skills are in great demand. This information can help you upgrade your skills that will increase your employability.

Saves Time

Sifting through Internet job boards and checking other employment channels is a time-consuming task. When you work with professional recruiters, you get ready access to the logistics industry’s best positions.  It will save your time in a job search.

Since professional recruiters send candidates that meet job profiles, there are greater chances of you getting the job.

Helps You Through the Process

When you work alone, you have to rely on Internet research alone to know about the company and the interview process. Professional recruiters have years of experience hiring for logistics companies. They can help you create a good resume highlighting essential skill sets and coaching you for different interview rounds.

These are some of the reasons to work with a professional recruiter to break into the logistics industry. 

Should I Rent a car in Dubai?

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The City of Gold has got so much to show its visitors. There are hundreds of tourist’s and business attraction for you in Dubai, not to mention “BURJ AL KHALIFA”.

But all these attractions and magnetism will mean nothing to you and you won’t be able to enjoy them to the full extent unless you have a proper arrangement for your transportation.

Similarly, you may not be able to get full of your business tour if you do not avail of all the opportunities ahead. Transportation plays a very important role in vacation. Your tour will mean nothing if you don’t have any vehicle to take you to your desired place.

Why Rent a Car in Dubai When Taxis are Available?

If you are seriously looking for some fun and business in Dubai, then you should have your own private transport. Though there are availabilities of public transports and taxis, you should only go for them when you are in a hurry or have to go somewhere urgently.

However, when you are there to enjoy, then taxis and public transports are just gonna give you a really hard time. You will have to make your visits short and quick. You won’t be comfortable and thus many places will be left unvisited.

So, it’s always better to connect rent a car Dubai companies, if you are there for your vacations because it provides you flexibility and facility to choose wherever you wanna go and how long you want to spend your time there.  

Four Things to Know Before Renting a Car in Dubai

Before renting a car in a city like Dubai, you have to make several considerations. It’s not like buying chocolate for which you will just have pay and take it from the store. There are several requirements for UAE governments to rent a car in Dubai.

Moreover, there are some other things you need to know before hiring a car and some common issues that you can come across after hiring a car in Dubai.

Age Limitation

Though it is legal to drive a car in Dubai once you have reached your 18th year, when it comes to hiring a car, the law requires you to be 25. Less than 25 is considered as unemployed as most of the people at this age are often still studying. That’ why the companies will never rent their car to someone who couldn’t pay their expenses.

You are Not Allowed to Take the Car outside UAE

Another thing to consider while renting a car in Dubai is that you are not allowed to make that vehicle cross the border. Which means you have to plan your trips within UAE. If you have unintentionally crossed the border of the Arab Emirates with a rented car, then you’ll be facing court instead of visiting your destination.

Car Rental Prices in Dubai

Now the price of a rented car depends upon your needs, whether it’s a luxury car you want or you can go with an economic one. For the economy cars, the rent price per day is $62, a mini car can cost you $75 per day, for a luxurious car, the price starts from $170 per day and can extend up to $190.

Should Have an International Driving License

This law isn’t meant for US and European citizens, as they can have their national license to hire the car but if any other foreigner tourist is thinking of hiring a car in Dubai, then he should make sure that he possesses an international driving license.

How a Special Purpose Vehicle is Set Up to Launch a Fund Successfully

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Special Purpose Vehicles (SPVs) are affiliate legal entities of a parent company that are not vulnerable to financial risks. Also called Special Purpose Entities (SPEs), SPVs are formed during a limited business acquisition. Since it is considered a separate company, it remains secure even if the parent company files bankruptcy.

This bankruptcy-remote entity is preferable in various financial situations. But before knowing the circumstances when you can consider it, you must know how it works.

Read on to learn about how a special purpose vehicle is set up and its benefits.

How a Special Purpose Vehicle Functions

The SPV has its balance sheet, although it is a subsidiary of a parent corporation. It becomes an indirect source of funds and attracts independent equity investors. So, it helps the original corporation find debt purchasers for long-term credit obligations.

When an SPV forms, it purchases the risk assets from the parent organization. After grouping them into specific credit risk preferences, it finds different types of debt buyers.

How Is a Special Purpose Vehicle Formed?

In the U.S., special purpose vehicles created are mostly limited liability corporations (LLCs). Capital-raising SPVs can also be limited partnership (LP) entities. It can form with the same requirements as these entities.

How a special purpose vehicle is set up depends on the transferred assets’ market value. The parent company sells some assets to raise funds for the SPV. By paying over 3% of the “at-risk” investment, an independent third-party becomes its legal equity owner. The investors get paid in highly-rated investment-grade securities that bear interests for the assets purchased.

When Can You Use Special Purposes Vehicles?

From protecting the parent company from liabilities as well as insolvency or bankruptcy, SPVs offer many benefits. They are excellent ways to raise capital and do not have the original organization’s regulations.

Here are some common reasons to create an SPV:

Risk Sharing

A company can isolate the significant risks of a project and share it among other investors.

Asset Transfer

A company can let the SPV own the assets that are hard to transfer. When it is time to move the assets, it can simply sell the SPV.

Property Sale

If the property sale taxes are higher than the capital gain, a company has another option. Instead of selling the properties, it can sell the SPV and pay tax on the capital gain.

Securitization

For instance, high-risk loans can be separated by the bank. The company offers investors these mortgage-backed securities.

Since the SPV has fewer statutory requirements, it has more freedom to operate. The parent company has more options in making asset allocations without having to reveal them to investors.

The parent corporation can make high-risk future investments and current transactions without fearing insolvency. Creditors buying the assets have protection as the SPV doesn’t get affected by the entire company.

Off-Balance-Sheet

The special purpose vehicle has a separate balance sheet to record its assets and liabilities. Debt and equity also remain isolated from its parent company, with limited capitalization and no independent managers. When the risk of bankruptcy is high, it is better to use an off-balance-sheet SPV.