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_{Economy,
budgets, sponsors, VAT:}
Arranging a successful convention, conference or meeting is not enough - you also have to consider the following points:

_{- Budget (click
here) - Insurance (click here) - Sponsorships
(click here) - VAT. (click here)}

The budget is important if you want to avoid unpleasant surprises. The insurance will cover you in case of accidents and damages that could turn your event into a financial disaster. Consider finding a sponsor, financially it could make a big difference. Are you supposed to pay VAT or not?.

Budget:
Arranging a convention, congres or meeting takes a lot of planning. You need budget planning and a system whereby you can check if you are staying within the budget. It is a good idea to set the expenses a bit higher than planned and the expected income lower than planned. Do not forget to include ALL expenses also the minor ones such as printed announcments and stamps. If you have invited speakers, do you have to pay for their transportation and accomodation?. You may need AV-equipment, flower decorations, entertainment and the secretarial staff need to meet before, during and after the event has taken place. Phone bills need to be paid as well as press releases.
If you are not familiar with arranging such a major event you shold consider using a local Congress service as they have the required knowledge.

Sponsorships:
Finding a sponsor may not always be easy but if you do your homework you can improve your chances.
First of all the sponsor`s product or service should be related to the theme of the conference or of interest to your participants.
Start negotiating with your potential sponsors well in advance of the conference as the outcome will be a part of your budget planning. If you use a local Conference service, they will be able to estimate the sponsorship contributions you will receive. When working on your budget it may be worth working out three different scenarios, one budget based on a very limited budget and no or few sponsors, a second one based on a good budget with several sponsors and last but least the super budget with plenty of funds and the best sponsors you could wish for.
Who are your sponsors then?. You may well have contact to companies who when you think about it could be potential sponsors, contact them first. If you have representation in Denmark let them pinpoint potential sponsors for you. Then look for companies who see your participants as potential buyers of their product or service.
Work out some sponsorship packages and make it clear to your potential sponsors what advantages they will have by sponsoring your event. Keep in mind that getting hold of smaller sponsors will be easier if you offer them to sponsor small items/parts of your event such as maps, flowers, the coffee break or a part of the social events.
Pricing your sponsorship packages may be difficult and could require some flexibility on your part. Start with a test and adjust your rates accordingly. You can also contact a Conference service, they have experience with sponsorship agreements.
As you are hosting a major event, you should not waste your valuable time. Be sure to contact the right people, do not send your letter to some unknown person who cannot decide anyway. Also remember that most sponsorships are won by personal contact not by sending out letters.
A last word about priorities. Your conference is more important than any social event or pre -and post trips which you would like to include, so first look for companies who will sponsor the conference itself.

Insurance:
What if a major disaster strikes? - you main speaker is ill, the airline is on strike or the AV-equipment has disappeared.....a nightmare turns into reality!
As a host you should consider buying an insurance. You can choose between full coverage and partly coverage, contact the insurance company and have them help you find out what sort of coverage you need. Note that some areas are not covered such as if you are not taking the necessary steps to complete the arrangement, bankruptcy, lack of participantion and currency fluctuations.
The insurance premium is normally in the range of 1-2 pct. of the sum insured. However expect the premium to be higher if the congress is over several days.

VAT:
Danish VAT does apply if the purpose of the event is to make a profit AND if the participants are company employees or public servants. Based on this criteria the host must decide if the VAT applies or not. Where the majority of participants are private or are members of a association, the VAT does not apply even if the purpose of the event is to make a profit.
If VAT applies the host will have to collect VAT from the participants. This also applies to participants resident outside Denmark. Also income related to rent, sponsorship contributions and advertisement is subject to VAT (there are exceptions relating to sponsorship contributions and advertisement).
Danish VAT registered participants can deduct the paid VAT. Foreign participants can request a VAT refund through the Danish authorities if they are VAT registered in their own country.
The conference host paying VAT can set-off VAT on expenses paid. The full VAT amount paid can be set-off with the exception of meals and accommodation where only 25% of the VAT can be set-off.
If VAT applies to the conference, VAT registration in Denmark is required. The foreign conference host must have a permanent business address in Denmark or a representative located in Denmark, who jointly will be made liable for the VAT payments (for a single conference it may be possible to obtain a temporary VAT registration) .

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