Every firm in Dubai is required to obtain a trade license to conduct business, which necessitates the license renewal every year. The licensing procedure in Dubai comes under the Department of Economic Development (DED).
Renewal of a trade license in Dubai is a complex procedure that necessitates much paperwork. Renew license on time. Else you will face penalties, fines, and possibly a company ban. Before proceeding with the license renewal, it is necessary to understand the various types of licenses granted by the DED in Dubai.
Types of Trade Licenses
A valid trade license in Dubai allows an entrepreneur to lawfully carry out a commercial activity or a collection of operations that are defined in the license. In the UAE, engaging in any process without a valid trade license is considered “illegal.”
Commercial
To begin operations, any business activity that involves the sale of tangible products must apply for a commercial license.
Professional
Professional services are those that demand specific expertise and are exchanged for a price.
Industrial
Every manufacturing and industrial firm must get an industrial license to operate.
Essential Documents For Renewing Trade License
Some of the documents that you need while renewing your trade license application are as follows-
- Passport copies
- Certificate of Ejari Registration
- Tenancy Contract
- BR/1 form (typed)
- Trade license copy
- Audit Reports
Some more documents depending on your business activity and free zones
Process To Renew The Trade License
If you wish to run a business in Dubai, you must understand the regulations for trade license renewal. Because of its strategic position, the UAE has become the leading business gateway for the Middle East and Africa. It has an economic diversification policy, which is responsible for the city’s thriving commercial operations. In the UAE, there is a thriving trade industry for all sorts of items. However, if you wish to invest in the market, you must first obtain a trading license. It is also critical to renew the license on schedule.
The majority of people in Dubai are unaware of this. This blog offers insight into the requirements for renewing a trade license.
You Require Valid Tenancy Contract
First, you need to check the validity of your tenancy contract before applying for renewal. Make sure to get an attestation from the ejari. The tenancy contract should have a validity of at least three months to apply for license renewal.
Get Approval
Before submitting the license renewal application, you must get all necessary approvals from all relevant agencies. Consider the renewal of a restaurant’s license in Dubai. Before regeneration, a restaurant must obtain permission from the government authorities.
Apply For License Renewal
Apply for a license renewal at Dubai’s Department of Economic Development. Deliver the Tenancy Agreement, Ejari attestation, business partner’s passport, fully completed application form, and all other supporting papers to DED.
Accept Payment Voucher
DED issues a payment voucher after validating the license renewal application and any other supplied documentation. Please accept the payment coupon.
License Renewal Payment
Use the payment voucher to make the payment for the trade license renewal. After the price is completed, the DED issues the renewal license. Other venues for trade license renewal, such as registered service centers or mobile applications, are available.
Conclusion
Companies must renew their licenses regularly since license expiry might damage your entire business. Trade licenses are required for any firm to operate, which is why companies select someone expressly for this function. Outsourcing these operations is one of the most frequent trends followed by business organizations since it will all be done with the highest care and refreshed in time without jeopardizing its future.
Also, An average entrepreneur may find the documentation and application process for license renewal difficult. Because the process has a time limit, complete all the steps on time well before the deadline. Hence it is usually a good idea to outsource the job of renewing a trade license to a skilled and licensed company setup agent.
