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A Quick Guide to Renew Your Trade License in the UAE

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A Quick Guide to Renew Your Trade License in the UAE Every business in the UAE needs renewal of their Trade license every year as each license issuing authority issues it for just one year. Therefore, license renewal is necessary for avoiding legal complications such as investor visa suspensions, bank account holdups and no renewals on employee visa. We have prepared a quick guide for helping you to renew your business license in the UAE. The renewal process includes submission of legal documents and paying renewal fee to the Department of Economic Development (for Dubai mainland LLC (Limited Liability company) firms) or the respective Free Zone Authority (for free zone companies). Trade license can be renewed through Authorized Service Centers or with the help of authorized business licensing service providers. Documents required for trade license renewal: Listed below are the documents required for renewing your trade license renewal in the UAE: Typed application Form Tenancy Contract copy and copy of EJARI Registration Certificate or Co- working space Current Business/Trade License Copy Copies of Passports of all business partners Important Steps of Trade License Renewal Step 1: Ensure that tenancy contract of your company is valid for a period of at least one month from the date of application. It is an important step before submitting the trade license renewal application to the DED/Free Zone. Step 2: Submit your application with all necessary documents at a DED service centre/Free Zone authority. Step 3: Collect your payment voucher from the Authority and make your payment. After the payment is made, the renewed license will be printed and ready for you to collect. If all documents given have accurate information, you will receive your payment voucher within 1-2 working days. Once you complete the payment, the renewed license will be printed and ready for collection. If the documents given have accurate information, you will receive your payment voucher within three to four working days. Trade License renewal is mandatory for business owners in the UAE and should be done yearly. If you fail to do the same, it may not only lead to unwanted financial penalties, but also other displeasing consequences, some of which may even end up in the conclusion of your business activities. It is better to hire a professional agency that will assist you with the process and save you a lot of time and hassle. Corpin Consultants have an expert time who can assist you with the entire process of documentation and application of trade license renewal. Contact us today for a free consultation![/vc_column_text][/vc_column][/vc_row]

Blogs, Business Consultancy

How to Get an Instant Trade License in Dubai?

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How to Get an Instant Trade License in Dubai Dubai is considered as one of the best destinations for establishing a new business or expanding the operations of an existing foreign business. The strategic location and investor-friendly environment of this Emirate attract millions of investors every year. According to the ‘2018 Top FDI Performers Report’ by FDI Intelligence, Dubai ranked no. 1 globally in terms of foreign investment. It is mandatory for every business to obtain a trade license before setting up a company in Dubai. Instant trade license facility was introduced in Dubai by UAE Government for economy boost. What is An Instant Trade License? Trade license also referred to as a commercial license is issued by the Department of Economic Development (DED) in Dubai. It is required for carrying out commercial activities such as import and export of goods, sale of goods and services. Professionals offering services in a specific industry are also supposed to obtain this license. From July 2017, the UAE Government has introduced the facility of instant trade license in Dubai for boosting the country’s economy. This will help entrepreneurs to obtain their trade license in just five minutes. Advantages of obtaining an Instant Trade License Easy and Fast to obtain when compared to a general trade license that takes up to 5 working days. Instant trade license can be issued in just 5-10 minutes. Less paperwork. One can start business activities immediately after obtaining an instant trade license. Trade name registration is non-mandatory for the first year of operation. Memorandum of Association and Rent contract for the first year is not required at the time of applying. It can be submitted at the time of license renewal. Online or In-person application.  Who all are eligible for an Instant Trade License in Dubai? Limited Liability Company Single Person LLC Sole Proprietorship Civil Company Documents required for obtaining Instant Trade License If you are applying through the DED’s e-channel portal: Original ID for creating an account, for those who do not have a UAE Pass ID, they are supposed to create one before applying. If applying through service centres, smart lounges, or happiness lounges: Passport copies of all license parties (partners and managers) UAE visit visa copy of foreign partners, If not having a residence visa A copy of residence visa and NOC from the current sponsor A copy of your visa When you apply for an instant trade license, it requires a sound knowledge of the process and should be free from errors. If you are finding the process complex, it is recommended to seek help from a reliable company formation expert. Corpin Consultants can assist you in obtaining an instant trade license in Dubai. Contact us at +971 55 843 2911 or ek@corpinconsultants.com to know more.

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