Every company registered in Dubai need to obtain a trade license from the Department of Economic Development (DED) to conduct its business operations. Obtaining and holding a trade license is not a one-time process. It must be renewed every year in order to carry out the business activities without any trouble. You will be subjected to penalties and other severe measures if you fail to comply with the rules.
As an entrepreneur, it is vital to have a basic knowledge of the process of trade license renewal in Dubai. If you’re running a company in the region, you’ll be familiar with the trade licensing process. But If you’re new to the licensing process, or just want to brush up your memory, you can read the below mentioned guide to renewing a trade license in Dubai, UAE.
1. Have a Valid Tenancy Contract
Firstly, one needs to make sure that the firm’s tenancy contract should have a validity of at least 1 month. It should be attested by Ejari. If the contract does not have 1 month validity, the license cannot be applied for the process of renewal.
2. Apply for a Trade License Renewal
After checking the tenancy contract, you need to apply for a DED license renewal, along with all the necessary documents. You can apply for license renewal through different platforms like e-Services, authorized law firms, mobile applications and authorized service centres.
3. Receive Payment Voucher /Transaction Number
The Department of Economic Development DED in Dubai will provide a payment voucher or a transaction number after the submission of the application. The transaction number will be used as a reference number until you get your trade license.
After application submission, the DED will allot a payment voucher. You can pay the trade license renewal fee after receiving the voucher. After making the payment, you will receive your renewed license from the authority.
1. Tenancy Contract
A tenancy contract is one of the most important documents required for the DED license renewal in Dubai. It must have a validity of at least one month in Dubai. Apart from this, it must also be confirmed by the Ejari. So you must check your tenancy contract before applying for the renewal process. If your tenancy contract is not attested from the Ejari, your trade license might be rejected.
2. Old Trade License
One must present the old license to apply for a trade license renewal in Dubai. You just need to have a copy of your old license. It’s not mandatory to present the original document. You must keep in mind that the failure in submitting a copy of your old trade license will result in the rejection of your license renewal.
3. BR/1 Form
BR/1 form must be filled while applying for the Dubai trade license renewal. Filling this form initiates your renewal process and you must have the signatures of all business partners on it. After filling this form, you need to submit it to the DED department for approval.
4. Passports Copies of Business Shareholders
You have to submit the passport photocopies of partners involved in your business along with your application. This step is necessary to show the proof of all stakeholders involved in the business. If you are the only stakeholder in your business, then you should submit your passport for DED license renewal.
There are mainly 3 ways to renew a trade license – the offline process, online procedure or automatic renewal system. Even though authorities have strived hard to reduce the hassle, renewing a trade license on time can still be an uphill task for business owners.
Bizvise will ensure that your license renewal process is done without any difficulties. We’ll remind you when your renewal is due, communicate with the concerned authorities and make sure you successfully run your business. If you have any queries regarding the trade license renewal process in Dubai, do get in touch with us, and we’d be glad to assist.
Dubai is still the dream land of those who aspire to become rich. The UAE government’s trade license is essential for any start-up (businesses, trading, company, Industry and so on) in Dubai, which warmly welcomes foreign investors. There are various formalities and processes that need to be followed at the UAE government level to achieve this. There are numerous consultancy services in Dubai that assist foreign investors in such matters. The following is another important point, this is a must have for any affiliate promoting any program in Dubai.
Here’s one very important thing, whether you are an investor or business owner. Dubai citizens and expatriates are required to comply with the UAE government-level authoritative documentation process and their specifications. The highlight here is the trade license renewal process in Dubai; it’s something you care about as a foreign investor and as a business owner. As you know, Dubai’s economy is growing day by day, the UAE government warmly welcomes foreign investors to Dubai. This country offers excellent investment opportunities due to its liberal trade rules, favorable position and welcoming market. The secret behind the thousands of foreign investors coming to the Golden City to set up and grow a profitable business is the incentives at the government level and the liberal trade regulations. Business ideas are often spread across industries, budgets and spaces. When registering for your business in Dubai, for your particular interest, you must have a valid license to conduct business activities. This license must be renewed every year, only then you can ensure that your products can be sold seamlessly in the UAE and around the world without violating any standards. The Department of economic development (DED) regulates the trade license renewal process in the UAE. It is your sole responsibility to do it enthusiastically with the help of a good consulting agency, because in fact DED license renewal is a complicated process. Your business license is an authoritative document that supports you in many ways. It protects business owners in Dubai business ventures. As an established venture in Dubai, it is essential to remember that your business license helps you to verify the legal status of your business. Foreign investors are either knowingly or unknowingly participating in the general development of Dubai in compliance with UAE government rules. It is advisable to seek the services of a consultant who will handle the Dubai Trade License Renewal Procedure properly. When you follow proper Dubai Trade License Renewal Procedure, it ensures that you do not incur any penalties, lawsuits or even a ban on your business.