How To Renew Your Trade License In UAE?
It is important to know the rules of trade license renewal in Dubai, if you want to run a business in this region. The strategic location has helped UAE become the top business gateway for the Middle East and Africa. It follows a diversification policy in economy and this policy is responsible for the booming trade activities of this city. There is a lucrative trading market for all types of products in UAE. However, it is crucial to have a trading license if you want to invest in the market. It is equally essential to renew the license on time.
Free Zone License renewal
Timely trade license renewal in Dubai is essential for all aforementioned licenses, as your company will be penalized otherwise. Additionally, when it is about the license renewal of companies in Free Zone, it is important that they have valid licenses always. To avoid any interruption in services, the UAE government sends in notifications for renewal along with the procedure guidelines.
For renewing of the Free Zone license, documents related to the parent company or the corporate shareholders is needed. Apart from that there is a plethora of pertinent documents that will be needed, such as the renewed lease agreement, application forms to the renewal of membership to the Chamber of Commerce, shareholder details etc.
For individual shareholders, an FZE or Free Zone Establishment valid license is mandatory after registering a company. The policies and penalties remain the same as for free zone companies. There are penalties if the license is not renewed before its expiry and fees applicable when the license renewal is done. However, to assist you through the process of renewal of the Free Zone license, Intuit Management Consultancy can be of assistance.
- You may lose a business if you fail to renew the trading license on time. Hence, it is essential to renew it before the expiry. You may assign this task to a business consultancy agency if you do not want to miss the deadline. These professionals can assist with the registration and timely renewal of the trade license alongside performing various other tasks during or after a company formation in Dubai.
- The Department of Economic Development (DED) has various penalizing policies if a business operates without license or fails to renew the license. A business is also penalized if there is a delay in payment. DED imposes a monthly fine due to failure to renewal of the license.
- The UAE government blacklists a business if it continues to operate without having a valid license.
- It may restrict a business from expansion if it does not renew the license on time.
The trading license is available through the Department of Economic Development of Dubai and the following trading licenses are available through this department.
Steps of License Renewal in UAE for LLC Companies
Checking the validity of a business’ tenancy contract is the first step to applying for the trade license renewal in Dubai. Alongside having validity of at least one month, this contract needs to be attested by the Ejari. This is an online registration system of RERA (Real Estate Regulatory Agency) in UAE.
Having approval from the concerned authorities is essential if you want to run a business in UAE or want to renew the license. You need to apply for license renewal with all necessary documents after checking the validity of Tenancy Contract. It is essential to submit the following documents when applying for the renewal of trading license in UAE.
- Typed Renewal Application form
- Photocopy of the valid Tenancy Contract
- Photocopy of the latest business trade license
- Photocopies of the passports of all business partners (if any)
- Ejari Registration Certificate
DED is going to provide the business with a transaction number or a payment voucher once the company representative submits an application. This transaction number will be used as a reference number until the renewal of license. The payment voucher is used in order to make payment for the license renewal fee.
Our clients will receive a renewed license immediately after paying the fee. It is essential to renew the trading license before it expires, as a delay in the process of renewal will result in a hefty fine.
The trade license renewal in Dubai can be performed in two different ways.
- You can renew the trading license through offline sources. In this scenario, the authorized service agents will handle the entire procedure pertaining to trading license renewal.
- If you want to renew the trading license, we can help you navigate through the online license-renewal process. Our knowledgeable staff knows the stringent procedures and will customize it in order to cater to the requirements of your businesses.
If you are looking for assistance in company formation or registration in UAE, we’d be glad to be of assistance. Call Intuit Management Consultancy (IMC Group) today.