The process of establishing a business can be quite tedious with the infinite legal documents and never-ending queues but, with the introduction of instant trade license, business owners can apply and attain a trade license within a span of 24 hours.
Trade license is a mandatory document as it births the company into a legal entity and hence, generally requires documents such as the Memorandum of Association, Tenancy Contract etc. The process of instant trade license eliminates the need for the above mentioned.
However, this is only applicable for those businesses that does not require external approvals (eg: approvals from RTA, MoHp).
DOCUMENTS REQUIRED FOR ATTAINING INSTANT TRADE LICENSE IN DUBAI
You can be applying through the Department of Economic Development (DED) or you can apply through a service centre as well. The documents differ according to the platform as well.
If applying through DED, the process is quite hassle free as you only require the following:
- Business owner’s id is required in order to create an account to and get a UAE Pass Id.
If applying through any service centres the following must be submitted:
- UAE residence/visit visa copy as well as emirates id of all foreign partners
- Passport copies of all partners
- No Object Certificate from the current sponsor of residence
- Passport copy and emirates of the local sponsor
COST OF APPLYING FOR INSTANT LICENSE
The cost of issuing a license, application, trade name license all depends upon the payment voucher that will be provided by the DED and may vary depending upon your business type but the general fees charged is AED 3,000 currently.
NOTE: Due to covid-19, the government has lessened the fees to be charged at AED 250 for the initial year and from the 2nd year onwards 2.5% of the rent paid will be levied for renewal of the license.
LOCAL SPONSOR FEES
There will be sponsor fees charged separately depending upon the local sponsor of your business and the charge that was fixed after mutual negotiation.
- Visit the DED e-services website and choose the option for Instant License
- Login with a UAE Pass ID created or as a guest and proceed to choose your business type based on the services you provide
- Choose the most fitting shareholding option followed by any 3 trade names.
- Provide the share capital that is injected into the business
- Fill the necessary application forms and submit the required documents as mentioned above.
- You will be issued a payment voucher based on which you can proceed to make the payment and get the license issued immediately
ADVANTAGES OF INSTANT LICENSE
- The application and issuing of the license will be completed within 24 hours
- It is financially viable and cost effective
- Entrepreneurs can start business with immediate effect
- Eliminates the hassle of having to submit multiple legal documents (MoA, Tenancy Contract)
If you have any further queries or doubts in regards to setting up instant trade license then we at MSZ Consultancy can surely help you in avoiding the hassle and trouble. Contact us: +971589827842 or drop us a line at firstname.lastname@example.org