As a trader, your license remains the original document that verifies your business as an official legal entity to function. Hence, it is very imperative to ensure that your license is always updated to avoid any hefty fees which will be levied if your license has passed the expiration date.
WHY SHOULD YOU RENEW YOUR TRADE LICENSE
Every business should strictly comply to the terms and regulations as imposed by Economic Development Authority of Dubai (DED), one of which is to have a working permit for your business which can be translated to the trade license for your business.
If your business does not possess a valid license then you will be levied a fine of AED 5000 and if you fail to renew your license past the expiration then, you will be charged AED 250.
Your Trade license should be renewed yearly and even after expiration you will be provided with a grace period of 30 days, exceeding which you will be levied the above-mentioned fees.
DOCUMENTS REQUIRED FOR TRADE LICENSE RENEWAL
- Copy of your trade license
- License renewal form (BR/1)
- Copy of your Tenancy Contract
- EJARI certificate
- Passport copies of all partners
IS THERE A DIFFERENT PROCESS IN TRADE LICENSE RENEWAL FOR COMPANIES IN DUBAI FREE ZONE?
The documents might differ based on where your particular business is located or registered. If your business is registered within Dubai Free Zone rather than Mainland Dubai then, you might be required to submit the following:
- Copy of the original trade license
- Audit report (if required)
- Passport copy of the shareholder
- P.O Box confirmation
STEPS FOR RENEWAL OF TRADE LICENSE IN DUBAI
- Ensure you have the valid tenancy contract attested with Ejari along with the necessary above mentioned documents at hand.
- Submit the application for renewal of license with the Department of Economic Development (external approvals sometimes required based on your type of business)
- Make the payment as per the payment voucher given by DED. Generally a payment voucher will be provide within 3-4 working days and once the processing is completed you shall receive a freshly renewed trading license almost instantly.
RENEWAL OF TRADE LICENCE THROUGH AN ONLINE PORTAL
To make the process of renewal less tedious, the Department of Economic Development (DED) has launched an online portal through which companies can renew their trade license instantly, avoiding the hassle. This would require for the company owner to have an account already setup using this particualr portal.
The owner would be required to provide personal legal dcouments for verification, in order to activate their online account to proceed further. The account must be registered under the owner’s name to be able to make payments online or carry out any further action.
KEY POINTS WHEN RENEWING LICENSE IN DUBAI
- Renew your trading license based on the business you are invloved within such as commerical license (trading activites), proffesional license (proffesional businesses consultancy firms) or industrial license (any manufacturing businesses).
- Ensure all the documentation as mentioned above are avaialble pre-hand before approaching DED for intiaitng the renewal process and any external approvals as attained as well (eg: Transportation services require approval from RT, medical actiivties from Minisitry of Health and Preventions).
- The tenancy contact is absolutely critical and hence it is imperative to ensure that, it is well within the validity of over 1 month and it has been attested with the Ejari.
With the introduction of online renewal of trade license, the process has reduced to being simplistic and you can attain the renewal instantly avoiding any fees as well.
We at MSZ Consultancy, we will ensure timely and accurate completion of the entire process for renewal of your trade license at a viable cost. Contact us: +971 52 544 1248 or drop us a line at email@example.com
Find out how much it cost you to setup your Dream Business
Other Recent Blogs
The United Arab Emirates is in the spotlight for its booming economy, easy company establishment, and expansion. But when it comes to forming a company, if you don’t have stable funds, you won’t survive long. That’s where an investor comes into play. An investor is...
Dubai is known around the world for its thriving economy and business-friendly environment. And with benefits like a great infrastructure, strategic location, and tax breaks, it’s no wonder entrepreneurs’ dream of doing...
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...
UAE(United Arab Emirates) has seen an exponential growth over the years and has created a breeding ground for very many industries to flourish. When we think of UAE, our focus always shifts to the construction industry however it...
Abu Dhabi is one of the largest Emirates in the UAE which has infinite natural resources of oil and gas. The Abu Dhabi National Oil Company [ADNOC] stores, refines, and distributes petrochemical products. Its vision is to bring the pioneering technologies to escalate...
Economic Substance Registration [ESR] is one of the initiatives established by the UAE with regards to the requirements of the Organization for Economic Co-operation and Development [OECD]. It is mainly introduced in countries with no corporate tax for complying with...
Subscribe to Our Newsletter
We’ll keep you updated on the latest trends and news