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Steps To Renew a Trade License in UAE

Read more: https://www.farahatco.net/blog/steps-renew-trade-license-uae/

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Steps To Renew a Trade License in UAE

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  1. StepsToRenewaTradeLicenseinUAE • 21stJuly2020 • AtradelicenseisoneofthemostimportantrequirementsfordoingbusinessinDubai.Gettinga businesslicenserenewedinvolvesalotofdocumentsprocessed.Also,renewingabusinesstrade • licensecouldbea long processifyouarenotfamiliarwithit.Delayinfilingatradelicenserenewal • leviespenalty,orworse,abantothebusinesslicense,freezingallthebusinessactivities.Thereare threekinds of licensesissuedbythe DepartmentofEconomic Development, Dubai. • Thecommerciallicense • Theindustriallicense • Professionallicense • AlsoRead:TradeLicenseinDubai:DifferenceBetweenCommercialLicenseandProfessional License • Below AretheStepstoRenewaTradeLicenseinDubai Step 1–Have avalid tenancycontract

  2. The firstthingoneneedstoensureisthatthefirm’stenancycontractshouldhaveavalidity of at • least 1 month, and it should be attested by Ejari. If the tenancy contract does not have a validity of at least a month,the associated licensecannot beapplied forrenewal. • Step 2– Applyforlicense renewal • Doing business in Dubai needs approval from concerned authorities in order to renew their business license. Apply for license renewal at the DED, along with all the required documents. Here is a list of all thedocumentsrequiredforthepurpose oftradelicenserenewal: • AtypedBR/1 form • EjariRegistrationCertificateandaphotocopyoftheTenancyContract • Photocopy ofthe currentbusiness tradelicense • Passport photocopies of all the business partners • Step3–Make thepayment • Aftersubmittingtheapplication,theDEDshallallotapaymentvoucher.Onceyoureceivethe • voucher, proceed to the payment procedure. Immediately after making the payment, you will receive yourrenewed licensefrom the channel. • DocumentsRequiredforTradeLicenseRenewal inDubai • EjariApproved Tenancy Contract • OldTradeLicense andkeepits copy • FilledBR/1Form • Passportcopyof owner andshareholders • PenaltiesAreImposedifYouFailtoRenewtheTradeLicense • MonetaryPenalties • When a licensed business expires, the Department of Economic Development in Dubai can impose a businesswithseveralforfeits.AbusinesspracticingwithoutalicensecouldbepenalizedwithAED • 5000, while failure to renew a license within the specified time limit could cost AED 250/month, also an additionalofficeforanexistinglicensewithoutpermissionfinestheentity with AED2000. • Anexpiredbusinesslicensecanleadyourcompanytobefined.Anydelayinpaymentcanalsoresult inpenaltiestotheconcernedbusiness.Companiescanbeimposed amonthlyfineasmentioned • earlier.Thefinesstartaccumulatingrightaftertheexpirydate.Continuationofbusinesswithout • renewingthetradelicensecan leadtothecompanybeingblacklistedbytherespectiveauthority.In such acase,thecompanymustseizealltransactionsand thevisasandsponsorslistedunderthe companynamecanbemadenull&void.Theexpansionofthebusinesscanalsoberestrictedifthe licenserenewal isnotdonewithinthe stipulatedtime frame. • BlackListingofCompany • When the business continues its business activities without renewing its trade licenses, it is possible that the company could be blacklisted and would stop all the activities the company is dealing with. Theycannullifythevisas and sponsors underthecompany.

  3. RestrictionontheExpansionofBusiness • Companieswithexpiredlicensesarenotallowedtoexpandunderthesecircumstances.Itisessential forcompanies tohavea cleanrecord ifthereareplans forexpansion. • Thereisalottothink aboutwhenyoustarta business.Youhavetofocus onfindingclients and customers andmakingsureyouprovide them withwhattheyneed, butyou alsohavea lotof administrativeworktodointhebackground.Evenifyouareorganizedattheverybeginning, • chancesaretherewill bethingsthatgetmissedin ayearortwoastheworkbuildsup. • An expiredbusinesslicense couldruinthecompany • Makesureyouknowtheexpirydateandworkinthetimetogetitrenewed,if possible,beforethe deadline.Authorizesomeoneinthecompanyyoutrusttogetitdoneorworkwithanexternal partnerwhocantaketheresponsibilityoffyourshoulders.Eitherway,keepyourlicensevalidoryour businesswill inevitablysuffer,and youcould beatriskoflosingeverything. • BusinessconsultancyagenciesareabundantinDubai.SuchagenciesofferA-Zcompanyformation solutionswhichincludeeverythingfromtradelicenseregistrationandon-timeannualrenewalswith timelyreminders,soyou,thebusinessowner,canfocusonyourbusiness.Youmayhavetoaddress yourquestionstoprofessionalson processingtherequirementsforrunningabusiness. • Youmay also:StepstoAcquire LicenseinFujairahfor GeneralTrading • Dubaihasmadeeffortstoeaseobtainingandrenewingatradelicense,butsometimeshandling • theseproceduresofacquiring andrenewing atradelicenseinatimelyfashioninDubaicanprove • cumbersomeforentrepreneurs.Ifyouhaveanydoubtsabouthowtogetorrenewatradinglicense orforanyProservicesinDubai,getin touch with us.

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