How to Get a General Trading License in Dubai

1. How to Get a General Trading License in Dubai UAE’s growth as a business hotspot has been exponential in recent years.The GDP grew by 7.6% in 2022. Additional to the high level of security and economic stability it offers the entrepreneurs, there is easy access to markets in Asia, Europe, and Africa, owing to geographical advantage. So, it’s not unlikely that you want to start a company or expand your existing business in the Gulf State. But first, you should get a valid general trading license in Dubai, UAE. Let’s explore how. (Source: https://www.reuters.com/world/middle-east/uae- gross-domestic-product-grew-76-2022-minister-2023-03- 02/#:~:text=ABU%20DHABI%2C%20March%202%20(Reuters,from%20the%20Covid%2D19% 20pandemic) What is a General Trading License? Getting a general trading license allows you to import, export, and trade goods under the same license. You can trade in all kinds of commodities, except tobacco, oil, and goods that are non-compliant with the health and safety statutes of the UAE. What are the Benefits of Getting a General Trading License? Owing to the multiple benefits that an entrepreneur can enjoy, a general trading license is the most sought-after permit. Let’s take a look at all the advantages: •Apart from what’s restricted, you can venture into any industry of your liking. •You can employ as many people as you want. •Business owners can add multiple shareholders. •There are no import duties and repatriation on profits. •As your business grows you can apply for more employee visas. •You can benefit from cutting-edge logistics and warehouse support.

2. How to Apply for General Trading License? There are multiple steps to applying for a general trading license, which is: 1. Company Registration The first step is registering your company, which involves choosing a relevant business activity list. You must pick a trade name that abides by the naming conventions set by the UAE. Once you submit the initial form and get approval from the officials, the issuance of a trade license takes up to two hours. 2. Getting an Entry Permit and E-channel Services The next step is registering for the e-channel services, which is an online process. An entry permit is like a temporary visa with a validity of 60 days. 3. Change of Status After getting an entry permit, you can switch to status change which is a fairly simple process. You can activate it by exiting the country and then re-entering. 4. Emirates ID You need an Emirates ID card to rent a property, open bank accounts, etc. Applying for an Emirates ID card requires you to take a medical test, involving all regular check-ups like x-rays, blood tests, etc. After clearing your medical test, you can apply for the ID. Other essentials include: - Presenting the right documents (MOA) and accurate information for the application. - Choose your business location. - Ge the Tenancy contract. The cost of getting a general trading license can vary depending on the type of business. It includes the approval fee, the initial submission cost, and the virtual office contract cost. Conclusion Getting a general trading license and venturing into the business space in the UAE is lucrative for sure, but it can be complex. That’s where an experiencedcompany formation consultant in Dubai comes to your aid. They can help you understand the legal jargon and move past all red tape, making the process as seamless as possible.