- August 9, 2020
- Posted by: DBS Editorial Team
- Category: Trade licenses in Dubai
To start a business in Dubai you need to first get a trade license. The Dubai trade licenses is issued by the Department of Economic Development (DED). The trade license is allotment on the basis of the business activity and the location of the business. There are three types of licenses:
- The commercial license for any kind of trading activity.
- The industrial license for manufacturing units.
- The professional license for skilled professionals.
Getting a trade license in Dubai also requires documentation and paperwork. If you are not sure how to get a trade license, consider these simple steps to get a trade license in Dubai.
The 10 simple steps to get a trade license in Dubai:
Step: 1 – Commercial Name
Registering you trade name with the Department of Economic Development (DED) is the first step towards getting a trade license and setting up your company. Define, register and get an approval from the DED before getting your trade license in Dubai. You only have to submit three names as per the standards approved by the DED along with your passport copies to register your commercial name. A fee is charged for commercial name registration and you may have to spend more to get the name of your choice.
Step: 2 – Initial Approval
After the commercial name is reserved and registered, the DED will provide you with a name reservation certificate. At this step, you must apply for an initial approval. The passport copies of partners or the shareholders along with the external approval must be submitted to the DED. DED will verify the documents and grant you an initial approval.
Step: 3 – Instant License
Once you have received the initial approval, you can proceed to the third step of acquiring an instant license. You can also get an instant license at this stage to start your business in Dubai. You do not need to rent an office space or make huge investments. An instant license provides you the required time to complete the setup procedures, while simultaneously allowing you to start your business.
Step: 4 – Agreement
It is important to draft and attest your agreement at this stage. Be it an LLC company formation or a civil company setup – the required agreement must be drafted with the UAE local. Local service agent agreements and partnership agreement also need to be attested. Some of the documents in the process of agreement includes acquiring the power of attorney, agreement of incorporation, purchase agreement, commercial and translation documents, paperwork attested by Notary Public, etc.
Step: 5 – Tenancy Contract
After ensuring that the agreement and paperwork related to the company setup is sorted, you must draft the tenancy contract. Identify the office space or shop you would like to rent and draft a standardised tenancy contract. You can take assistance of firms offering business setup services, as they have a legal team for documentation and ensure contract are drafted rightly. You will also have to register for EJARI – a monitoring body of RERA.
Step: 6 – Municipality Approvals
You further need to get you approval from the Dubai municipality. You may have to submit a copy of the tenancy contract to the DED to get your trade license in Dubai. Also, name reservation certificate, initial approval papers, (BR1) form, EJARI registration certificate are some of the documents that you may need to submit to the municipality to get approvals.
Step: 7 – Submit Documents
In this step, you need to submit all the documents you have accumulated. Such as the attested LLC agreement, name reservation certificate, external approval, tenancy contract, EJARI registration certificate, passport copies partners or any other additionally specified documents to the Department of Economic Development.
Step: 8 – Make Payments
After you complete all the steps you need to make the payment to get your trade license. The DED collects all the documents produced by you and verifies them thoroughly. The DED then provides payment vouchers and payments can be made duly. This step can also be done online. Simply upload the documents on the DED website and make the payment online.
Step: 9 – Collect Trade License
After you have made the required payments, you can collect your business trade license. However, understand the requirement before you collect your trade license. It is important to understand that every business will have various demands and require different kinds of approval even after acquiring a license.
Step: 10 – Speak to An Expert
Get in touch with a business setup expert! This is a step that you can consider anytime while getting a trade license in Dubai. An expert offers you a professional outlook on the various trade licenses in Dubai and helps you find an affordable and easy way to obtain it. To learn more about trade licenses in Dubai Mainland or to understand the various costs involved in getting a trade license in the region, speak to DBS Business Setup!
DBS Business Setup is a leading business setup services provider in the UAE. You can get more information about UAE trade license or to book a free consultation with a business setup consultant for any other queries related to company setup in Dubai. Follow the link https://www.dubaibusinessservices.com/contact-us/ call us on +97145667485 or WhatsApp +971555813673 to request a call back.