Obtaining trading licenses in Dubai has become quite popular among foreign investors. Due to a favourable business environment and backing from the authorities, Dubai is a favourite destination for entrepreneurs.
Huge demand for goods coupled with ease of doing business makes Dubai a promising location to start your business. You should be aware of the processes related to business setup Dubai to avoid future complications.
Obtaining a general trading license is imperative for the operations of your company. The Department of Economic Development issues trade licenses to entrepreneurs. The steps to obtain a general trading license in Dubai are as follows:
Overview of General Trading License in Dubai
Any entrepreneur looking to start a business in Dubai should obtain a general trading license. If your company deals with multiple trading activities, a general trading license covers all business aspects. With a general trading license, you would be able to export and import necessary items.
Trading goods like garments, furniture, electronics, etc., becomes easier with a trading license. Usually, Dubai provides three primary options to entrepreneurs. You can establish your company in free zones, mainland or offshore.
You have to decide the area of setting up your business before applying for a trading license. Note that both offshore and free zones have their respective advantages and disadvantages.
Steps Associated With Obtaining a Trading License in Dubai
Here are some steps which will help you obtain a trading license in Dubai.
- Selecting the Name of your Business
You should select an appropriate name for your business. It is also imperative to select a proper company structure. Hire a business formation company to suggest you with unique names.
- Choosing a Business Activity
You have to decide on all the business activities which should be present in the trading license. The business license should have a maximum of ten activities.
- Filing the Application
For initial approval, you have to file the application.
- Obtaining External Approvals
You have to obtain external approvals based on the type of your business.
- Collecting the Important Documents
You have to gather all the necessary documents from the relevant government authorities. This is a strenuous process that involves extensive visits to various government offices. You can hire a business formation expert to help you with the collection of important documents.
- Submitting the Final Application
You have to submit the application to the Department of Economic Development finally.
- Paying the Fees to obtain the Trade License
Apart from paying the fees for the license, you have to pay an additional insurance amount. If you want to get a valid trading license, submit the original documents to the Commercial Registry.
Benefits of General Trading License at a Glance
Business setup Dubai is always an integral aspect for entrepreneurs. Here are the benefits of a general trading license.
- Tax-free jurisdiction
- No restrictions based on currencies
- Auditing is not necessary
Emirabiz is your ideal option if you want to apply for a general trading license in Dubai. They will also help you with company formation.