How to Get a General Trade License Dubai?

Published on: 23 October 2020 Last Updated on: 06 November 2024

Dubai is one of the most admired cities for various types of businesses. Many entrepreneurs prefer trading in the UAE because of the tax-free environment. and due to the UAE’s numerous Dubai visa types and easy application options, including online visa application systems, as well as many other types for entrepreneurs, investors, and businessmen. General trading is among the most profitable business ventures in Dubai. This is due to the huge local demand for various supplies because of the diverse cultures in the region. This includes essential items and even machinery.

As an entrepreneur or an aspiring business person, you should know that all businesses in the UAE require a trading license. It’s necessary to understand the different types of licenses. A general trade license allows you to conduct all your business activities with a single license.

General Trading License/Business in Dubai

A general trading license is ideal if you’re looking to start a business in the UAE. This license covers multiple trading activities in the same or various industries. These activities include import, export, and other activities like trading in electronics, furniture, clothes, etc. You should also get a general trading license if you wish to venture into the wholesale business.

This license allows you to trade in Dubai and other Emirates. However, you should understand regulations on specific products like pharmaceutical products, alcohol, and frozen goods. Many opportunities allow entrepreneurs to explore multiple businesses. There are 3 options for entrepreneurs to set up companies in Dubai; the Free Zones, Mainland, and Offshore.

Steps to Get a General Trade License in Dubai

The thought of conducting multiple tax-free businesses is very attractive to many individuals. However, you can’t do business in Dubai without a trading license. Below are the steps you need to follow to obtain your general trade license.

Choose a Location

You need to understand the different types of jurisdictions for business activities; these are the Offshore, Mainland, and Free Zones. There are 48 Free Zones in Dubai to choose from; they give you 100% ownership of your corporate and personal income. A Mainland business requires you to have a sponsor who will own 51% of the shares. An Offshore business operates in a different jurisdiction from its parent company which is usually in another country.

Business Activities

A general trading license allows you to conduct multiple businesses; you can choose up to 10 business activities. Apart from the restricted products like pharmaceuticals, guns, alcohol, and tobacco, you can trade in any other business.

Choose a Trade Name

One of the first steps is to choose an appropriate name for your company; this is one of the most important parts of your business. Choose a memorable, catchy name; it should help potential customers understand the type of business you run. You also have to follow name rules and regulations in the UAE. For instance, the name and the type of business should not contradict, you should not choose a name under copyright by another business in the UAE, it should not contain indecent or obscene words and should not offend the public, and you should not include God’s name or His attributes in English or Arabic. You can make your work easier by consulting a legal expert from a law firm in Dubai to guide you on how to choose a name.

Apply for the License

You need to apply for the license and submit various documents these include;

A license application signed by the manager or legal representative
Memorandum of association
A copy of your passport
2 color passport photos with a white background
A No Objection form from your employer (where applicable)
Passports of all the partners
Complete application form.

You can consult your legal advisor from a law firm in Dubai if you’re not sure you’ve got the right documents. The Commercial Revenue Authority reviews and validates your documents; your business name is then included in the Commercial Registry. The Department of Economic Development forwards these documents to the Federal Ministry of Economy responsible for publication. After this, the ministry issues an approval letter. The next step is for the Department of Economic Development (DED) to issue you with a commercial registration certificate and original trade license. Your license expires after 1 year. Once renewed; the license is valid for 5 years.

Choose a Business Premise

You need an office and a warehouse; you need to store your goods. A Free Zone license has limitations on the location of warehouses to choose, while a Mainland license has more freedom. Some Free Zones are more flexible; for instance, IFZA allows entrepreneurs to operate in virtual offices. Consider the location of the warehouse and your office, size, security for your goods, utilities, storage environment, and climate control like having an AC for hot weather.

General trade businesses are some of the most lucrative businesses to start in Dubai. You can trade include 10 activities and enjoy a tax-free lifestyle. However, every company in the UAE requires a license. It’s necessary to follow all the steps for the license application to save time and avoid issues.

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5 Reasons Why You Should Take A Criminal Lawsuit Seriously

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Given below are a few reasons that show why you should take a criminal lawsuit seriously. 1. Affect Your Career: When you are dealing with a criminal lawsuit against you, your career will see a pause. Nobody wants to affiliate with an individual who has criminal charges against them. If you are found guilty of certain criminal activity, you will find it difficult to get hold of good career opportunities. Before hiring an employee, many employers run a background check. If they find out about your background, you will simply be denied the job no matter how much potential you have. 2. Affect Your Personal life: Having criminal charges filed against you will make it difficult for you to live a normal life. There will be times when your family members, relatives, and neighbors will bring that up in several conversations. This is more than enough to bring down your morale. In addition to that, criminal charges also limit child custody. 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Preparing for Your Initial Consultation with an Immigration Lawyer

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What to Do If You Facing Foreclosure?

Are you Facing foreclosure problems for your home? If you buy a home on loan and you are unable to make payments to your lender on the right time generally for consecutive 3 months, then you need to face Foreclosure. It’s a legal process that is used by the lender and takes a long time and effort. There are plenty of things to know if you really want to get rid of Foreclosure. Most people look for an alternative way to foreclosure, and in order to fix the issue, they negotiate with their lenders, often with the assistance of foreclosure counselors. Calling your lender is the best way to get the solution. Most of the lenders give you options to help you resolve the issue, which include loan modification, forbearance, or a short sale. Facing foreclosure is literally scary in today’s scenario. However, receiving a Notice within the mail does not actually mean that you are going to lose your home. 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Forbearance Forbearance means that once the mortgage company briefly suspends your mortgage payments for a certain period of time. These postponed payments are adjusted at the end of your loan. 6. Loan Modification during this case, the mortgage company changes the terms of your existing loan - rate, amount due, length - to create your monthly payment in a manageable way. People are in concern of losing their homes. Here, we wish to help you to get started by telling you regarding some choices and wherever you'll be able to get additional help or consultation. You wish to be persistent. Saving your home will take an extended time and also the whole method is frustrating. However, there could also be an inexpensive resolution for this. Several firms promise to prevent foreclosures and acquire loan modifications for a fee. Several of those firms get money and then disappear. So, be conscious while you choose someone to help you get rid of this issue as most of the times people get cheated or scammed. Think about doing a short sale If you're not able to repay your mortgage - even with a reimbursement plan or loan modification then - A short sale is the best choice for you. You'd need to raise your lender for permission as a result of, not like a conventional sale, during a short selling the lender agrees to resolve for less than the house is value. During this case, you'd ultimately lose your home, however, you'd be ready to do this while not having a legal proceeding of your record. Summary: There are many ways the bank can assist you if you fall behind on your mortgage or are having a real problem making your mortgage payment. In the above-given article, you will know the method through which you can handle foreclosure. Read Also: Lining Up For A Loan – How To Secure A Good Loan 6 Expert Tips For Finding The Right Home To Buy

How to Get a General Trade License Dubai?

General Trading License/Business in Dubai