Dubai has made tremendous progress from oil to other businesses worldwide, helping UAE become the topmost business gateway for the Middle East and Africa. Today, Dubai is one of the most preferred trading spots worldwide among foreign investors and business owners. UAE also offers a lucrative trading marketing opportunity for any product in the UAE. However, if you are ready with the license, entrepreneurs must go for trade license renewal in Dubai. Damaar is the best firm with experts that assists you with simple steps to validate the company’s legal standing, including your approval and renewal of the trade license procedure, with a guarantee that you avoid penalties, litigation, and company suspension.
What are the steps to renew a trade license in Dubai?
The procedure to renew a trade license in Dubai is all about valuing foreign investors and business owners. Entrepreneurs look for maximum benefits due to the great scope for business and investment. If you have a business setup in Dubai, renewing your trade license periodically would be compulsory. It would only require a list of documents to renew your trade license.
- Ejari Registration: An Ejari Registration is one of the essential documents with a registration certificate to renew the trade license. Failure to present an Ejari-approved tenancy certificate gives way to the imposition of a fine.
- A valid tenancy contract: A tenancy contract is a single document that shows that you possess Ejari-approved rental property. It is one of the most vital tools that regulate the rental property market. It helps you to avoid ambiguities, errors, and fallouts regardless of whether you are a landlord or tenant in Dubai. The tenancy contract in Dubai should have at least one-month remaining validity before applying for renewal. Failure to meet the criteria leads to rejecting the revival of the trade license.
- Old copy of your trade license: An old copy of the right proves that you got government regulations approval to apply for a trade license. Though presenting the original document may not be necessary, it will help if you keep its copy ready to get your renewal application approved.
- BR/1 Form: It is a form that an application must fill to carry out the process of Dubai trade license renewal application process. The renewal process form requires the signatures of all business partners or directors, after which it should be submitted to the DED department for approval.
- Passport Xerox copy of all business partners: License renewal also involves the submission of passport photocopies of all your business associates with your application. It will be evidence before the stakeholders involved in your business. You must only furnish your passport copy for DED license renewal if you are the sole business owner.
- Pay the fees for trade license renewal: The government authorities levy a fee ranging from AED 8,000 to AED 15,000, including service charges. On successful DED payment verification, your trade license application gets approved.
Conclusion: The regulations for business activities in Dubai are stringent, which a business owner or investor from other countries must abide by. To know the simple steps, contact us at Damaar for more information.
