One of the most crucial factors that new or established firms must follow in order to operate a successful business in Dubai is the filing of required documents and legal processes. Business licenses are among the most significant documents you'll need to start and run your company in Dubai. The procedure of renewing a trade license is normally done once a year, and all firms, whether industrial, commercial, or professional, are required to have one. This post will show you how to renew your trade license in Dubai.
It's simple to figure out when your company's license has to be renewed. Here are some of the methods you may use to figure out when your license will expire:
Check your original license documentation for the date the license approval expires, since this will determine when you need to renew your license.
Check with your business formation agency if this isn't feasible. If you've established up your firm in a free zone, get in touch with the local free zone administration.
Following the license's expiration date, a grace period of 30 days is granted, after which your firm will be subject to penalty.
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The Process
1. Documents and Paperwork
To renew your trade licence in Dubai, make sure you have all of the necessary documents and paperwork. This method will necessitate the following documents:
a) Ejari-approved tenancy contract: An Ejari-approved tenancy contract is a necessary document for the renewal procedure. The contract must be valid for at least one month prior to renewal; otherwise, the application may be refused.
b) Passport photocopies: All company partners' passport photocopies must be taken and included to the application.
c) Trade License Photocopy: Include a photocopy of your old trade licence with your application. If you don't have the initial permit to conduct business in the UAE, you won't be able to apply for a renewal.
2. Renewal Application Form
You'll need to fill out a BR/1 application form to apply for your business licence renewal formally. You'll need to type the form, fill in the appropriate information, and collect signatures from your current company partners. Before submitting this form to the Department of Economic Development (DED) for clearance, you must attach the papers specified above.
3. Receive Payment Voucher and Payment
After you submit your application, the DED will review it and approve or reject it based on the information provided in the documents. When your application is approved, the DED will verify it and send you a payment voucher so you can pay for the renewal. The DED will only renew your license after the money has been made. Make the needed payment to the DED after you receive the voucher. After that, you've officially finished the procedure, and your trade license has been renewed and is valid.
Because of Dubai's business-friendly legislation, most business-related processes are basic, easy to grasp, and traverse. Failure to renew your trade license when it expires can result in severe penalties of up to AED 5,000, the business being blacklisted, or the firm being banned entirely. With the assistance of our skilled experts at SPC Free Zone, the procedure of renewing a trade license may be made even easier. Call us at 800 SPCFZ to get started right away!
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