You have to follow several steps in advance to get the application for trade license in any area of Dubai. These are as follows-
- As an investor, you have to start with selecting a specific name and a particular legal structure for your company.
- Next, owner has to submit a suitable application form combined with Memorandum of Association and a tenancy contract to the Department of Economic Development. Only then, DED will issue you the commercial license to do business operations in Dubai.
- You have to make payment of an issuance fee to get the operating license.
- Once you get license from DED, it remains valid for a period of one year. This means, you have to renew your business license after the respective period.
- To renew your license, you have to obtain approval from authorities. For this, you have to submit the approval document combined with photocopy of your previous license. Renewed license remains valid for coming 5 years.
Types of License Issued by DED
Depending on specific activity, any business entity makes plans to undertake, DED issues license in any of the categories-
Commercial license is for the company, which engages in any type of trade related activity.
If you want to involve in manufacturing type of jobs or any other industrial activity, you should acquire an industrial license.
As the name highlights, professional license is for all individuals want to involve in any type of profession. These include artisans, service providers and related professionals.
Department of Economic Development i.e. DED issues local company licenses to Dubai entrepreneurs and business owners and it performs its functions from varying locations to deliver the required licensing solutions.
Other Important License Approval Requirements
Along with DED-related requirements, you have to fulfill other important license approval requirements. These include-
- Issue of license for financial institutions and banks from the UAE’s Central Bank
- Issue of license from financial and industrial ministry in case of a manufacturing unit
- Issue of license for all companies associated with insurance services from economy and commerce ministry in Dubai
- License issue for pharmaceutical and medical products from the health ministry
- Additional approval and endorsement from government agencies for companies involved in oil and gas production
- Finally, business registration should include the involvement of the Chamber of Commerce and Industry in Dubai.