Some might say that UAE has been the business hub of the Middle East and North Africa but this is yet to expand immensely after the 2020 EXPO in Dubai steals the attention of the world. The Dubai Department of Economic Development (DED) facilitates all needed licenses needed to start a business in Dubai and so it seems that a multitudinous number of entrepreneurs, business owners, and companies are pursuing availing their brands and services in the MENA through having a company set up in Dubai in the light of the recent economic sphere changes.
Before applying for a license, one must consider what kind of business setup he is pursuing. If the plan enlists trading with neighboring countries or within the UAE, import, export, multiple trading activities that are in the same or different industries then a general trade license covers it all.
Why should someone apply for a general trading license in Dubai for a business setup?
• Tax-Free, one of the most important advantages of having a general trading license in Dubai is paying zero taxes on profits, income or on any other amount.
• Infinite Options, to be able to exploit all the possibilities of doing business in local, national and international markets.Hassle-free, applying for a general trade license in Dubai is easier than a business set up in many cities around the world.
• Multiple Visas, depending on the size of the business and the company formation in Dubai the general trading license benefits its holder to apply for multiple visas for employees and dependents.
• Auditing Flexibility, unlike other jurisdictions, the submission of annual auditing reports to government authorities is not mandatory.
• Capital Repatriation, a company with a general trading license is allowed to have 100% repatriation of capital as well as profits. They do not have to make a bank deposit.
What are the steps of getting a general trading license in Dubai?
A company formation in Dubai is subsequent to obtaining the proper license for it as for the general trading license in Dubai all you need to do is ask for experienced consultancy on each of the following steps:
1. Decide on a suitable trade name and legal structure for your company and obtain attested company name approval letter from DED.
2. Decide on the business activities, a maximum of 10 per license.
3. Fill in and submit the application for initial approval and have it signed by the company managers or their legal representatives.
4. Get external approvals if the type of your business activity requires so.
5. Prepare all the required documents such as the Memorandum of Association (MOA), and all the approved documents from the relevant government authorities.
6. Choose a business location and get a tenancy contract attested by Ejari.
7. Submit an application to the DED to get to the final license with a passport copy of the managing partners.
8. Make the requisite payment for the license, including an issuance fee for obtaining the license.
