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Different Types of Trade Licenses in UAE?
Professional Trade License
Commercial Trade license
Industrial Trade License
Professional Trade License
Fundamentally, a professional trade license is issued to service providers, professionals, artisans, and craftsmen in Dubai and all around UAE. While the license allows 100% foreign ownership, 100% profit possession and freedom of operations, a local service agent must be appointed to complete judicial formalities. The license is issued on the basis of academic entitlement as well as professional skills.
Commercial Trade license
Commercial Trade License is issued to companies dealing in the buying and selling of goods, or any other form of commercial activity. General traders or specialized traders can apply for commercial license, engaged in either goods, commodities or even services. The license taker must abide by certain requirements, especially the business activity plan for which the number of goods the company will be allowed to trade in.
Industrial Trade License
All businesses involved in Industrial and manufacturing activities are required to register for an Industrial license to operate in UAE. The license allows the companies to convert or modify natural resources or raw materials through specialized units such as factories, plants, or refineries. Due to such characteristics, the company is required to own a physical office space or warehouse within UAE to attain eligibility for Industrial License.
Frequently Asked Questions
Who should join a company’s strategic planning?
The management, stakeholders, investors, advisors, and departmental heads should join in the strategic planning that will help chart the company’s path for the future. This will help to implement the opinions of the various cross-section of the members of the organisation.
When should we conduct strategic planning?
Strategic planning usually encompasses the company’s plan for the near future, and a yearly or three-yearly plan can be composed as per the organization’s vision. After each tenure, all administrative members of the organization should contemplate the wins and losses and how to take the company forward.
Is it possible to research on my own?
Yes, it is possible. But to get the best possible and comprehensive outcome, it is vital to partner with a third party or an experienced vendor partner who has expertise in this matter.
How often should strategic planning be done?
At IBG, our consultants do the initial planning at the very onset of our collaboration keeping in mind a company’s goals, vision and mission. It can be reviewed and tweaked on a monthly, quarterly or annual basis depending on the requirements and objectives that have been set at the beginning.
What is the difference between strategic planning and operational planning?
Strategic planning is done keeping a long-term goal in mind, usually for 3-5 years, and it encompasses every facet of the business running and setup.
An operational plan is implemented annually, and it’s designed with a budget in mind, and it includes the essential activities you plan to do in a given year.
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