For those who do not know, trade licenses are issued by the department of economic development authority in Dubai. There is no way at all for businesses to establish their presence, even through an RAK free zone company setup, without the right licensing and permits. For certain business categories, your license cannot be issued without gleaning approval from relevant authorities and concerned ministries.
For example, it is necessary for all financial institutions and banks to acquire the right license from the central of the UAE to be able to establish themselves. Those who are interested in running a manufacturing business need to get a permit from the Ministry of Finance. Next, we have insurance companies and related agencies that need to seek permits from the Ministry of Economy and Commerce At the end, there are manufacturers of medical products and pharmaceuticals that need to acquire their permits from the Ministry of Health authenticates medical products and pharmaceutical industries. Whether you wish to run an industrial business or a commercial one in Dubai, it is necessary for you to get registered with the chamber of Industry and Commerce to operate without a hitch in UAE.
Types of Trade License in UAE
There are three different types of licenses that are granted by the authorities in the UAE. These are inclusive of:
- Industrial licenses for establishing manufacturing or industrial activity.
- Professional licenses for artisans, craftsmen, services, and professions.
- Commercial licenses for all sorts of trading activities.
Basic requirements to fulfill
Getting a trade license is extremely easy in the UAE. If this is what you are interested in, then make sure that you fulfill the following legal requirements to be able to get your hands on a trade license in a smooth and quick manner:
- Determine which related business activities fall within a business license.
- Allocate your business category as professional, industrial, or commercial.
- Make sure that all the prerequisite documents are prepared in advance, such as approvals from relevant government authorities and memorandum of association.
- Choose a trading name.
- Plan your business legal status in UAE.
- Obtain approval from the authority and lease business premises.
- Application to the department should be prepared so that it is sent for approval.
Just about anyone can establish a business in Dubai as long as they have a valid trade license granted to them by the right authorities. If you are confused about things, then make sure that you get in touch with a business setup consultant so things work out for you in the long run. Click now for more information.