Dubai is known for its world-class business sector amongst a variety of other things. The modern infrastructure, politically stable atmosphere and investor friendly laws are all products of the economy driving initiative the local government has committed itself to.
With this in mind, starting your business here could be a great financial decision. And the great news is that the UAE government has now made it easier than ever to obtain the Dubai trade license, thanks to the introduction of an instant trade license.
Here is everything you need to know about an instant trade license in Dubai.
What is an Instant Trade License?
The introduction of instant trade licenses in Dubai is part of the government’s efforts to boost the economy. It is essentially the same as a standard trade license but has the following differences;
- You do not require a physical office
- You do not need a Memorandum of Association (MOA)
- You can operate without registering a trade name for the first year
- The registration process takes 5 minutes
- You can submit any relevant document needed after the first year (During the trade license renewal period)
Considering the above-mentioned information, one can deduce that the instant license exists for the purpose of making the process of starting a business as smooth as possible. It also eliminates the need for extra paperwork and tenancy contract requirements.
How to Get an Instant Trade License in Dubai
The entire process of obtaining an instant trade license can be done online through the state-provided e-channel. It can also be processed at a service center if you are willing to go physically. In any case the process should take no longer than 5 minutes.
The following are the steps you need to take:
- Narrow down the activities that you wish to carry out and confirm that they are allowed by the Department of Economic Development (DED).
- Pick a trade name that is permissible under the regulations of the local government.
- Submit your application on either the e-portal or one of the service centers
Application Submission Requirement/Criteria
Your application must contain the below-mentioned factors and details to be considered valid;
- Business activities
- Stakeholders and owners
- Company name
- Commercial registry
Documents Required for an Instant Trade License
One of the many benefits of acquiring an instant license is that there is very minimal documentation required.
- Passport copies of shareholders of the company and license
- A residence visa copy if you are a resident
- Completed application form
On the other hand, if you choose to apply through the online portal; all you will need is an Emirate ID to create an online account and submit the required information.
Cost of Instant Trade License
The instant trade license fees are another beneficial factor. The total cost is AED 3000 to get a Dubai instant trade license. This includes the cost of trade name registration as well.
However, depending on the activities you wish to carry out and the nature of your company, the trade license fees can fluctuate slightly. A business formation consultant could provide you with a more accurate estimate of the license you wish to acquire.
The introduction of instant trade licenses has made the process of setting up a business in Dubai much easier. You no longer have to struggle with the tedious paperwork and can get done with it all in a matter of minutes.
Hence, if you are looking for a quick and easy route to business setup in Dubai, then an instant license is a great option for you.
Regardless however, there are still factors that could use the help of a business setup consultant, such as:
- Whether or not your business activities fall under the activities permissible with an instant trade license.
- The exact cost of your respective trade license.
- Suggestions for virtual offices so that you may have a legal physical presence in the Emirate.
We are experts in company formation in Dubai. Our years of experience in trade license application processes will allow you to have your business up and running in no time. We will guide you through all the legal formalities and procedures for a successful instant trade license registration.
Get in touch today for an expert consultation!