How to renew your trade license in Dubai
Proper filing of relevant documentation and legal procedures is one of the most important aspects that new or established businesses must follow in order to successfully run a business in Dubai. Business licenses are amongst the most important paperwork required to start and continue your business setup in Dubai. The trade license renewal process is usually an annual one, and all businesses require a relevant license- whether industrial, commercial, or professional. This article serves as a guide to how you can renew a trade license in Dubai.
How to determine when you need to renew your license?
It’s easy to identify the date for renewal of your business’ license. Here are some of the options that can help you determine the date your license expires:
- Check your original license paperwork as it contains the date the license approval expires and hence when you would need to renew your license.
- If that is not possible, check with your company formation agent. In case you have set up your business in a free zone, contact the relevant free zone authority for that area.
A grace period of 30 days is given post the expiration date of the license, after which your business would be liable for fines.
The renewal process:
- Valid documents and paperwork
To renew your trade license in Dubai, it is important to have all the documents and required paperwork in order. The documents you would require for this process are:
a) Tenancy Contract: An Ejari approved tenancy contract is a crucial document required for the renewal process. The contract must be valid at least one month before the renewal, the failing of which can cause the application to be rejected.
b) Photocopy of Passports: The passport photocopies of all business partners involved must be taken and attached to the application.
c) Photocopy of Trade License: Attach a photocopy of your old trade license to your application. Applying for a renewal is impossible if you do not have the original permit to conduct business in the UAE.
- Renewal Application Form
To officially apply for your business license renewal, you will have to fill in an application form called BR/1. You will need to type out the form, filling in relevant details, and take the signatures of the existing partners of your business. The documents listed above must be attached to this form before you submit it to the Department of Economic Development (DED) for approval.
- Receive Payment Voucher and Payment
After submitting your application, the DED will perform the necessary checks with reference to the documents attached and approve or reject your application. Once approved, the DED will verify your application and send you a payment voucher so that you can make the payment for the renewal. The DED will only renew your license after the completion of the payment. Once you receive the voucher, make the required payment to the DED. After this is done, you have officially completed the process, and your trade license is renewed and valid.
Dubai’s business-friendly policies have made it so that most processes related to business setup are simple, easy to understand and navigate. Renewing your trade license when the time comes is incredibly important, as failure to do so can result in heavy penalties up to AED 5,000, blacklisting the business, or banning it all together. The trade license renewal process can be made even easier with the help of our expert consultants here at SPC Free Zone. Contact us at 800 SPCFZ to start the process today!