So your business in Dubai is up and running and is slowly but surely on its way to generating the profits and success that you had envisioned all along. However, the task of staying compliant needs constant attention and your trade license will most likely be the first of many licenses that will need renewal.
Trade license renewal will ensure the legal continuity of your business in Dubai, regardless of its size or industry. If your trade license is about to expire, read on to find out everything you need to know about this simple process.
TRADE LICENSE RENEWAL PROCESS IN DUBAI
The process of renewing your trade license is rather simple and efficient. In most cases, it takes only 10 minutes to complete.
Step-by-Step Guide to Trade License Renewal
Auto-renewal via SMS:
When it is time to renew your trade license, you will receive an SMS reminder. This SMS will have instructions on how to respond. You will typically be asked to respond with your trade license number and click a payment link to complete the process.
Renewal via Service Centers:
This method involves visiting an authorized trade license service center. If you are seeking a contactless option, you may send the required documents to the center’s email address. Once you complete the renewal by making the payment through one of the many methods available, you will receive your renewed trade license.
Renewal via Invest in Dubai Platform:
Visit the Invest in Dubai platform’s official website and select the option to renew a license. Fill in all the required details including your trade license number and submit the data. Follow through with the payment to receive your renewed license.
Documentation and Requirements
Keep the below documents ready to enjoy an expedited renewal process:
- A BR/1 form in typing.
- A photocopy of your tenancy contract.
- A photocopy of your existing business trade license.
- Photocopies of all business partners’ passports.
Timelines and Costs Associated with Renewal
As mentioned above, this process can be completed in 10 minutes, with a processing time of 7 minutes for most cases.
Keep in mind that trade license renewals can cost from AED 7,000 TO 15,000 and are consistent with the issuance fee. There are no unexpected or hidden costs associated with this.
IMPORTANCE OF MAINTAINING COMPLIANCE WITH REGULATIONS
Legal Obligations
A valid trade license is a legal requirement in Dubai. If you fail to renew your license on time, you may be faced with fines and potential closure of your business.
Business Reputation
Staying compliant translates to an enhanced business reputation among your clients and partners.
Operational Continuity
Without a trade license, your business may face disruptions that will affect the consistency of your business operations.
How to Ensure a Smooth Renewal Process
- Plan for renewal ahead of the expiry date
- Ensure that all relevant documentation is filed and ready for when the deadline approaches
- Use the digital options in place for a quicker renewal (SMS, Invest in Dubai Platform)
- If you are unsure about the process, consult with SetHub for guidance and support
Consequences of Failing to Renew a Trade License
Financial Penalties: All late trade license renewals are subjected to fines.
Business Disruption: Without a trade license, your business cannot legally operate. This will lead to disruptions affecting reputation.
Legal Action: Continuous non-compliance will lead to legal action by the Dubai government.
Impact on Visa and Employees: An expired license can impact your employees’ residency status and work permits.
In Conclusion,
If you are a business operating in Dubai, having a valid trade license at all times is an essential part of your operations. With a renewal process that is designed to be as simple and convenient as possible, there is no excuse to default on your trade license renewal. For any assistance related to acquiring or renewing a trade license in Dubai, contact the experts at SetHub who will provide their valuable insight and more on this process.
