Trade License Formation
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Types of Trade Licenses in the UAE
There are several types of trade licenses tailored to different business activities:
1. Commercial License:
It is the most common type of trade license it is issued to businesses engaged in trading activities such as buying and selling of goods.
2. Industrial License:
If your business involves manufacturing or industrial activities, you’ll need an industrial license.
3. Professional License:
For individuals or companies providing professional services like consultancy, healthcare, or legal services, a professional license is required.
4. Tourism License:
Businesses operating in the tourism sector, such as travel agencies and hotels.
5. Freelancer Permit:
If you’re a sole practitioner or freelancer, you can obtain a freelancer permit to legally provide services.
6. Branch or Representative Office License:
For foreign companies looking to establish a presence in the UAE, a branch or representative office license is necessary.
STRATEGIES
The Trade License Application Process
1. Choose a Business Activity:
Clearly define the nature of your business activity and choose the appropriate license type.
2. Select a Business Structure:
Decide whether you want to set up as a sole proprietorship, partnership, limited liability company (LLC), or other business structure.
3. Trade Name Approval:
Choose a unique trade name for your business and get it approved by the relevant authorities.
4. Submit Required Documents:
Prepare the necessary documents, which typically include a business plan, lease agreement, and passport copies of shareholders or partners.
5. Apply for Initial Approval:
Submit your application for initial approval to the Department of Economic Development (DED) in the respective emirate.
6. Legal Formalities:
Complete any additional legal requirements, such as obtaining approvals from specific ministries or government bodies if your business activity requires it.
7. Pay Fees:
Pay the required fees, which vary based on the license type and location.
8. Receive License:
Once all approvals and payments are processed, you’ll receive your trade license.