Many businessmen are now coming into the country looking to have a business setup in Dubai. There are a lot of people searching for the correct and precise documents to be prepared for obtaining a business license in Dubai. The good news about getting a trade license within minutes was introduced last year. The Development of Economic Department (DED) in Dubai has presented this to the public for the entrepreneurs who are looking forward to starting an instant business in the country.
You wouldn’t need to submit any documents for a year. This gives businessmen the window of opportunity to further see how to properly deal with the market in Dubai. A lot more can be read below with regard this instant license.
A Brief Review on What the Instant License in Dubai is All About
This service was launched last year by the Business Registration and Licensing (BRL) in Dubai Economy Department (DED) that are dedicated to all DED-licensed activities and for all legal types.
A commercial license can be acquired by businessmen without them having a company lease or location. This is valid for the first year of applying for a license, and on the renewal of their license, they need to provide those documents.
Because of the easy way of applying for this instant license in Dubai, the registration process is reduced by 90%. Although public and private shareholding companies are not included, almost every business activity in Dubai can enjoy this kind of advantage. It should also be noted that companies that are linked to having business activities like general trading should apply through the E-services and choose LLC.
The Wheres and Hows
Before going forward and registering, there are some essential things that one should know regarding this business license in Dubai, like where and how to obtain it.
The places that you should go to for getting an instant license are as follows with their timings as well:
- Service centers (7:30–18:30)
- Happiness Lounges (7:30–14:30)
- Smart Lounges (24 hours)
Terms and Conditions
This kind of service, like any other else, has terms and conditions that businessmen should understand before they use it.
- In going for an online application, they do not require any documents.
- One or all partners are required to be present in the outsourcing center.
- Passports of the partners are required to be provided.
- A residence visa copy and NOC by the sponsor of foreign partners are required.
- Copies of the visit visas of the partners are also needed to be provided.
Although those are the general conditions, there is also another approach that should be noted when it comes to doing it through the E-services as stated below:
- Parties that do not have a previous account on the website have to create a new one by being at one of the business centers. They would need to personally appear and show their original ID.
- Then they can simply go to the portal and choose “Instant License”.
- A Dubai ID should be used in logging in to the portal. This ID will be given in the first step when the parties personally appear for registration
In figuring out how to finally obtain a license, the below procedure needs to be followed.
- Choose legal form.
- Choose the activity of your business.
- Add the partners and classify the following points below according to the legal form:
- The share of the partners in the capital
- Profit-loss distribution between the partners
- Trade names should be reserved for the following methods:
- New trade name reservation
- Usage of a trade name that is automatically generated that has the registration number of the trade name
- When the value of the capital is added in the commercial register data of the company, the other fields with then be automatically populated.
- You can either issue an electronic memorandum of association within the available electronic service or simply choose to skip.
- A payment voucher will be issued.
- The payment of the fees will be needed to be done.
When this is done successfully, an instant license will then be instantly in your hand. You are then free to perform your business activities. The documents, however, will then be needed to be presented in accordance with the standards that are set by the DED.
Business Setup Consultants in Dubai
FAR Consultanting Middle East is a firm that has been in the industry for more than 30 years. We have dealt with almost every dilemma of business owners and have given them the perfect solutions to fix those problems.With our experienced consultants, we can assist you in having an instant business license in Dubai.
You can contact us now and book a consultation for you to know further regarding this matter.