If you have a business in the UAE, you already know the importance of a business license. No business in the UAE can function properly if they do not have a license. However, it is necessary that businesses opt for trade license renewal in Dubai since renewing the license will make it easy for the business to work.
Every business needs to ensure that they do the company license renewal. Businesses failing to do so cannot carry on with their operations. Moreover, there are certain penalties as well for failing to renew your company’s license.
Company license renewal in Dubai
Many businesses do not know the process of business license renewal. If you have any confusion, consultants at Business Link UAE can help you.
If you are going for a company license renewal in Dubai, you must follow the process carefully. It is advisable to keep all the documents ready to prevent any problems. The papers and documents you need to submit will vary depending on the zone your business is in. Not following the regulations can get you in trouble.
Therefore, for convenience, various businesses opt for license renewal in Dubai. Dubai is a growing economy that has several opportunities for business professionals. Therefore, opting for license renewal in Dubai can take your business to greater heights. And Business Link UAE can help you with this.
As a business owner, you may be confused about how the license renewal works. With various opportunities available in the market, counselors are there to help you out as well. When you register as a business in the UAE, you will receive a license, however, you must meet all the criteria set by the UAE government to ensure that you get the license. A license helps to ensure you can conduct your business by following the laws.
License Renewal Status
The Department of Economic Development checks the status of your business license renewal, and you can reach out to professional consultants who can help you in the process. You must follow all the regulations as set by the Dubai Government.
The basic practice to opt for company license renewal is to start the process a few days before it expires. This will give you enough time to make any corrections if things go wrong. The business license guarantees that your business is legal. Thus, you can do business freely in this country.
What documents should you submit for trade license renewal in Dubai?
When you apply for a trade license renewal, you need to keep all the documents ready. This will help to ensure that you follow a hassle-free process. You can get professional help to make the process easy for you.
If you fail to submit even one document, the entire license will be canceled. Therefore, you will not be able to go for the renewal. Given below are the documents that you must keep ready when applying for a trade license renewal in UAE:
Tenancy Contract
The contract of tenancy is incredibly important. The validity of the same should be around one month and must have confirmation from the Ejari. Before you apply for the renewal process, you need to check if your tenancy contract is accurate or not. Moreover, if your contract isn’t attested by Ejari, your documents will be rejected.
Old trade license
In order to apply for a trade license renewal in the UAE, you must also submit the previous one, as it acts as a supporting document. If not the original document, you can also present a copy of the document. Businesses who cannot submit the original or copy of the document will not get the option of renewal. Furthermore, as a penalty, they may need to pay heavy charges. Otherwise, they will not be able to conduct business in the UAE.
BR/1 Form
One of the most important documents to submit for trade license renewal in Dubai is the BR/1 form. Submitting this document in time will help to streamline the renewal process. Nonetheless, when you are submitting the BR/1 form, ensure all signatures of all partners are available on the documents. After that, you can apply for a business license renewal in the UAE.
Copy of the passports for all the shareholders
For the process of trade license renewal, you must submit a copy of all the passports. This acts as proof of all the stakeholders in the business. If there are no stakeholders, you need to submit a copy of only your passport.
Things to keep in mind for trade license renewal
Businesses that go for trade license renewal in Dubai, need to keep a few things in mind. The most important points to notice include the following:
Check if the tenancy contract is valid
If you want to apply for license renewal, the contract for tenancy must be valid for a minimum of 3 months. If the contract has expired, you can’t apply for the renewal. Furthermore, an Ejari attestation is important. You should not postpone the renewal process, or it will be tough for the business.
Get the approval
Before you apply for renewal, you need to get approval. The approval from authorities will depend on the type of business you have. Make sure to check the criteria and apply for the business accordingly.
What will happen if you do not renew the license in time?
Sometimes businesses may not apply for a renewal within the deadline. This can lead you to pay various penalties, which can then lead to legal problems.
There are some scenarios you need to face if you don’t apply for renewal in time. The scenarios are given below:
- Pay a fine: If you fail to renew your business license, you may need to pay a The Department of Economic Development decides how much you need to pay.
- Blacklisting: If you do not file for renewal in time, your business will become a part of the blacklist. After which, you may not be able to conduct business freely
- Can’t expand business: You will not be able to expand your business any further if you do not renew the
Want to apply for trade license renewal in Dubai? Business Link UAE can help you. Our professional consultants can make the entire process easy for you. With our experts, we help businesses reach new heights. If you have any questions regarding the renewal process, contact us.
