Though the challenge of how to start your own business can seem daunting, you’ll feel less intimidated if you know what you’re getting into. A general trading license will allow you to conduct general retail and wholesale trading business in Dubai, United Arab Emirates. Get started on your new venture today with our guide on how to obtain a General Trading License In Dubai. Another option to obtain a general trading license in Dubai is through local agents. You need to hire an agent based in Dubai, who should have previous experience in conducting business there.
Register With Dubai Investment Authority
To register with DIA and avail of a General Trading License In Dubai you need to first get in touch with them through their website or email. Once that’s done, you need to fill out an application form along with some other required documents. You will then have to get it processed by an Accountant/Auditor licensed by Dubai Municipality and lastly, pay your fee at any of these banks Emirates NBD, National Bank of Abu Dhabi, Union National Bank, Gulf Finance House. The process may take approximately 2-3 months to complete after the submission of all your requirements. Once your application is successful, you will be issued a Letter of Approval which is your license to trade.
The LOA is valid for 2 years and has a fee associated with it. Your registered office address should be in Dubai, however, you can hire a representative from outside of Dubai as well if you do not have an office here yet. We are one of the leading companies for getting a general trading license in Dubai and registering with DIA. The cost of getting a General Trading License In Dubai varies greatly depending on who you choose to assist you. There are law firms and specialist agents who charge between AED 15,000 to 20,000 depending on whether they need to draft documents or not. And then some agents charge fees between AED 3,000 to 5,000 only since they take care of all documentation work themselves. When choosing a lawyer or agent, always ensure that they have solid experience and testimonials backing them up.
How Long Does It Take To Get A GTC?
In Dubai, General Trading License In Dubai is needed for import and export trade and business. The process of getting a GTC can be finished in 14 days but it can be renewed once it’s expired by spending two weeks. Unlike other licenses, an individual cannot get the trading license in Dubai independently because he needs a company or local agent to get one. General Trading License GTC is issued by the Department of Economic Development to allow individuals and companies to conduct international trading activities from Dubai.
If a company is unable to get GTC within 14 days, it can apply for a two-week renewal. An expiring general trading license must be renewed before its expiration date or a fine will be imposed on it. If you are looking to get one quickly, you can go with Export Trade License. This is a temporary license that’s valid for one year and can be renewed annually until you get your GTC. A person or company who has been disqualified from obtaining General Trading License In Dubai may not reapply for any new for at least three years from his and her last application date.
What If I Have An Existing Business?
The procedures for applying for a License In Dubai vary depending on whether you already have a business in operation. For instance, if you own an existing UAE company that’s located in Dubai, then you don’t need to apply for a general trading license separately your current UAE Commercial License will suffice. You do need to comply with local regulations, however, so it’s important to check with Dubai authorities before starting your new trading business. Just because your existing license doesn’t require additional documentation doesn’t mean you can ignore those extra requirements either.
In Dubai, businesses with foreign ownership can be set up as free zones. The free zone structure allows you to import goods duty-free and set up a business with local UAE partners to serve customers across Dubai or internationally. Your tax rate also drops if you’re operating within a free zone, and there are even perks for hiring new employees although it’s important to understand that some of these benefits are location-specific. To get started, apply for your License In Dubai online today and start importing goods immediately! In Dubai, businesses with foreign ownership can be set up as free zones.