We all know that to establish a business in Dubai, you require a trade license. That authorizes you to conduct your business or trade any type of goods in Dubai. The UAE government delivers several types of licenses according to the company’s work or activities in Dubai, like commercial, professional, and industrial activities. Dubai offers several job opportunities and a huge market for foreign investors. The growing economy of Dubai attracts many entrepreneurs to specify their industries in Dubai. So if you want to start a business in Dubai as soon as possible then the UAE government introduces an Instant Trade License in Dubai that establishes your business faster. In this blog, we deliver all the procedures for acquiring an instant trade license in Dubai.
What is an Instant License in Dubai?
In Dubai, millions of entrepreneurs come to establish their dream businesses and take advantage of the Dubai economy, but they also want to start their businesses as soon as possible. So an Instant License helps you to settle your business in a few days. An instant license is a trade license that allows you to acquire a commercial license in one step. So, you get your license first and take out other processes later like trade name registration, finding a business location, and extra paperwork.
The instant license program was organized by the Dubai Department of Economic Development (DED). With the use of a digital site, you get an instant license that is issued quickly within 5 to 10 minutes. In Dubai, entrepreneurs with instant business licenses can spend the opening 12 months of their business life to understand the Dubai culture and settle down. With this license, they get enough time to discover their growth potential, make connections, and magnify their operations.
Benefits of Getting an Instant Trade License in Dubai
The company activities, documentation, and several approvals are required to settle a business in Dubai, or getting a commercial or professional license takes a few days or weeks. But with the instant trade license in Dubai, you can obtain your trade license within a few minutes or there is no need to get a 12-month lease contract to get a trade license in Dubai. The Dubai instant license also allows an investor to research the business industry before investing large amounts in business. There are some other benefits of getting an instant trade license in Dubai.
- Simple and straightforward application procedure
- Get your insurance within hours
- Escape from complicated processes like getting tenancy contracts, Ejari registration, etc.
- Permit you to operate from a virtual office for the first year
- Minimal paperwork
- Cost-effective
- Frees from the burden of preparing the company’s statutory documents
- Easy way to explore the market and analyze the growth probability
- No rent contract is required for the first year
- Online- or in-person application
Eligibility to apply for an Instant License
Companies that operate in commercial and professional sectors are suitable to make an application for instant licenses. If you choose activities that need external approvals from the government then you cannot apply for this license. There are some other companies that are eligible to apply for this license.
- Limited Liability Company
- Civil Company
- Sole Proprietorship
Procedure for Instant License Application in Dubai
The application procedure for an instant license is simpler than the general trading license process. You need assistance to complete this process. Here is the complete procedure to make an application for an Instant license.
1. Choose an activity- Your business activity will discover that you are eligible to apply for an instant license. The DED has assented to several activities that are acceptable in the region, so you choose one or more according to your requirements.
2. Confirm a Jurisdiction- choose a jurisdiction according to your business needs. The FreeZone Formation delivers several benefits like zero currency restriction, zero customer taxes, and many more. On the other hand, Mainland formation allows you to deal with regional and multinational markets.
3. Select a Legal structure- You can choose a limited structure like an LLC, Civil Company, or Sole Proprietorship to make an application for an instant license.
4. Choose a Company Name- Make sure that you choose a name without including any religion or initials to it.
5. Make the License application- To apply for an instant license, you need to follow several factors like jurisdiction and location, and submit the necessary documents.
6. Open a Corporate Account- With a license, you can easily open a bank account in Dubai. A business account helps you to keep your professional transactions separate.
7. Make the Visa Applications- To perform in the UAE, you require a residency visa. After getting your instant license, you can easily make an application for an employee’s visa or family visa.
Necessary Documents to Apply for an Instant License in Dubai
There are some documents that are required to apply for an instant license in Dubai
- Passport copies of all relevant partners and business owner
- A copy of the UAE residence visa
- Emirates ID of foreign partners
- NOC from the current sponsor of residence visa-holding partners
- A copy of passport and Emirates ID of local sponsor
Also Read: What Is A Virtual Office in Dubai and How Does It Work?
