General Trading License in Dubai
For entrepreneurs, general trading licenses in Dubai can be a great help. But for such entrepreneurs a lot of work is required before applying for a license. Such entrepreneurs need to conduct a complete research on the prevailing conditions in the market. This helps them avoid any mistake in the application process. A careful observation on the current market conditions is also required for the applicants.
The next step after a general research is to gather information on the number of foreign professionals or tourists coming to Dubai and then plan a suitable strategy for their visa. There are a large number of people who migrate to the emirate due to a variety of reasons. Some move for job opportunities, some for higher education, and a few others migrate for a better lifestyle. Regardless of the reason for migration, it is a fact that a good number of people leave their home country and move to the UAE to enjoy the benefits offered by the new Dubai economy.
During the application process, it is required to provide a comprehensive list of all documents demanded for the visa. These documents include employment contracts, residence permit, business licenses and a trading license. All these documents are a must for processing a trading visa in Dubai.
The number of investors coming to the emirate from other countries is increasing. Thus, a high number of entrepreneurs have also started to migrate to the United Arab Emirates from various parts of the world. For this reason, the demand for general trading licenses has also been increased in the region. In fact, the number of investors applying for a trading license has increased by 30% in the last five years. This increase in demand is expected to continue in the coming years.
Before a businessman can start trading in the Dubai economy, he needs to find out whether he will be allowed to open a trading and working establishment. Two types of licenses are available in the trading area; a business and a personal trade license. To apply for a business license, a detailed business plan is required along with a deposit of one thousand UAE Dirhams or more. The business plan should be approved by a competent authority such as the Dubai Trade and Business Development Board. For personal trade, a non-refundable deposit of not more than two hundred UAE Dirhams is required.
Upon receiving the approval for a business and a personal trading license from the Dubai authorities, a company register is required. This is done with the assistance of a Dubai government agency called the Dubai Ministry of Economic Affairs. The register allows the trader to carry out the legal business activities such as import and export of goods, registration of goods and payment of dues. It also enables a company to change its trading name, change its address, change its logo and business activities. However, all these things require prior approval from the Ministry of Economic Affairs.
For businessmen planning to start their own business in the emirate, they may want to consider the option of general trading license in Dubai. Since this is a free trade area, companies are not required to apply for any type of visas. This means they can engage in local market without worrying about visa regulations. The market is a perfect place to sell and buy goods that cannot be handled properly in another country. Exporting and importing of goods is allowed with the Dubai merchants visa which allows them to enter the city to buy and sell.