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TRADE LICENSE RENEWAL IN DUBAI
Upon starting you business in the UAE, one of the important part is to obtain a business license. The most employed and required type of permit is the commercial or trade one. It designates all the major activities that you can carry out. The renewal & trade license cancellation in Dubai requires expert knowledge.
Approving Authorities
For any entity which is established or going through liquidation process has to go through stress filled steps in order to get the legal work done regarding their licenses. Dubai Chamber of Commerce and DED (Department of Economic Development) controls all of the procedures related to trade license in Dubai.
However, for some business categories, the licensing necessitates approval from authorities and certain ministries such as financial institutions and banks, insurance companies, Central Bank, Economy and Commerce ministry. Manufacturing businesses require the special consent from the Ministry of Industry and Finance, whereas, medical and pharmaceutical products need approval from the Ministry of Health. If you find yourself in oil or gas production, there are several other authorities from whom you need approvals for cancellation and trade license renewal in Dubai. Some major activities such as insurance and jewelry setups require a financial guarantee which is issued by a bank already operating in UAE.
Trade License Cancellation in Dubai
There is a large part of business closing in the UAE which deals with the compensation for its employees. The employer has to deal with the cancellation of staff visas and work permits. A profound coordination is required in between Ministry of Labor and Naturalization & Residency Department.
As per the labor law of the UAE, employers should give a paid notice of two month to the employees before terminating the contract. There are various things you have to take care before trade license cancellation in Dubai. In such situations, a helping hand is never a bad idea. You can contact PRO Desk to take your worries away while you can relax during the liquidation process of your company.
In some situations, employees are allowed to keep the residency visa until the license of the company runs out. Prior to cancellation and finalizing labor contacts, it is mandatory to formally cancel Etisalat and DEWA accounts to retrieve your deposits.
Taking all of this in consideration, trade license cancellation in Dubai requires the approvals from federal and government authorities and specific document applications.
Documents for Trade License Cancellation in Dubai
The documents required for trade license cancellation in Dubai are as under
- Licensing and Registration Application form submission
- Original license, but if it is ended a copy should be submitted
- NOC or no-objection letter which is duly issued by Ministry of Social Affairs & Labor
- Cancellation of Visa of the partner. If the applicant is a non GCC national, and sponsored by the license should also apply for visa cancellation.
- UAE Central Bank NOC for cancellation of foreign exchange dealer, shares & bonds broker, money market & currencies broker.