Entrepreneur looking to start a business in Dubai should have a general trading license in Dubai. If you have multiple trading activities that are in the same or different industries then a general trade license covers it all. The activities under general trading license include export, import or trading of goods or products like clothes, accessories, furniture, electronics, etc.
UAE is popularly known as the business hub of the Middle East. Over the last 2 decades, there has been an immense growth in the financial, business, trade and logistics sectors, due to which their contribution towards the world economy is substantial. There are many businesses interested in trading goods with neighboring countries; such people should have a valid general trading license to do the same.
What is a general trade license?
If a company wishes to export, import or trade goods or products like clothes, accessories, furniture, electronics, etc., it can apply for a general trading company formation in UAE. A businessman who seeks opportunities in import and export in the UAE should have a general trade license. If you have multiple trading activities that are in the same or different industry then a general trade license covers it all. Although costlier, having this license has its own perks and advantages. But there are certain products, like guns, cars, alcohol and medical products, which cannot be permitted to be traded through general trade license as these products require approval from higher authorities or clearances from UAE municipalities. However, those products are traded under a commercial trade license after going through the approval process.
Why should one apply for a general trade license in the UAE?
The approximate cost required to have a general trade license in the UAE is AED30,000 to AED40,000, depending upon several factors. A General trade license in Dubai can also be used as a legal holding structure within the UAE and other licensing authorities. The same is used for storage and warehousing.
The advantages of having a general trading license in the UAE are as follows:
- No Taxes: Any business would want to make a trading tax-free. One of the most important advantages of having a general trading license in the UAE is paying zero taxes. The holder of such a license doesn’t have to pay taxes on profits, income or on any other amount.
- Trade locally and internationally: By acquiring a general trade license, one can trade beyond borders. A trader can exploit all the possibilities of doing a business in local, national and international markets to gain profits.
- Straightforward Process: It is quite easy to get a General trading license Dubai. This license is issued by the Department of Economic Development (DED) in Dubai. The whole process has been made hassle-free as an initiative from the government. In fact, applying for a general trade license is easier than setting up a company in free trade zones. The whole process takes around 1 week once you share the necessary documents with the DED, and you are all set to start your business anywhere in UAE.
- Apply for Multiple Visas: After getting a general trading license in Dubai, one can apply for multiple visas for their employees. It depends on the size of the office; the bigger your office, the more visas you can get. Additionally, the businessman can also sponsor visas for dependents, i.e., spouse, child, parents, maid, driver, etc. But one should ensure to get an expert’s advice before commencing since this is an important process.
- Auditing Is Not Mandatory: Unlike other jurisdictions, one doesn’t have to submit auditing reports to government authorities in the UAE if they have a general trading license. Therefore they do not have to go through a yearly auditing process.
Apart from these, there are various banking facilities available for personal and corporate purposes. A company with a general trading license is allowed to have 100% repatriation of capital as well as profits. They do not have to deposit share capital in UAE banks. Due to these and several other facilities made available for the licensee, traders are getting wonderful opportunities to utilize their resources and become successful.
Corporate PRO services in Dubai play an important role when you want passport clearance, immigration, business licenses, trademarks, copyrights and certification. Our PRO services of ensure that clients are given end to end support for their business setup in Dubai. We facilitate quicker document clearances, labor contract creation, license renewal, immigration card for our clients. The product registration means to register a product and its details with the Dubai Municipality. The legislature chamber of the Dubai, UAE is required to manage and operate the import and export of products including manufacturing and supplying of those products. All the products are required to be checked and examined by the authority before dispatching them for the domestic market of Dubai, UAE. The Health supplement registration in Dubai is a necessary process in the UAE so that harmful and bad products are not supplied to the community. It is required to ensure the quality of each product along with the safety of consumers. Forex trading essentially means the buying or selling of currencies simultaneously. The exchange of currencies between different countries is inevitable and the main reason why the forex market is the largest and most liquid financial market in the world. There is no designated centralized marketplace for How to Trade in Financial Markets in Dubai but is rather executed electronically over-the-counter (OTC), which means that all transactions are carried out via computer networks between investors worldwide. Also the forex market remains open 24 hours a day and five days a week with the starting of the Asian session till the closing of the US session. Hence the market remains highly volatile at all times with fluctuations in prices within no time.
Offshore or on-shore company in Dubai
The procedure for opening an offshore company in Dubai differs very much from the one necessary for incorporating an on-shore company. If you're not sure at this stage which one you need, please consider the following: A) An offshore company ( Ajman offshore company formation ) does not have any special requirements or limitations regarding the owners/shareholders of the company while. b) An onshore company does not allow full foreign ownership (the company requires a local "sponsor").
DWC company formation (Dubai World Central), is one of the strategic business hubs developed by the Government of Dubai. Today, the Dubai South Free Zone (prev. Dubai World Central Free Zone) is the largest and leading global trade, business and aviation hub. The Dubai World Central (DWC) was renamed to Dubai South not too long ago and to reflect the strategic location of the free zone. The Dubai World Central (DWC), now Dubai South, is located on 140 square kilometers of multipurpose area right next to the Jebel Ali Sea Port. The Dubai South Free Zone headquarters is closely located to Al Maktoum International Airport, Logistics District, Business Park, Aviation District, Commercial District, Residential District, Golf District, Exhibition District, and Humanitarian District. The Dubai South Free Zone international airport is strategically located to provide convenient logistics and shipment around the GCC, Middle East, and the entire world. A company formation in Dubai is great choice because Dubai is a land of many opportunities. With llc company formation in dubai you can take your business to a new height. Starting a new business in Dubai is now easier than ever especially with the help of a professional business consultant. B2B Document Clearing is a trusted company for llc company formation in Dubai and UAE by many clients. As our mission is to provide efficient, cost effective and personalized service with the highest quality service possible. If you are planning to open a new business, Dubai Limited Liability Company (LLC) is the ideal business set up for new entrepreneurs. A Hamriyah company formation; then a local agent is mandatory. 51 % of the business will be owned by the sponsor, hence choosing the right partner is crucial.