Dubai has always been at the fore of formulating new investor-friendly policies. An instant business license dubai is one such initiative of visionary leadership in Dubai, which helps business people to get a license within minutes. Thus, eliminating the complex, customary, professional installation procedure that can take several days. A qualified person can make an application for such a license, obtain it and begin the activities of business without any delay or waiting. Let us have a quick look at what an instant license ad what are a few major advantages of obtaining it.
One of the very crucial phases is to obtain a business license once the business nature and activity are determined. Since there are many licenses for different kinds of business in Dubai, the Dubai Economic Department began the procedure of granting an instant license in 2018 to promote the market in the UAE. The major idea behind this phase was to allure new business people and make the procedure of business setup in Dubai and the UAE seamless and easy for the business people. Dubai instant license can be processed through a digital portal that is formed by the government and such license can be granted under five to ten minutes.
Steps for Getting the Instant Business License in Dubai
- The first phase in the procedure of getting an instant trade license Dubai is to select the legal unit, whether it is a limited liability company, sole proprietorship, or civil company.
- After the selection of a legal unit, this is time to select the legal business activity for which an instant trade license can get acquired.
- After you have decided on the business activity, the business person should determine the company’s shareholding.
- A businessman has to select at least 3 names while making an application for such a business license in this emirate.
- Next, the share capital would be determined.
- Complete all kinds of essential information on the form.
- Then present all the essential documents to the respective department.
- After the submission of documents, a payment voucher would be produced.
- After the voucher is generated in a successful manner, make the necessary payment.
- Once you have made the payment, the instant business license would be issued to the business people.
Benefits of Getting the Instant Business License in Dubai
Making an application for a business license while intending to business setup in Dubai mainland is a lengthy procedure and the entire procedure may take some months to complete in every sense. The duration to get a trade license can differ according to the various procedures such as company activities, paperwork, and other business requirements. A general business license also needs tenancy agreements which is not the case with an instant business license because it is removed from the 12-month tenancy agreement requirement. In this manner, the business person ensures that the market entry is possible in a short span of time and also at very low costs. Also, with the benefit of making an investor capable to review the market prior to making plans and schemes for a major expansion, when it comes to an instant business license.
Initially, when making an application for an instant business license in Dubai, this would have the Dubai Municipality name as the office address and when reviewed after twelve months a business contract should be provided to register the business name. The instant license also comes with a benefit to the business person as nomenclature and approvals aren’t essential to start a few initial activities of a business. Although, while making an application for such a license a business person should ensure that the commercial space is provided and a notarized MOA is acquired which ultimately empowers the managers to open a bank account and get other documents from the Ministry of Labor and other departments as may be required.
What is the Cost of Instant Business License in Dubai
The cost of an instant business license is about AED 5000 which would comprise many other charges like an application cost, fees of trade name registration, approval fee, and the cost of issuing the license also. The reliable and experienced business setup consultants in Dubai are able to provide a complete guide on the cost of getting an instant business license in this emirate.
Making an application for an instant general license would incur an additional charge of about AED 2000. Also, the business person should note that the instant business license can be just granted to individual stakeholders whereas companies that have corporate stakeholders can’t get an instant license in Dubai
In terms of limited liability company, a local partner is essential but an instant business license can be applied for if the limited liability company is created utilizing persons, while the latter can be transferred to the corporate stakeholders because of the essential term of having a local partner. In addition, Dubai instant business license can be acquired for activities that do not need any type of outside approvals.