Here’s How to Obtain a Business License in Dubai

Entrepreneurs who want to expand their business to have a global foothold prefer Dubai. In fact, Dubai tops the list as the most preferred destinations for setting up business because of the several benefits offered by Dubai Government. Despite having industry friendly policies for foreign investors and businessmen, just like any other country in the world, Dubai also has certain rules, regulations, laws, and criteria that need to be fulfilled when it comes to setting up a business here.

As a businessman, if you want to start doing your business in Dubai, you will first need to get a business license to register your company.

Obtaining a license in Dubai involves some basic steps that a businessman must follow. Let’s take a glance at them, one by one:

Any type of business in Dubai needs to obtain a trade license, and the requirements for the same differ depending on the business type. Trade licenses in Dubai are basically of 3 types, namely:

• Industrial License: This type of license is provided to those who are interested in manufacturing or any industrial activity.

• Commercial License: This is issued to all those companies who will engage in any type of trading activity.

• Professional License: This is provided to professionals, service providers, craftsmen, and artisans.

In Dubai, The Department of Economic Development has the authority to issue these licenses to the companies.

Approvals that are required for obtaining business license in Dubai are as follows:

• Approval of the UAE Central Bank is required for the issuance of licenses for banks and financial institutions.

• Approval of the Finance and Industry Ministry is required to issue licenses to manufacturing companies.

• Approval of the Economy and Commerce Ministry is required to issue licenses to insurance companies.

• Approval of the Health Ministry is required to issue licenses to companies dealing with medical and pharmaceutical products.
  
• Approvals from other government agencies are required for gas or oil production companies.

• In addition to it, the Dubai Chamber of Commerce and Industry also has an intervention in business registration.

Procedure for company registration in Dubai

• Find a sponsor or local partner.

• Get approval for the company name and activity from Department of Economic Development.

• Search for business premises and make a tenancy agreement.

• With a local partner, make a Memorandum of Association (MOA), and submit the same to Department of Economic Development (DED).

• Submit the MOA and the License application at Department of Economic Development along with the required legal documents and the tenancy agreement.

Pay for all the charges and fees, and after that, you will have to wait for a week or so to get the license.