Many businesses change their activities during their operational period. To legally conduct operations for the new activities, the trade license will have to be amended. Rather than applying for a new license, amending the old one makes more sense, especially if the nature of the activity is pretty similar between the old and new ones. In this blog post, Infolinks Business Consultants, which is one of the top business setup consultants in Dubai, will take you through seven steps that are required to amend or change your trade license in Dubai. So read this blog till the end and do share it with your friends and family who are looking forward to setting up their businesses in Dubai.
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Step 1: Understand the Current License Structure
Before you begin your business setup in Dubai and hire a consultant for it, most professionals would suggest that you understand the current license structure. You may browse online, ask your friend, or if either of these is not possible, simply get a consultation with trusted companies like Infolinks Business Consultants. Our team will keenly explain to you everything about trade licenses in Dubai. As far as trade licenses are concerned, the Department of Economic Development (DED) oversees business licensing in the Emirate, categorizing licenses into various types, including commercial, industrial, and professional licenses. Each license type permits specific activities within designated zones. Once you get a basic idea, you may get a clear picture of how to proceed ahead.
Step 2: Identify the Changes Required
This step may require you to hire one of the top business setup consultants in Dubai, like Infolinks Business Consultants. Because only a professional team can guide you in the right direction and help you understand what changes will be required in your trade license. Some of the general changes required are modifying business activities, adding new partners or shareholders, changing the trade name, or upgrading to a higher license category to accommodate expanded operations. Once you determine the changes required, it becomes easier to proceed ahead in the trade license amendment journey.
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Step 3: Prepare Required Documentation
Any type of amendment to the trade license requires submitting relevant and required documents before the concerned authorities. Hiring business setup consultants in Dubai helps you easily gather all the required documents in no time. A professional team like Infolinks can visit government organizations on your behalf and collect the documents that are necessary for the amendment of your trade license. Furthermore, you can even submit them before the license-issuing authority. By hiring professionals, you not only save your time but also all the effort of driving here and there before multiple offices.
Step 4: Submit Application Online or In-Person
Once all the documents are gathered, business setup consultants in Dubai hired by you will proceed ahead and submit your license amendment application. However, whether to apply online or offline is not a matter of discretion given to you, and it depends upon the nature of the changes that are to be made. The business consultant you hire will know exactly what to do in your case, whether to go to the office or online. If you make a DIY trade license amendment application and don’t know where to go, there are high rejection chances.
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Step 5: Pay Required Fees
Fee structures vary as per the trade license type and the amendments required. The fees that you have to pay when acquiring a trade license for your business setup in Dubai vary from the amendment fees. Hiring a consultant will ensure that you pay the right amount of fees and receive your trade license amendments on time. Ensure timely payment to avoid delays in the processing of your application.
Step 6: Await Approval and Issuance of New License
Once the Department of Economic Development (DED) receives your application and verifies the submitted documents, they will process the amendments accordingly. When you hire business setup companies in Dubai, your chances of getting the trade license on your first attempt increase. This typically involves reviewing the proposed changes, conducting any necessary inspections, and ensuring compliance with regulatory requirements. Upon approval, you will receive the amended or elevated trade license reflecting the updated details.
Step 7: Comply with Post-Amendment Obligations
Receiving an amendment does not mean you are free to do whatever you want. Following the issuance of the amended license, you have to comply with the rules and instructions, if any, enforced by the Department of Economic Development (DED). By ensuring compliance with any post-amendment obligations stipulated by the DED, you improve your chances of a good reputation in government books. This may include updating your business information in relevant government databases, renewing permits or approvals, and adhering to any additional regulatory requirements associated with the amended license. Your hired business consultants will help you with all the aforementioned compliances.
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Concluding Lines
Amending or elevating your trade license in Dubai is a wonderful step that will take your business towards growth and opportunities. By staying updated with evolving market dynamics and patterns, you ensure the growth of your business. By following these seven steps described by Infolinks Business Consultants above religiously, you can navigate the process smoothly and position your business for continued success in the dynamic business landscape of Dubai. Remember, staying abreast of regulatory changes and seeking professional guidance when needed can further streamline the process and ensure compliance with legal requirements.
