What is trade license and how it obtained
Abu Dhabi invites a significant number of foreign investments with a specific goal to begin business here, pertaining to which you would require trade License which is one of the most essential documents. Abu Dhabi offers distinctive business plans to choose from various financial investor specialists. Department of Economic Development is the expert in charge of controlling the economic activities for all organizations outside the free zones. Department of Economic Development duties incorporate permitting, any type of financial or economical activity, and issuance of trade permits for promoting and marketing exercises. Division of Economic Development is likewise also in charge of issuing licenses for businesses dealing with local and foreign investors. Their service incorporates checking the status of business exchanges, cost estimates for trade licenses, and general enquiries. The Department of Economic Development is service organization which is in charge of issuing the licenses. This department works from various regions to provide the licensing services.
Step for obtaining trade license in Abu Dhabi includes:
- Reserve organization name and enrol for registration
To enlist a company and enrol a registration application, the investor must first get initial approvals from the Licensing segment of the Department of Economic Development on the activities of business, name of trade, and identity of partners to be associated in business.
- Notarize the organizations Memorandum of Association
The candidate must notarize the standard Memorandum of Association at Department of Economic Development. This process of notarization of company takes close to one day.
- File company documents
Investors need to file the company’s documents and reports with the Department for Economic Development and need to acquire trade license. To acquire Trade License and Commercial Registration Certificate investors must submit original documents to the Commercial Registry at the Department for Economic Development.
- Apply for the establishment card at the Ministry of Labor
The proprietor of the company or the official representative of the company should apply for the Establishment Card at the Ministry of Labor. Establishment Card gets issued on the same day if the trade license is obtained and the fees are paid.
- Register native workers with the Ministry of Labor
All the native workers must be registered with the Ministry of Labor. The records required for accommodation amid the enrolment procedure are duplicates of the business contract, Passport duplicate of the employer’s, exchanging permit duplicate, Proof that the worker is a UAE national.
- Registration of local workers with the General Authority for Pension and Social Security
Procedure of registration additionally needs organizations to enrol the local workers with General Authority for Pension and Social Security. Enrolment requires submission of the local workers pay certificate or contract of labor.
Types of Trade License
Trade licenses have been classified in four types which are to be issued in Abu Dhabi, UAE. Depending upon the nature of the business activity an entity plans to start, license in one of these categories will be issued by Department of Economic Development:
- Commercial License
- Industrial License
- Professional License
One should likewise focus if some other special licenses in-case required.
For assistance with the organization registration and trade license in Abu Dhabi, please contact lamasat operators.