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The process of applying for a trade licence is often long-winded, and requires a lot of paperwork and patience, but when it comes to renewing it, the process is a little bit more straightforward. However, there are a few things you will need to take note in getting license renewals.
It is illegal to conduct business within the UAE without renewing your trade licence, and companies often opt to use an agency to initially apply and then renew their trade licences. Many companies offer services to renew licences, and even send timely reminders so that you do not forget and accrue any late fees as well as leave you free to focus on your business.
A trade licence needs to be renewed annually and tends to cost around 40% to 50% of its original cost. For instance, a trade licence that originally costs Dh20,000 will probably cost Dh10,000 to renew for another year. Additional costs that need to be considered are: Dh500 standard renewal fee, Dh200 registration of late renewal fines, and Dh3,000 renewal of building contract and general trading licences depending on the industry.
However, renewing a trade licence is usually quite simple if you are not making any changes or additions to the current one. In this case, trade licences can now be renewed with just a few clicks. The Department of Economic Development (DED) no longer processes renewals manually as everything can be done either through their website or through smartphone applications.
• Many companies offer services to renew licences
• Licence renewals cost around 40-50% of the original cost
• It can be done online or through a smartphone app
Source: Nicholas Baker, Special to Classifieds
The writer is a freelancer