Like in most modern economies, it is mandatory to renew trade licenses annually in Dubai. Failure to renew trade license attract very high fines per day. Renewing a license generally costs between 40% and 50% of its initial cost. For instance, to renew a license that originally cost AED 20,000, one would be required to pay AED 10,000 at a 50% renewal rate.
Dubai Department of Economic Development (DED) is the body mandated with the issuance and renewal of business licenses in Dubai. Dubai business licenses are usually valid for a period of one year and can be renewed three months before expiry or within a month after expiry. Delayed renewals exceeding a month attract penalties.
Here are the documents you will need when renewing a license:
- A filled registration form containing details like company phone number, Address, email and fax.
- A copy of the current license
- Foreign companies conducting business in Dubai need a letter from the Ministry of Economy recommending the renewal.
- A copy of shop, warehouse or office lease contract
- Non- Objection letter from the Ministry of Labor & Social Affairs in case the business or company is situated on a piece of land granted by the government.
- Depending on the type of license being renewed, a company may be required with a letter approving the renewal from other government authorities.
With all the requirements met, you can visit the DED’s main office, its branches or UAE post office to place your application for renewal.