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UAE Economic Department is the liaising authority to issue trade licenses. In some categories of business, it requires approval from concerned ministries and relevant authorities: for example, banks and financial institutions should have permission from the UAE central bank; insurance companies and related agencies from the Ministry of Economy and Commerce; manufacturing Entities from the Ministry of Finance and Industry and pharmaceutical and medical products from the Ministry of Health. More detailed procedures apply to businesses engaged in oil or gas production and related industries.
To carry on some trade activities (e.g. jewellery and insurance) requires the submission of financial guarantee issued by a bank operating in UAE.
In general, all commercial and industrial businesses in UAE should be registered with the Chamber of Commerce and Industry in the respective Emirate.
All business activities in UAE can be categorized into is one of the following types of licences.
The Authorities also issue some special licenses such as Business Operation Permit, Entrepreneurial Business License etc. Subject to certain criteria.
In general, there are no income taxes and if you are planning to start professional practice, you can own the company 100%.
While planning your business in UAE, it is worth to pursue the following legal requirements applicable to all concerned government authorities in order to guarantee maximum commercial benefit for the business owner.
One can conduct business in UAE with a valid trade licence. HLB Hamt offers complete assistance in renewing the trade licence. We will promptly remind when the license is due for renewal.
With HLB Hamt, you get the combination of our deep in-depth local knowledge and extensive experience, which gives us the ability to precisely understand the unique needs of your business. We are thus able to recommend the best possible options and ensure that your business is set up with minimal hassles and effort.
We handle the details for you, so you’re free to concentrate on the bigger picture – your business