In almost every nation around the planet, government agencies require a business to have a license to engage in trade. There are several reasons for the national, state, regional, or local office to maintain this process. One has to do with keeping track of tax obligations. Another involves making sure that the product or service offered is not illegal or harmful to potential buyers.
But there are specific benefits for the license holder as well, the first of which is often referred to as tax rights. When you operate as a licensed business, you generally have a discrete entity filing tax information that is separate from personal tax obligations. This usually requires the business owner or owners to file a tax report or return separately from the personal return. You benefit from being able to claim expenses unique to the business that might not be used on your personal report.
New to License Process?
If you haven’t been in business in Dubai until recently and you need assistance with getting your license or with trade license renewal in Dubai, you’d be wise to work with a company providing this specific service and other essential business services. All companies established in Dubai must renew the trade license each year. This not only allows the business to engage in the activities as outlined in company documents but it also helps to ensure that the operation stays within regulatory guidelines.
Thanks to Internet technology, business owners and managers can handle this renewal in a relatively short period of time. Choose the right experienced professionals and you will have assistance from start to finish. When the license is issued, you’ll know that the procedure was completed correctly. You’ll need a few specific documents to move the process forward including passport copies for all partners, a tenancy contract, and the DED renewal form.
Steps 1, 2, 3
The first step involves making sure that tenancy contracts are valid and in force (not less than a month from the application date). Step two involves the actual submission of the application with the required documents. The company you choose to assist in the renewal process will take care of all document submission for you. This not only ensures that the documentation and application are correct but also saves you and your employees a lot of time.
At this point, it’s time to make the fee payments. Your renewal agent can facilitate this on your behalf as well. Generally, you’ll receive your payment voucher within a few days. Having a valid license also delivers such benefits as allowing you to participate in business-related groups and organisations as an equal member. The information that you have access to in these groups can be extremely valuable as your company grows. Of course, establishing a licensed business also ensures personal privacy for you and other owners or partners while protecting you from certain liabilities.