How To Get A General Trading License: 6 Useful Tips

How To Get A General Trading License: 6 Useful Tips

Trading industries have different types, having multiple businesses in the field of trading products and goods.

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There are several steps that need to be followed when starting a business depending on the type of your business and the market environment and location. One of the fundamental elements in starting a business is obtaining a general trading license.

To avoid any obstacles, it’s better to seek the right information and requirements for the whole process. Trade laws and legislations vary from one country to another, and business licenses also come in different types.

Here are 6 useful tips to know how to get a general trading license.

1. When to Get a General Trading License?

Trading industries have different types, having multiple businesses in the field of trading products and goods, including import and export business requires issuing a general trading license. Due to the tremendous opportunities for trading in several related and non-related goods, it’s essential and beneficial to keep all your trading business under one umbrella and that would be a general license to facilitate all your procedures and business transactions.

2. Company Structure and Corporate Entity

In order to file for a general trading license, you must first identify the legal structure of your company. Starting from the name of your company, which has to follow the regulations and conditions of a corporate entity down to the rest of the required procedures.

3. Economic Authorities

In a number of countries, the trading business falls under certain economic jurisdiction, for instance in the UAE, you have to clarify whether your company is trading Offshore, Freezone, or Mainland. You cannot proceed with your license procedures without initiating this decision.

4. Business Ventures

The type of license you need to issue depends on claiming the type of business venture you’re performing. If you’re claiming a number of different trading activities, selling and buying goods then the cheapest general trading license in UAE is one of your best options. All you have to do is select all your trading ventures in order to proceed, almost everything is included in a general trading license, except for the products that require the approval of authorities, like pharmaceutical and alcohol products.

5. Initial Approvals

In order to obtain the initial approvals from any authorization body, you must first fill out an application and prepare all the documentation required. This step usually requires the help of legal experts. In a state like Dubai, the Department of Economic Development provides the forms and will also direct you to a number of external approvals that you have to complete.

6. Documents Submission

Mandatory documents, like initial approval letters, copies from the shareholders’ passports, memorandum of association, and the DED application form are the documents that mostly need to be submitted. Other documents might be required depending on which ventures you choose for your trading business.

Business trading opportunities have limits, and the market has plenty to offer. In a rising business market like Dubai and the UAE, the benefits offered facilitates business trading for entrepreneurs and start-ups with no obstacles.

If you’re starting a trading business that performs multiple activities, one of your best solutions is to issue a general trading license, which covers all grounds.

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