If you are cancelling your trade license visa in the UAE, there are a few things you need to know. First, you will need to cancel your visa at the Immigration Department. You will need to fill out a cancellation form and provide your passport and trade license. Once your visa is cancelled, you will need to surrender your trade license to the Department of Economic Development. You will also need to notify the Chamber of Commerce and Industry of your cancellation.
If you are cancelling your trade license visa in the UAE, there are a few things you need to know. First, you will need to cancel your trade license with the Department of Economic Development (DED). Once your trade license has been cancelled, you will then need to cancel your visa with the Immigration Department. To do this, you will need to submit a copy of your cancelled trade license, along with your passport and cancellation form. Once your visa has been cancelled, you will need to leave the country within 30 days. We will base our discussion today on – Cancel Trade License Visa In Uae. But, other resources which you can find on our website include some frequently asked questions such as: company can cancel employment visa if they trade license is expired and how to cancel trade license in abu dhabi
Cancel Trade License Visa In Uae
Have you recently decided to cancel your trade license visa in the UAE? If so, you may be wondering what the process entails. Cancelling a trade license visa in the UAE is not as complicated as one might think. In most cases, it can be done online through the Ministry of Economy website. However, there are some important things to keep in mind before cancelling your visa. In this blog post, we will discuss everything you need to know about cancel trade license visa in UAE.
What is a Trade License?
A trade license is a document that authorizes an individual or business to engage in a particular trade or occupation. In the United Arab Emirates, a trade license is required for any commercial activity, whether it is a sole proprietorship, partnership, or limited liability company. The trade license must be obtained from the Department of Economic Development (DED) in the Emirate where the business will be located.
The DED will not issue a trade license without first approving the business name and activity. Once the DED has approved the business name and activity, the applicant can then proceed to apply for a trade license. The application process for a trade license is relatively simple and can be completed online.
Once the application has been submitted, the DED will review it and may request additional documents. If everything is in order, the DED will issue a trade license within three to four weeks. The trade license is valid for one year and must be renewed annually.
If you need to cancel your trade license visa in UAE, you can do so by following these steps:
1) Log into your account on https://uae-startup.com/en/.
2) Click on “Cancel my Visa” under Trade License Services on the left-hand side of the screen.
3) On the next page, select “Cancel my Visa” again and confirm that you want to cancel your visa.
4) You will
The Process of Cancelling a Trade License in the UAE
Cancelling a trade license in the UAE is a process that must be followed in order to ensure that all legalities are adhered to. The first step is to notify the Department of Economic Development (DED) in writing of your intention to cancel your trade license. This can be done either by post or electronically. You will then need to return your trade license to the DED, along with any other supporting documents that may be required.
The DED will then review your application and supporting documents, and if everything is in order, they will cancel your trade license and issue you with a cancellation certificate. This certificate must be kept for your records as it serves as proof that you have legally cancelled your trade license.
Reasons for Cancelling a Trade License
If you are looking to cancel your trade license in the UAE, there are a few things you need to take into account. First and foremost, you need to make sure that all your business obligations have been fulfilled and that you have no outstanding debts or legal obligations. Once you have taken care of these matters, you can begin the process of cancelling your trade license.
The most common reason for cancelling a trade license is simply because the business is no longer operational. If this is the case, then you will need to provide supporting documentation to the authorities in order to cancel your trade license. This could include evidence that all your employees have been terminated, your premises have been vacated, and any other relevant documentation.
Another common reason for wanting to cancel a trade license is if you are changing the nature of your business. For example, if you are moving from trading in one commodity to another, or from providing services to manufacturing products, then you will again need to provide supporting documentation to cancel your current trade license.
Once you have gathered all the required documentation, you can then submit an online application to cancel your trade license. The whole process should take around 2-3 weeks, after which point your trade license will be officially cancelled and no longer valid.
The Consequences of Cancelling a Trade License
If you cancel your trade license in the UAE, you will no longer be able to operate your business in the country. This could have serious implications for your company, including:
-Loss of revenue
-Disruption to your supply chain
-Unable to meet customer demand
-Reputational damage
Furthermore, cancelling your trade license will mean that you have to leave the UAE and are unable to return for at least 6 months. This could cause significant disruption to your life and business.
How to Avoid Cancelling a Trade License
In the UAE, a trade license is required for certain types of businesses. If you cancel your trade license, you will need to apply for a new one. Here are some tips on how to avoid cancelling your trade license:
1. Keep up with your business registration renewals.
If you don’t renew your business registration, your trade license will be automatically cancelled. Make sure to keep up with your renewal dates so you don’t have to go through the process of reapplying for a new license.
2. Meet all the requirements for your trade license.
If you fail to meet any of the requirements for your trade license, your application may be rejected or your license may be cancelled. Make sure you are familiar with the requirements and that you can meet them before applying for a trade license.
3. Don’t violate any UAE laws.
If you violate any UAE laws, your trade license may be revoked. Be familiar with the laws of the UAE and make sure you comply with them at all times to avoid losing your trade license
To cancel your trade license in the UAE, you will need to submit a written request to the Department of Economic Development (DED). In your request, you will need to provide your trade license number, company name, and contact information. Once your request has been processed, you will receive a letter confirming the cancellation of your trade license.
Cancel Trade License Visa In Uae
Things you need to know: If the company has a trade license issued under the ULC, scrapping it will be a complicated process. Under Section 28 of the ULC, only courts can dissolve a company and this usually takes weeks or even months; This is because you will have to submit an affidavit to police stating reasons for quitting your job. Police will then forward your application to Dubai Courts; If your visa is not expiring and your employer has no objection, you can get new visa stamp with permission letter from your former sponsor.
Conditions for Trade License Cancellation in Dubai
It is very important to get clearance from the government authorities. This may avoid incurring any fines or penalties on your license when it is not renewed upon its expiry.
It is important for relevant government entities to know that you are no longer in the business, so you will avoid any accumulated fines and penalties incurred upon your license when it is not renewed upon the expiry date.
If you are in a shareholding company, it is important to discharge your liabilities towards creditors and partners and protect your interests and shares.
It is also wise to put your goodwill and business reputation in perspective if you decide to open a business again.
The Initial Stage of Canceling Trade License
Canceling the license depends on the form of your company. For establishments and a sole proprietorship, the process is simple because all you need to do is to apply for cancellation through DED and acquire all relevant clearances from:
The company has to get clearance from relevant government authorities such as
- Approval from ministry authorized to undertake cancellation of trade license
- Closing of bank account
- Approval from the immigration department
- Approval from any water and electricity authority
you need to appoint a liquidator if the legal form of your company is one of these:
- General Partnership
- Limited Liability Company
- Simple Limited Partnership
- Public Joint Stock Company
- Private Joint Stock Company
How to cancel trade license in Dubai
- Stage 1 – Drafting of resolution: Prepare the board of resolutions to appoint the liquidator for the license cancellation, also prepare the cancellation contract in the notary public
- Stage 2 – Application for cancellation of trade license: as the first stage, the required person has to draft an application for cancellation of trade license.
- Stage 3 – Cancellation: Cancellation of all the employment visas under the trade license and get the necessary approvals.
- Stage 4 – Publication: liquidation advertisement is to be published in two local newspapers. Confirmation of the Liquidator and Partners that there is no objection from the third party during the publication period.
- Stage 5 – Clearance: The visa and company-established card will be canceled, and the owner will receive clearance from relevant authorities.
Freeze trade license
Dubai has launched a facility that may allow freezing the license with a limited time period (can be from one year to three years). During this time period, companies’ trade licenses can be frozen (stopped all company activities). This is possible only when there are no more employees in the company and no legal action against the company at the present. But Creditors still can claim against the frozen company.
Closing a Business in the Free zones of Dubai
There are three types of closures for Free zones companies
- Summary Winding up- when a company has no liabilities or is able to settle the liabilities within 6 months and commence with a statement of solvency
- Creditor winding up- Company passes a resolution for winding up and is followed by a meeting with the company’s creditors
- Bankruptcy- Done by the Court under the UAE Commercial Transaction Law No.18 of 1993.
The process of cancellation or deactivation of trade licenses in Dubai is different for different types of companies. License deactivation for a civil company or sole establishment is relatively easier than compared to the license of LLC (limited liability company). It is important to note that it takes around 40 to 60 days to cancel a trade license in the DED (Dubai Economic Department). It is better to hire a specialized agency that would do the process for you and save you the hassle. Experts can provide easy cancellation services to all types of documents whether it’s trade licenses or visas, for more information contact our experts.
The whole process for trade license cancellation in Dubai can be simple if you seek the help of a liquidation expert in the UAE. FAR Consulting Middle East and company are specialized in dealing with different liquidation processes including cancellation of trade license in Dubai. For quality, consultation, contact us now.CategoriesBusiness SetupTagstrade license cancellation in dubai, trademark