Cancel Trade License Visa In UAE

UAE Trade License Cancellation for visa cancellation has many processes. The process of cancellation is not a simple task. It needs more care and guidance to handle the cancellation of trade license.

There are several reasons why someone might be looking for how to cancel trade license in UAE. Let me first explain what a trade license is. A trade license is required by the Ministry of Economy under which a company is authorized to conduct business within the UAE.

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Trade License Cancellation Procedure

Trade license is required for those who are into trade and business. These entities are usually required to register their name with trade license in UAE. The government of UAE has made it necessary for them to have trade license and identity card with full name and date of birth.

Countries require trade licenses for companies that sell goods and services. These trade licenses ensure that businesses are legally permitted to operate certain types of business for a certain period of time. Trade licenses typically have an expiration term defined in the license. When a trade license expires, you have the option to renew it if the country offers the opportunity to do so.

When the UAE Government introduced new visa directives, it became mandatory for all expatriate employees to obtain a Trade License in order to be eligible for a No Objection Certificate from the Ministry of Labour and Social Affairs. This led many companies to begin phasing out their Foreign Work Permit procedures, but for some companies this was not feasible.

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

Many people find themselves in need of a trade license renewal visa to remain in the UAE, or are facing difficulty renewing their visa at their local immigration office. Often, you are told by your employer to leave the country and have your visa renewed at the nearest embassy. However, this is not necessary if your work permit is still valid. Instead of wasting time waiting around for your employer to resolve the problem and leaving thousands of dirhams on air tickets, you can apply for an e-visa instead.

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

Trade License is a requirement with various departments of the government in Dubai and UAE. This includes Dubai Municipality, Department of Economic Development, Dubai Chamber of Commerce and Industry, Director General of Customs, Federal Tax Authority (FTA) and even for companies that want to do business at airports such as Dubai World Central (DWC).

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

Are you looking to cancel trade license visa in Dubai? If so, you’re in the right place. We have partnered with a company who specializes in cancellation and assistance procedures of trading license visas. They are a successful and certified agency with unlimited access to the immigration department database, which ensures the absolute confidentiality of your personal data, unlike law firms and visa agencies who request you to provide your personal information for them to complete the application process. Being a licensed partner allows us to directly assist people with their visa renewal or cancellation by offering our signature package as well as providing other services such as corporate setup and annual compliance like payroll tax and bank account opening.

When you are in a foreign country, there are different laws and regulations available which you have to follow. You cannot just ignore those certificates, because if you do; the higher authorities can easily ban you from entering the country or they can deport you back to your homeland. Similarly, there is another visa that is popular and is issued to people who wish to invest in different countries of the world called “Investor visa”. This particular visa allows investors and traders to reside in different countries.

• 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.

Cancellation Of License

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.