Wings9 Management Consultancies
About License
As a business owner or employee in the UAE, you can now sponsor your dependents, irrespective of your profession, provided you meet the minimum salary requirement, offer proof of relationship and dependency, and demonstrate the ability to accommodate and financially support your dependents while living in the UAE. Documents proving relationship and dependency that originate outside the UAE must be legalized and attested by the UAE Consulate in your home country and then by the Ministry of Foreign Affairs in the UAE.
About License Renewal
Both mainland and free zone companies must renew their licenses annually. Although the process might seem straightforward, delays can be expensive and affect your company's operations, visas, and banking. Furthermore, any changes to the license, such as altering local sponsors, can complicate the renewal, potentially leading to missed deadlines and significant fines.
At Wings9, we are here to manage your business license renewal process, ensuring everything is handled smoothly and on time.
About License Modification
As your business grows, you may need to amend your license to add or remove activities, change your sponsor or company name, or update your address. Handling these changes involves submitting applications and supporting documents, as well as interfacing with government entities and online portals. This process can be time-consuming, but we are here to manage it for you.
Applicable amendments:
- Change of trade name
- Addition, modification, or removal of business activities
- Change of business location
- Change of local sponsor
- Update or addition of management details
- Addition or removal of partners
- Amendment of authorized capital
About License Freezing
If your business needs to temporarily halt operations, you can freeze your UAE mainland trade license for up to three years. Discover how to freeze your license and navigate the process smoothly.
When planning to pause your business in the UAE, freezing your business license is the ideal solution. Licenses can be frozen for up to three years with the payment of a freezing fee, while sole establishments registered with the DED can freeze their licenses for up to one year.
Once a license is frozen, the company must cease all operations, as continuing to operate would be illegal. However, the owner of a frozen license or a shareholder may start a new business by applying for a new license in their name.
About License Cancellation
Canceling your trade license or liquidating your company is a major decision that requires expert guidance. The process involves several steps, some simple and others more complicated, such as securing NOCs from various government entities. Mistakes or omissions can result in substantial fines, making it crucial to handle the closure carefully.
Requirements:
- Obtain clearance from government authorities to avoid fines or penalties for your license if it is not renewed upon its expiry.
- Notify relevant authorities that you are no longer in business to prevent fines or penalties for your license if it is not renewed upon its expiry.
- Settle any liabilities with creditors and partners if you are part of a shareholding company to protect your interests and shares.
- Consider your goodwill and business reputation if you decide to start a new business venture.