Have a running business in Dubai and you want to close it. Then you will need to cancel its trade license or de register your company. For this you have to submit some necessary documents to the concerned authority of Dubai that works in business.
If you are not renewing your trade license then the concerned authority will help you in the cancellation of trade license. For this purpose of cancellation of trade license you have to follow some necessary steps and regulations after that the concerned authorities will take steps in cancellation of your trade license according to the regulations of your license.
How to cancel trade License in Dubai
So in order to follow the steps for the cancellation of trade license in Dubai first of all you have to get aware that Dubai trade license cancellation procedure depends upon the business type. In this article I will cover the whole procedure for cancellation of trade license in Dubai. But first of all there are some conditions on which you can cancel your trade license in Dubai and these conditions are explained below.
Conditions for the cancellation of trade license
There are four major conditions by which you can cancel trade license in Dubai.
In order to proceed with trade license cancellation and Dubai first of all you have to get clearance from the government authorities. If there is any fine or penalties on your trade license you will not be able to cancel your trade license.
You should inform any of the Government authorities that you are trade license is being cancelled that no more fine and penalties are added to your trade license upon the renewal.
If you have business on partnership and the by then you are responsible to protect your shares and interest from the partners before the cancellation of trade license.
And The Fourth condition that is important that you should keep your business reputation very positive for the future business in Dubai.
Process for trade license cancellation in Dubai
For proprietorship and establishment business, the procedure for the cancellation of trade license is very simple because you have to only apply for the cancellation of trade license through DED will need a cancellation form.
Your company has to get trade license clearance from any government authority like,t
1. Closing bank account
2. Getting approval from the ministry that is related to the trade cancellation department
3. Approval for the cancellation of trade licence from any water or electricity authority
4. Approval from the immigration department.
Procedure
The procedure for the cancellation of trade license in Dubai consist of five major stages that are given below.
1. Stage 1 – drafting a resolution
In the first eight you have to draft a resolution in which you have to prepare the cancellation contract from the notary public, and also you have to prepare Board of resolution for appointing liquidator.
2. Stage 2 – application for the cancellation of trade license
In the second stage you have to prepare the application for the cancellation of your trade license in Dubai.
3. Stage 3 – cancellation
After drafting cancellation application for trade license you have to cancel all the employment visa that are under specific trade license and should get all the necessary approvals.
4. Stage 4 – Publication
In the four step you have to publish the advertisement of business cancellation in the two local newspapers of Dubai. Keep in mind that the publication will be done by informing the partners of your business that there should no any objection from the third party during Publication.
5. Stage 5 – clearance
After the 4th Stage, this is the last step where all the company cards and employment visa us on the trade license will be cancelled and you will receive the Clarence and cancellation of your trade license from the authority.
Above all the all easy and simple procedure by which any Businessman and Dubai can cancel their trade license at any time. But keeping in mind the rules and regulations as well as conditions what the cancellation of trade license in Dubai.
