Want to Start an Import/Export Business in the UAE?
Ultimate Guide to Setup your Import/Export Business
Dubai is one of the prominent global leaders in import and export businesses. Being strategically located at the crossroads of the East and the West, Dubai acts as the perfect link between Europe, Africa, and Asia for global trading and international business connections.
Why Choose Dubai for Import/Export Business?
As a nation that was initially into oil and natural gas trading, this Emirate has seen remarkable growth in the development of many other commercial and professional sectors. Hence, they have increased the rate of imports and exports in the UAE. Over the years, eventually, Dubai became an expat-friendly nation due to easy visa policies, tax-free regimes, stunning infrastructure, and a safe living environment.
The UAE is ranked as the world’s 25th largest exporter of commodities such as crude oil, natural gas, refined petroleum, cosmetics, wood products, plastic and rubber products, gravel and crushed stones, and sulfur. They also export vast amounts of value-added goods like gold, diamonds, aluminum, and copper. Meanwhile, in terms of imports, the UAE is a major buyer of precious stones, metals, cars, media equipment, iron and steel, electrical machinery, cotton and fabrics, leather, food and agricultural products, textiles, plastic products, and organic chemicals.
How to Register an Import/Export Business in the UAE?
Apply for a license:
The first step is to get a DED-approved license for your import-export business in the UAE. The following steps are required to apply for a permit –
– Submit the registration application to the Department of Economic Development (DED)
– Notarize the Memorandum of Association (MOA)
– Submit all required documents for approval from other Authorities
– Pay the required fee and obtain the trade license
Rent a warehouse/office space:
It is necessary to get a warehouse or office space to be physically present in the UAE.
Register via Dubai Customs:
Most recently, the UAE government launched eServices to expedite the processes of the import/export companies in Dubai. By collaborating with DP World and the Jebel Ali Freezone Authority (JAFZA), Dubai Customs launched an online portal to provide and support legitimate trade, resulting in curbing excise charges imposed on imported and exported goods.
Import/Export License in the UAE
Those who want to start an import-export company in the UAE must obtain a trade license from Dubai’s Department of Economic Development (DED). A new trading company is only allowed to perform import-export activities after receiving the import-export code. It is also very important to be aware of Dubai Customs requirements of the UAE and the country of import.
The cost of the import-export license depends on the type of your business activity.
Why is an Import Code Essential?
Dubai Customs approves an Import Code required for businesses to import goods into Dubai. This import code acts like an import license specific to your business activities. The authorities use this import code to track your business’s imports, efficient customs clearance, pay the right import duty fees, reduce the risks of customs penalties, and have easy access to Dubai’s Freezones.
To apply for an import code, you will need to submit the following documents:
– Valid copy of your trade license, obtained from the DED
– Valid copy of your passport
– Emirates Post License
– An Undertaking Letter
Once you have received your import code for your business, it remains valid for 12 months. The renewal is required within the validity period to keep it operational. Your import code renewal will only commence once your contact details are authenticated and updated in the Dubai Customs portal.
How can INCORP help you?
We know that an import-export business in the UAE may sound daunting, but it is quite a hassle-free process. We, at INCORP, aim to provide you with detailed and tailored guidance on all the appropriate and recommended procedures on how to start your import-export business and associated services.
TAGS: Start a Business Company Formation License in the UAE