Trading in Dubai
Trading in DubaiUpdated on Tuesday 19th April 2016
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Trading activities in Dubai are among the most popular types of commercial activities in which foreign investors engage. The United Arab Emirate’s rules for import and export activities favor such business ventures and a trade license in Dubai will give its user the freedom to trade in a number of commodities, as regulated by law.
The free trade zones in Dubai are another popular business option for foreign investors who want to benefit from full company ownership in the UAE. Trading and import and export activities are regulated by a set of laws and our Dubai lawyers can help you comply with the requirements for engaging in such business activities.
Laws regulating trading in Dubai
The UAE Ministry of Economy controls trading activities in the UAE. The ministry issues laws and enacts them. The most important legislative documents that influence and control the manner in which companies can perform trading activities in Dubai are:
- the Companies Law;
- the Commercial Agency Law;
- the Control Law;
- the Electronic Transactions Law.
Certain items are not allowed to be imported into or exported out of the UAE. The list includes:
- all types of narcotics,
- electronic cigarettes,
- new or used tires,
- dangerous waste,
- counterfeit or fake currencies,
- crude ivory,
- live animals and birds,
- live fish,
- alcoholic drinks,
- all kinds of ammunition and weapons,
- chemicals and radioactive substances,
- veterinary vaccines and serums, medicines and medical equipment,
- seeds, fungicides, organic and chemical fertilizers, animal products or all kinds.
Our Dubai lawyers can give you additional information about the customs laws applicable in the countries that are part of the Gulf Cooperation Council (GCC), including the United Arab Emirates.
Trading licenses and businesses in Dubai
Foreign investors who want to have full company ownership needs to base their trading business in one of the free zones. Businesses in Dubai will also need to obtain a trading license suitable for the type of service they wish to provide. The available types of licenses are: commercial, industrial or professional.
The lawyers from our Dubai law firm can give you detailed information about the application process and other requirements for obtaining the trading license.
If you would like to know more about doing business in Dubai and the laws for foreign investments, please contact our Dubai attorneys.