As per the UAE Central Bank regulation, Banks are required to retain a copy of the Valid Trade License of all the Companies maintaining Accounts with them.
In case valid Trade License is not submitted for more than 60 days after expiry, charges will be recovered from the Business account each month until a valid Trade License has been submitted to the Bank.
Please note the following restrictions will be applied to the business current account if the renewed copy is not provided:
|Details of the Actions||Days after expiry|
|Cheque Book facility revoked||90 Days|
|Debit Freeze on all accounts||180 Days|
If the Trade License has not been updated even after 180 days of expiry, the bank may take a decision to close the account.
Updating a valid Business Trade License can be done using any of the following channels:
(*) Note: Updating a Business Trade license Online or via Mashreq Business Online/SnappBiz or E-mail can be done only if the Trade License is issued by any of the below listed License issuing Authorities. In case of any change in Ownership/other changes in the Trade License, please update your KYC. To know more Click Here.