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Trade License Renewal/Change
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 individual 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:
- Upload the valid Trade License document on the Mashreq Business Online/SnappBiz (*)
- Send a copy of valid Trade License through e-mail at: SMECS@mashreq.com (*)
- Visit any Mashreq Branch with original Trade License
(*) Note: Updating a Business Trade license Via Mashreq Business Online/SnappBiz & E-mail can be done only if the Trade License is issued by any of the below listed License issuing Authorities. Trade License renewal cannot be done Via Online/SnappBiz or through E-mail in case of any change in Ownership/other changes in the Trade License.
- Dubai Multi Commodities Centre (DMCC)
- Sharjah Department of Economic Development (SEDD)
- Dubai Department of Economic Development (DEDD)
- Ajman Department of Economic Development (Ajman DED)
- Dubai International Financial Centre (DIFC)
- Trakhees (Govt. of Dubai)
- Dubai Tourism License (DTL)
- Dubai Silicon Authority (DSO)
- Ajman Free Zone (Ajman FZ)
- Fujairah Municipality
- Abu Dhabi Department of Economic Development
- RAKEZ (RAK Free Zone)
- SHAMS (Sharjah Media authority)
To update any changes in Trade License, visit Mashreq Branch with the following original documents
- Valid Trade License (All Pages-Commercial/Capital/Partnership details)
- Valid ID documents for all Owners/partners of the Entity
- Memorandum of Association (MOA)/Article Of Association (AOA) with all amendments
- Board Resolution (In case of change in the signatory to the account)
- For Offshore Company registered in UAE provide Certificate of Good Standing / Incumbency Certificate - validity - 1 year from date of issuance.
- For Foreign Off Shore Company registered/ Non Resident Company provide Certificate of Good Standing / Incumbency Certificate - validity - 1 year from date of issuance, If issued outside UAE, to be certified by Ministry of Foreign Affairs.