it dosent necessarily mean that all the valence electrons are used up, it is a non polar molecule.
the polarity of the molecule depends on many factors like the shape and the components of the elements.
exemples:CH4 there are four bonding pairs, and no lone pairs, that means all of the valence electrons are used to form covalence bonds. and the 3D shape of CH4 is tetrahedral where all the dipoles of the same two elements cancle out. so, CH4 is a non polar molecule.
CF3Cl in which C is the central atome, there are 4 bonding pairs around it. the shape of the molecule is tetrahedeal, which is symetrical about the central atom. but electronegativity between C and F and C and Cl are different.the dipole cannot cancel out each other. the net dipole is not not 0. so we say CF3Cl is a polar molecule, although all of the valence electrons of the central atoms are used up to form the covalent bonds