Dubai is a vibrant city and pretty powerful. Dubai’s world-class infrastructure has already established it as a major player in terms of trade, tourism and has attracted major foreign investors in the world. So, if you have planned for a real estate company setup in Dubai. Then, here we present you a few things that you should know about the company set up in Dubai.
And the good news for foreign investors is that real estate is one of the thriving businesses in Dubai. As for the race in the Gulf state for the skyscraper, Dubai is a front runner. The world’s highest building is evidence of the growing real estate business in Dubai.
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The buying and selling of property in Dubai are popular for their incredible returns. What’s more, even on account of the ongoing pandemic, the real estate business in Dubai has remained sturdy with transactions continuing all through, making it an attractive business opportunity. And where there is a booming investment market, there will be also a demand for related services like that of a real estate brokerage in Dubai.
Start a Real Estate Company in Dubai
Real estate company setup in Dubai has certain processes that need to follow:
1. Explore the Location and Business Type
First, find out the location for your real estate company setup in Dubai, UAE as per the UAE regulations, businesses are needed to be 51% owned by a UAE citizen. But ownership can be 100% if you find out the different locations as there are some places within the country that are labeled as free zones. In such areas, regulations are less, alluring more businesses. In addition, having a real estate business in free zones can help you with corporate tax exemptions for 50 years, no personal income tax, no currency restrictions, freedom from import duties, and avoidance of excessive regulations.
2. Register a Trade Name
Registering your business legally is required in every country. So once you decide on the type of business, you need to register a trading name with all concerned documents to the Department of Economic Development in the Emirates.
Most of the registration work can be accomplished online to get initial approval. But this is not where your procedure ends; you require to submit again the initial documents and add some more to get the final approval. Thereafter, the UAE government will provide you with a commercial license for buying and selling real estate.
3. Educate or Certify Yourself for License Process
For initial approval and authorization from the Real Estate Regulatory Authority (RERA) in Dubai, you require to undertake professional training or course and get a certificate. This is necessary in order to obtain a permit from the real estate agency in Dubai.
Also, if you have a college degree, you require to take the real estate certified practitioner’s training course, if you do not have a degree, you will require to register for the real estate executive diploma program to find out more details about this certification, you can visit the RERA website.
4. Hire Back-office Services
You need to manage all your operations like a professional. But at some point, you may get stuck in some tasks like back-office. In real estate accounting, etc. managing your accounting books is necessary because you are a start-up, and keeping track of your expenses and revenues will help you implement strategies better.
5. Set up Your Real Estate Office
Being a real estate business owner, having your own office would be your niche in the market and help you win the trust of your clients as they feel that you are acting ethically. In addition, appropriate licenses from the UAE government and RERA would help to establish you as a reliable business owner.
How to get a Real Estate Business License in Dubai
Before starting a real estate business in Dubai, you have to get a real estate license which will permit you to run your business activity.
Activity code – 702001
Activity group – Real Estate
License type – Commercial
Activities allowed – These include firms dealing with buying and selling of property acting as brokers between the owners and buyers. The role finishes off with the signing of the contract and upon receipt of the agreed commission.
Documents Required for Real Estate Company Setup in Dubai
The documents required to be submitted to RERA for the approval of the real estate company operations in Dubai are:
- RERA application form
- DED business license copy
- Payment receipt
- RERA course certificate
- Tenancy control
- Location map
If you are interested in a real estate company setup in Dubai. Then, above we mentioned the entire process of company setup. We hope this will inspire you.
Also Read:- UAE Ranked Second Globally for Business Skills