09 أكتوبر Business Set up in Dubai- Real Estate Agent License
Real estate is one of the most profitable long-term investments in Dubai, and it is one of the most profitable
If you’re intending to start your first investment in the real estate industry, you may have some queries and questions that need to be answered, like
How to start your first real estate company in Dubai?
What is the real estate company structure?
What are the procedures to register real estate in the UAE?
Here you can find detailed answers to all your questions…
Start a Real Estate Company in Dubai
To start your first real estate company in Dubai, there are many procedures and requirements to follow.
First off, we should shed light on the company structure. The structure for real estate companies in Dubai must be determined depending on the shareholder pattern…
Real Estate Company Structures in Dubai
A real estate company can be set up as any of the following company structures:
- Sole Proprietorship
- Limited Liability Company
- Civil Company
For real estate brokerage, the company or individual must obtain a certificate from the Real Estate Regulatory Authority (RERA) under the Dubai Land Department.
The Real Estate License and the agent registration number are issued after attending a course from RERA.
How to Get a Real Estate License in Dubai?
The real estate industry in the UAE is a key contributor to the economy of the country.
A Property Management License in Dubai can be applied for from Dubai Economy.
It covers a wide range of business activities ranging from:
- Contracting with Clean-up, Maintenance, Security Companies
- Administration Requirements Provider for Real Estate Space
- Real Estate Broker Arrangements, and more.
Shareholding Agreements for Different Real Estate Businesses
If you are looking for opening an LLC Company in UAE for a Property Management Consultancy business license, you should know that now the amended law has allowed natural and legal persons to establish companies regardless of their nationalities.
The law, however, will not apply to some companies that are excluded based on decisions by the Cabinet and those that are either wholly-owned by federal or local governments or their subsidiaries.
Types of Real Estate Business Activities in Dubai
Different types of real estate licenses are available in Dubai. Real estate brokerage is one of the more popular ones, consisting of two groups – Real Estate Buying & Selling Brokerage.
The role of Real Estate Brokerage is to act as a liaison between landlords and tenants.
The buying and selling brokerage involves real estate property purchases between the owners and buyers.
How to register a real estate company in Dubai
The steps for forming a real estate business in Dubai are outlined below.
1. Pick a Trade Name
Choosing the tradename and getting it approved by the DED, is the first step in company formation.
2. Request Initial Approval
Provide the required application form, with other supporting documents (e.g., a copy of the investor’s passport, a photograph, etc.) and get the initial approval from the authorities.
3. Real Estate Regulatory Agency Approval (RERA)
For starting a real estate company, the investor/director/manager must attend the RERA Course and pass the test.
Once the approval certificate from RERA is obtained, the official contract and other agreements can be prepared accordingly.
4. Legal Documentation
Once the initial approval is received and the RERA Certificate is obtained, the investor can find the office space, and then the leasing contract can be prepared.
The memorandum of association must be prepared by the investor, in case of an LLC Company Structure (Company with more than one shareholder).
Also, the partnership agreement for the LLC Company must be made ready.
5. License from DED
To acquire a real estate license from the authority, all investor paperwork, including the MOA, RERA approval, tenancy contract, and so on, must be presented to DED.
6. Registration with RERA
Register the company with RERA to obtain the RERA Registration Certificate. Submit all the required documents to secure the Registration Certificate.
Documents to be submitted:
The following papers must be presented to RERA for approval of the activities of a real estate business company in Dubai.
- RERA Application Form
- DED Business License Copy
- Payment Receipt
- RERA Course Certificate
- Tenancy control/Ejari Copy
- Location Map
7. Registration with DNRD and Ministry of Labor
The firm must be registered with the DNRD and the Ministry of Labor in order to hire personnel and sponsor visas.
8. Obtaining Broker Card
It is mandatory that the Real Estate Agent employed by the company holds a broker’s license from RERA. Contact the ITQAN team, and get your real estate license now