Dubai is a breathtaking city that has had a complete makeover in the last 20 years. It now has an attractive balance of old and new, with a Western business model. Dubai is known for its ability to attract foreign investors and remains a trading center between the East and the West. For these reasons and more, Dubai is alluring to entrepreneurs. Here you will find the basic steps to opening a real estate company in Dubai.
Establish the location of your real estate company. There are certain areas within the country that are designated “free zones.” Lower regulations in these areas tend to attract businesses. For example, while most business are required to be 51 percent owned by a United Arab Emirate (UAE) national, the ownership can be 100 percent in a free zone. Other incentives include: no corporate taxation for 50 years, no personal income tax, no currency restrictions, exemption from import duties, and no bureaucratic red tape.
Establish the type of business organization. In Dubai, there are seven categories of business organization. These are: general partnership, partnership en-commendam, joint venture, public shareholding, private shareholding, limited liability, and share partnership. The Dubai government does not currently condone partnership-en-commendam and share partnership companies.
Register your real estate company and reserve a trade name through the Department of Economic Development. Much of the registration can be completed online. Along with this, you will need to submit several other documents in order to receive an initial approval. After this approval, you will re-submit all of the initial documents and add a few additional documents to receive the final approval. This process will grant your commercial trade license for buying and selling real estate.
Complete the mandatory training course necessary for a real estate license through Real Estate Regulatory Agency (RERA). If you have a college degree, you will take the Real Estate Certified Practitioner’s Training Course. Without a degree, you will register for the Real Estate Executive Diploma Program. There are different types of real estate licenses that encompass different real estate activities. To determine the type of license you will need, visit the RERA website.
Set up your professional office. This includes an actual office space with a land line phone (not just a cell phone). These things, along with your real estate license through RERA and your commercial license with Dubai, will help to establish you as a reputable real estate business owner.
- dubai marina image by Handjani from Fotolia.com