Procedure of setting up a real estate business in Dubai
Written on April 15, 2011 by George Geoghegan
Dubai is known as a tourist hub in the entire gulf region. Since 1990’s Dubai real estate sector shows appreciating growth. But during the previous 3 years this sector is not enjoying favorable conditions. Yet government and other parties are trying hard to set its track towards growth again.
Real estate businesses enjoy range of opportunities, relaxing terms and conditions and flexible policies in Dubai. That is why this business is alluring to the people around the globe. There is a proper procedure of opening a real estate business in Dubai. Let’s discuss its start up rules and regulations:
Select the form of Business:
First of all, select the form of real estate business. Mostly in Dubai seven types of structures of organization are there to choose from including partnership, sole proprietorship, corporate form, partnership in commendam, joint venture and many more. However, partnership, sole proprietorship and corporate form are most popular in Dubai.
Selecting location of a business:
Then, select the area in which you want to open your real estate office. You can also take the building on rent in Dubai for opening up a commercial office. If it is a sole proprietorship business, opening up office in free zone areas is quite beneficial. Many commercial areas in Dubai are designated free zone areas which give 100 percent ownership to its owners. While in the rest of the regions 51% ownership is in the hands of UAE government. Other benefits like tax exemptions and import duties exemptions are also given to the businesses operating in free zone areas.
Apply for the licenses:
A professional as well as a commercial license is required to open up real estate business through RERA. Department of economic development helps you in identifying the exact licensing requirements as per your business needs. Also, you need training specifically required by the RERA. You are required to complete the course of “Real estate executive diploma course”.
Register your real estate business:
Register your company by department of economic development. Registration process requires several documents to be filed with. As a result, an initial approval is given to you and afterwards final approval is given on meeting of further formalities. In the end, official commercial license is given to you that allow you to buy and sell Dubai properties officially.
Open up a legal office:
Then obtain establishment immigration cards from the Ministry of Labor to hire further employees in your company. After meeting all these requirements you can open up your legal business easily.
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