Real Estate Business Setup In Dubai
For you, real estate company formation in Dubai could be a rewarding option. Dubai has evolved into one of the world’s top places for attracting foreign investments, thanks to its world-class infrastructure, beautiful skylines, trading opportunities, and tourism. Dubai’s property market is always increasing at an unparalleled rate, as seen by the world’s largest skyscraper, the Burj Khalifa, and the gorgeous Marina101, Princess Towel, among others.
In comparison to other renowned places throughout the world, Dubai’s robust real estate industry offers one of the greatest returns. Acquiring certifications and trade licenses, making payments, and obtaining visas have become more accessible than before, thanks to e-government services that make the entire procedure simple online.
Procedure For Real Estate Business Setup In Dubai
To start your real estate company, look into the location and type of companies
To begin, locate a location for the real estate company. UAE now allows 100% foreign ownership in Mainland as well, which gives you more location options. In certain areas, regulations are less severe, attracting more businesses. Additionally, running a real estate firm in a free zone can give you advantages such as a 50-year corporate tax exemption, no personal income tax, no import duties, no currency limitations, and the avoidance of onerous regulations.
Register a trade name for your real estate company
Try to add words like “real estate” or “broker” in your business name because they should be relevant to what you do. The UAE government will issue you a commercial license to buy and sell real estate. To acquire an initial approval, the majority of the registration procedure can be accomplished online. However, your job isn’t finished yet; you’ll need to resubmit your initial papers as well as add a few more to receive final clearance.
Prepare yourself for the licensing procedure by becoming educated or certified
To acquire initial approval and permission from the Real Estate Regulatory Authority (RERA) in Dubai, you must finish a professional training or course and earn a certificate. To receive clearance from the Dubai Real Estate Regulatory Agency, this is necessary. You must also complete the Real Estate Certified Practitioner training course if you have a college diploma.
If you don’t have a bachelor’s degree, you’ll need to enroll in the Real Estate Executive Diploma program. You can learn more about this qualification by visiting the RERA website.
Employ back-office support
As an entrepreneur, you must handle all of your tasks like a pro. Keeping track of your expenditures and income is crucial as a startup, and keeping track of your expenses and revenue may help you make smarter decisions. However, certain obligations, such as back-office, real estate accounting, and so on, may burden you at some time. As a result, outsourcing accounting services is preferable to hiring a professional staff in-house, which can be costly.
Create a real estate office
As a real estate company owner, having your own office will set you apart in the market and help you gain consumers’ trust by demonstrating that you are operating responsibly. Furthermore, the UAE government’s proper licenses and RERA will assist you in identifying yourself as a trustworthy business owner.
What Licenses Are Required?
Entrepreneurs who aspire to start their real estate business in Dubai have to acquire a Real Estate Brokerage License issued by the Dubai Land Department (DLD). It has benefits in all sorts of real estate activities, including activities like buying, selling, leasing, or managing properties in Dubai. Damaar offers complete assistance in the real estate business setup in Dubai with the help of experts.
Various steps that come under the procedure of acquiring a real estate brokerage license in Dubai include:
- Get your valid residency visa, followed by various documentation and company registration procedures.
- Enroll in a certified training course from the Dubai Real Estate Institute (DREI). The course trains you in every aspect of the real estate business in Dubai.
- Apply for the realtor license and get approved by DLD once you pass the exam to gain your RERA card.
Our team works as a major point of contact for businesses when it comes to staying updated with the regulations of DLD and RERA. You can become a credible and trustworthy real estate agent by gaining a valid license.
What is the Cost of Setting up a Real Estate Business in Dubai?
How much is the cost? is a common concern for anyone trying to start a real estate business in Dubai. The average price to set up a real estate company in Dubai is around AED 21,000, as per various sources. However, the cost is completely dependent on numerous factors, including the fees for obtaining a license from the DLD and RERA, along with the costs of renting an office space and hiring staff.
Real estate company incorporation costs could constantly fluctuate depending on several factors. The number of activities you choose for your business and additional government fees and taxes can be deciding factors in your company’s incorporation cost. Doing thorough research on the real estate sector in Dubai with the assistance of an expert team will make it easy for you. You can plan your budget and avoid any expensive surprises or delays in the process with our assistance.
Benefits of Starting a Real Estate Business in Dubai
All sectors, including tourism, finance, technology, and healthcare, make Dubai a resilient economy to start a successful real estate business. The real estate sector is booming in the region due to several benefits offered by the government. Besides, real estate investors can now become eligible for the Golden Visa. All these routes lead to great possibilities of profitability in the sector.
- Selling or renting properties in Dubai offers high profits and commissions from its lucrative real estate market.
- You can build a strong reputation and network of global clients and agents with a real estate license.
- Dubai’s landscape has the most stunning and innovative buildings and skyscrapers that you can showcase and do real estate business with your clients.
- The world-class infrastructure with modern and efficient amenities ensures effortless possibilities in transportation, communication, and security for your business.
- The favorable tax regime in Dubai exempts real estate income from corporate taxes, allowing you to save money on your taxes and increase your profits.
FAQ
Yes, you can. UAE now allows 100% foreign ownership in mainland businesses, including real estate companies, offering more location options and opportunities for entrepreneurs from around the world.
While having a physical office can enhance credibility, especially for gaining clients’ trust, it’s not mandatory. However, proper licensing from UAE government authorities like RERA is essential to operate as a legitimate business.
The cost of setting up a real estate company in Dubai can vary depending on factors such as obtaining licenses from the Dubai Land Department (DLD) and RERA, office space rental, staff hiring, and other administrative expenses. On average, it could be around AED 21,000, but thorough research and expert guidance can help plan the budget effectively.
Yes, entrepreneurs need to fulfill various requirements, including having a valid residency visa, completing certified training from the Dubai Real Estate Institute (DREI), passing the realtor license exam, and obtaining approval from DLD to obtain the RERA card.
Having a physical office helps establish credibility and trust with clients and regulatory authorities like RERA. It also sets the business apart in the market and provides a professional environment for conducting transactions.
Challenges may include navigating the complex regulatory environment, staying updated with changing laws and regulations, competition in the market, and initial investment costs. However, with proper research and assistance, these challenges can be managed effectively.