Are you planning to invest in the real estate business? When it comes to real estate, it is a sector that has a high and relatively stable value. Dubai is an ideal place to invest in the same. In UAE, Dubai is one of the most affluent and developed economies with a business temperament that features constant change, great dynamics, and improvements.
As the real estate business in Dubai has been growing rapidly for many years, new regulations are set to come in which Dubai will allow more foreign investors to purchase property in the emirate.
Benefits of starting a Real Estate Business in Dubai:
Dubai features one of the most interesting and attractive property markets in the world. Here are some of the key benefits of starting a real estate business in Dubai:
With impressive annual yields, the investors generate distinctive returns for their investments in the Dubai property market.
When it comes to the property market, Dubai features vast and diverse buildings in various sectors including hotels, residences, luxury properties, student accommodations, industrial units, and much more.
As Dubai has a well-respected and transparent legal system, you can be confident in your investment without any worries.
The property market is open for anyone to invest in and is a highly competitive sector.
Dubai features an educated, skilled, and knowledgeable population. This makes it certain that property sales and rentals will be in high demand.
How to Get a RERA license?
You will have to complete certified training for real estate professionals in order to start a real estate business in Dubai. The training period is of four days and it educates you about everything you need to know in order to become a legal real estate agent in Dubai. Post training, you must give an exam from the Real Estate Regulatory Agency (RERA) in Dubai. Once you pass the exam, you will be able to apply for the agent’s license.
Setting up a Real Estate Business in Dubai:
There are numerous steps listed by Dubai’s Department of Economic Development (DED) that you need to complete when starting a real estate business. Listed below are six essential steps you need to take in order to set up your business:
1) Choosing a Trading Name:
Your trade name should describe the core of your business actually. The UAE has strict laws regarding the use of language and terms in your business name. Use of offensive, derogatory, blasphemous words is strictly prohibited.
2) Deciding a Jurisdiction:
To base a real estate firm in Dubai, there are three economic jurisdictions. They are; mainland, free zone, and offshore. Each jurisdiction has its own respective rules, regulations, advantages, and drawbacks. A few things you need to take into consideration while deciding your jurisdiction are the nature of your business, accessibility to your market, and the location of your office.
3) Legal Structure:
Another essential choice that you need to make is to opt for the right legal structure of your business. There are different structures that are more or less appropriate for different businesses. Some of the common types of legal structures are as follows:
- Sole Establishment
- Limited Liability Company
- Free Zone Company
- Foreign Company Branch
4) Submit your Documents:
Depending on what you opt for amongst the choices mentioned above, you must provide a list of documents for your business setup. These documents include the following:
- The application form of registration from DED
- A copy of your passport
- Your Emirates ID copy
- Your certified tenancy contract of the office space
- RERA License
5) Approval Process for Special Activities:
If you have plans for your company to operate in special activities like real estate construction you may require authorization from other appropriate authorities.
If you are not a citizen of Dubai, you need to apply for visas for your staff as well as your family members at the same time as your visa application. The process is as follows:
- Get an entry permit
- Changing your status
- Taking a medical exam
- Getting your Emirates ID
Once you are done with all of the steps mentioned above, you are ready to kickstart your real estate business in Dubai. It is a lucrative opportunity to set up a real estate business in Dubai. Dubai’s real estate market is growing at an unprecedented and it has become one of the top regions to attract foreign investments as well.