- September 14, 2020
- Posted by: DBS Editorial Team
- Category: Business Setup in UAE
The city of Dubai is well-known of its unconventional infrastructure and large metropolis. Dubai’s real estate is a stable asset for investors, because of which it attracts many multinationals tycoons from round the world. This also creates a scope for real estate brokerage business in Dubai. There are a lot of business opportunities in Dubai in the real estate industry.
Several want to know how to get a real estate license in Dubai or are willing to open a real estate brokerage business in the region. If you are among them wondering how to set up real estate brokerage business in Dubai, then this article is for you!
Opening a real estate brokerage in Dubai requires acquiring a license, having a business plan, securing funds, hiring agents, etc. These procedures are similar across the world! However, there are few additional steps that you must consider while setting up a real estate brokerage business in Dubai.
Here is how you can set up real estate brokerage business in Dubai:
Get Your Company Name Approved:
You need to finalise a name for your company. The name will be then approved by the Department of Economic Development (DED). An unusual or an English name may have a nominal cost applied to it, but you can opt for an Arabic name for free of cost. It is important to follow the DED guidelines while deciding a name for the company.
Get Tasheel & Initial Approval:
You will have to get the initial approval from the Department of Economic Development (DED) by submitting your company formation application along with your identification documents. Also, documentations associated with the Tasheel will have to processed at this stage to start out a real estate brokerage in Dubai.
Draft the Memorandum of Association:
At this stage, the Memorandum of Association (MOA) must be drafted and typed in accordance to Commercial Law of the UAE. The protocols described by the Department of Economic Development (DED) must be followed while drafting the MOA. Also, it is important that the MOA is notarised duly.
Partner with A UAE National:
Opening a real estate brokerage in Dubai entails you to partner with a UAE national and offering him 100% ownership. Do not be shocked! You will have an agreement of company sponsorship in Dubai that provides you complete control over the business. Not just this the side agreement will give you 100% operational ownership along with the power of attorney to the company. Although the company sponsorship agreement secures you, ensure that you partner with a reliable and trustworthy local partner.
Get RERA Services Certification:
It is impossible to open a real estate brokerage in Dubai without getting RERA certification. Real estate brokers and agent got to be certified by the governmental body – the Real Estate Brokers Registration (RERA). It is essential to apply for the RERA Exam and get the Broker ID. The RERA certification process involves the following steps –
- Getting resident visa under the company
- Applying for RERA’s certified training for real estate brokers
- Attending the classes held at the opted RERA training center
- Writing the RERA exam – In case the UAE local or the real estate broker in Dubai holds a bachelor’s degree, the exam fee is AED 3200. For applicants without a bachelor’s degree the exam costs AED 6300.
- Obtain the RERA certification
Get a Good Conduct Certificate:
Real estate brokers and agent need to acquire a Good Conduct Certificate. The Good Conduct Certificate is issued by Dubai Police. The Good Conduct Certificate is usually addressed to the RERA.
Get Approval from the Dubai Land Department:
Approval from the Dubai Land Department is required to open a real estate brokerage in Dubai. The Dubai Land Department is a governmental authority that monitors and controls everything related to real estate in Dubai.
Get a Rented Office in Dubai:
It is crucial to have a rented office in Dubai to start a real estate brokerage business in Dubai. Getting a real estate brokerage license by RERA in Dubai require you rent an office in Dubai as per the guidelines provided by the Department of Economic Development (DED).
Book a free consultation with a business setup expert:
Still have questions?
- Know how to setup a real estate company in Dubai?
- What includes in RERA’s certified training for real estate brokers?
- How to apply for RERA license in Dubai?
Book a free consultation with our business setup experts and ask anything related to opening a real estate company in UAE.
At DBS Business Setup we provide you A to Z guidance on not just setting up a real estate brokerage business in Dubai, but every other type of company formation in the UAE.
To speak to us simply follow the link https://www.dubaibusinessservices.com/contact-us/