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.
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.
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.
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.
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.
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 –
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.
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.
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).
Still have questions?
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.
Looking for your dream property? Let a real estate brokerage guide you. From finding the…
Looking for professional assistance in real estate? Our comprehensive brokerage services in the UAE and…
Looking to start a company in Dubai? This comprehensive guide covers the process, benefits, and…
Looking to start a business in Dubai? Learn about business setup, company formation, incorporation, and…
Looking to set up a company in Dubai? Learn how to maximize cost efficiency in…
Reducing Business Setup Costs in Dubai - Learn how to minimize expenses and streamline the…