CONNECTING YOU TO OPPORTUNITY
Dubai and the UAE in general is famous for a lot of things, but perhaps nothing more notable than real estate. Which probably explains why so many people want to start a real estate business in Dubai. So if this is an area of interest for you, then this article will outline everything you need to know when it comes to starting a real estate business here. And since price is on everyone’s mind, we will also cover the all-important real estate license cost in Dubai.
It’s true the market has slowed recently, but bouncing back is what Dubai does best, attracting people from around the world when it comes to real estate investment.
If you decide to work with a company setup specialist, you get your business off on the right foot, ensuring all the paperwork is in place for your new Dubai real estate company.
So, how do you get a real estate developer license in Dubai? In this article, we will look at:
Whatever aspect of real estate you wish to get into – from development to brokerage to management – there are several steps you need to take if you want to start a real estate business in Dubai.
1.Decide on a free zone or mainland license: The first decision to make is whether a free zone or mainland setup is better for your company. With a mainland setup, you can trade with the UAE market and you are able to bid for government contracts. Alternatively, you can go the free zone route – with 0% tax rate, no currency restrictions, full customs tax exemption, repatriation of 100% of profits, and many other benefits. While your free zone company cannot trade directly with the UAE market, there are options to explore which may enable you to do so in the future. As this is such a critical decision, a company formation expert can advise you on the best option.
2.Decide on your business activity: It is vital that your chosen activity aligns exactly with the business activity you are going to undertake. To make sure everything here is clear and compliant, it’s worth bringing in the services of a company formation specialist.
3.Choose a company name: The UAE is fairly strict when it comes to naming companies, so it’s important to be aware of the regulations. Essentially, you must avoid any language that could be seen as offensive or blasphemous. You must avoid any name that is already held by a well-known organisation. If you’re naming your company after yourself, ensure that you don’t abbreviate your name. So Mike Smith Real Estate is fine, but M Smith Real Estate is not. Of course you will also need to ensure your chosen company name is still available for you to register.
Getting your real estate license
The next step as you start your real estate company is to make your license application. Again, keep in mind the type of license you need will likely vary depending on whether you’re managing, brokering or developing.
For mainland setups, you can apply to the Department of Economic Development (DED). But whether it’s mainland or free zone, it’s important to work with a company formation specialist who can guide you through the process.
Keep in mind that you will also need specific accreditation so you can legally operate in Dubai real estate. There is a further requirement when it comes to trading in real estate, which is to pass the Certified Training for Real Estate Brokers course which is run by the Real Estate Regulatory Authority (RERA).
How much does it cost to get a real estate license in Dubai
When it comes to the cost of opening a real estate brokerage in Dubai, it will depend on a number of factors including your specific business activities, company size and location. In most cases, though, the real estate license cost in Dubai is usually not too high.
Setting up in a free zone, you might be spending in the area of AED 15,000 – AED 25,000 for your real estate license. As mentioned earlier, you do need to complete the Real Estate Brokers course which comes with a fee of AED 2,500.
Working with Creative Zone
Now is the time to work with a specialist to ensure your real estate company business is set up smoothly.
When you’re looking to set up a real estate company you can be sure what you’re getting from Creative Zone is the latest, up-to-date info from people who deal with this every day.
While the setup process can be somewhat stressful, you can fast-track it by working with a company formation specialist. It’s the quickest way to get set up in the UAE, letting us take care of all the details and ensuring your application is free from errors.
We can also help you with opening a corporate bank account and also offer important advice on the type of financial institution that would best suit your requirements.
Here at Creative Zone, we offer you the best solutions to start your company in the UAE. You get fast, reliable and unbiased advice on your unique business setup requirements. We can help you choose the right kind of license for your chosen business activity/activities and take you through the entire process from start to finish.
You can let us deal with the hassle of registering a company while you focus on your business. And working with us means you get the best budget friendly and cost-effective solution to help make your business dream a reality.
Over 10 years, Creative Zone has helped over 36,000 entrepreneurs set up their businesses. Whether it be a mainland business setup, offshore company setup, free zone company setup or issuing of trade licenses and any related activity for registering a company, Creative Zone is your one-stop-shop.
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