Step-By-Step Guide for Setting Up a Real Estate Company in Dubai – The company setup in Dubai has long attracted developers, construction companies, investors, and brokers (or agents) to invest in the region. Witnessing the return of Cityscape Dubai to the region’s largest real estate expo this week, the developer will return with the region’s largest real estate expo with 10,000 expected visitors a day.
Demand for this speciality has grown significantly as a result of recent corporate scandals.
The company setup in Dubai has modern infrastructure and the legend of a vast metropolis. Real estate in Dubai applies the world’s most innovative skills and technologies. It also makes steady investments to attract the largest multinationals in the world. That’s why Dubai’s real estate industry has so many business opportunities.
Here is a step-by-step guide on how to go about starting your real estate business in Dubai.
Explore the Location for Starting Your Real Estate Company
First, find the location for your real estate business; according to mainland business setup rules, 51% of business needs are owned by UAE (UAE) citizens. However, if you research different regions, the ownership can be 100%. There are a few locations in the countries labeled as free zones.
In such cases, the rules attract fewer, more businesses. In addition, a free zone real estate business can help you avoid corporate tax breaks for 50 years. You don’t have to bother about personal income tax, exemption from import duties, currency restrictions, and additional regulations.
Register A Trading Name for Your Real Estate Business
There are several local requirements and barriers to establishing your business name (see the PR Partner Blog on business names). In general, the business’s name should be related to the nature of the business that will conduct the company and its legal form.
For example, if you run your business, you might consider using the words’ real estate’, ‘broker,’ or ‘developer’ in your business name. Trade names can be saved by contacting the Department of Economic Development in the UAE, where you run your business.
Local Partnership Is Essential to Begin Your Real Estate Brokerage Firm in the UAE
To open a real estate brokerage in Dubai, you need to partner. With a UAE citizen and give him 100% ownership. You can go for corporate sponsorship in Dubai and ensure a partnership with a reliable and trustworthy local partner.
You can look for such investor rights protection agreements or company power. The attorney documents that make you manage 100% of the management and suppliers of this company.
Approval Process, Real Estate Training and Obtaining Final License
Once you have received the trade name certificate, you can begin the approval process. After initial approval, you will be allowed to apply for further support from the RERA in Dubai or the Department of Municipal Affairs in Abu Dhabi. In both Dubai and Abu Dhabi, it is now necessary to train property professionals and obtain official permission from the Department of Municipal Affairs in Abu Dhabi or the Dubai Real Estate Regulatory Authority.
The final step is to submit all the necessary documents to the Department of Economic Development, which will issue the final license.
Set Up an Office of a Professional Organisation
This move is significant because the physical presence of an organization will give credibility to your business. You feel you are a foreigner with no reputation in the UAE world and just starting. This office should include not just a mobile phone number but a landline.
You can either rent or purchase office space in the free zone in Dubai. For beginners, if you have a choice of 2,000 square meters of offices on each floor of your 20,000 square meters, you can start with a Flexi-desk if it suits your budget better. Flexi-desk offers physical office spaces with a chair and desk facility as the workstation. This can help in cutting down costs appreciably. Flexi-desks are preferred by start-ups in the Free Zone in Dubai.
It could be a convenient temporary solution until the business and your finances become more stable. The needs of a full-time office and employees continue. If you are not sure about the choice of location, you can also consult a Dubai-based agency.
Some Tips That Can Be Useful for Starting a Real Estate Business in Dubai
- Market Research Is Useful: The first step in establishing any business in the UAE based on the real estate sector is to do some market research. A great place to start is to get in touch with other people in the real estate or property industry who can give you feedback on your ideas, their potential, and the industry in general.
- Attending Exhibition, Art Conference Proves Helpful: Get industry reports, watch local newspapers and consider attending an art conference or exhibition. Check out lots of online information, but make sure you contact it with a trusted local contact such as a PR partner group confirmed.
- Developing a Market Plan Is Essential: Start developing a business and marketing plan considering realistic costs and deadlines and talk to an expert in the area who has an in-depth knowledge of setting up a business in real estate. They can give you a practical perspective on setting up a business in the Gulf.
Experts from PRA Partner Group have formed more than 300 limited liability agencies, representative offices, and branch offices and specialize in advising foreign investors on the most efficient and profitable way to set up your business in Dubai, Abu Dhabi, or Oman.
If you have some experience in the real estate market and have the budget. The desire to establish a mainland business setup is a great choice. Its ultramodern architecture is fascinating. the most famous of which is the world’s tallest building, the Burj Khalifa, which surrounds Dubai from a height of 828 meters. This and many other architectural gems are evidence of the continuous development of construction. the real estate market in Dubai. This is an excellent opportunity to rise in a fast-growing industry.
