There are many countries in the whole world but Dubai has always been on the top when it comes to real estate. With the creative developers and construction companies, the real estate business in Dubai is increasing day by day. And that’s why the real estate brokerage activity has been in the demand for many years. Quickbiz Business Setup Services is a local business consultant and that’s why we’re aware of all the process and document requirements so we can quicken the process and complete the registration without any delay.
Real Estate brokerage services in Dubai is divided into two groups:
1) Real Estate Leasing Brokerage:
This is specifically used in the manner where the firms that work as a joint pin between landlords and tenants regarding property lease against remuneration. The role of the broker ends when the signed agreement is reached to the end.
2) Real Estate Buying & Selling Brokerage:
In this case, the particular firm behaves as a broker in buying and selling of different real estate property between the owners and buyers. To buy or sell any property on behalf of the owner or buyer, broker plays a crucial role.
Whether the firm is planning to act as a real estate leasing broker or real estate buying & selling broker, it must require a business license in Dubai to carry out the operations.
Helping people to provide their dream property is really amazing to work. To clear this thing is not easy, an individual has to put great efforts but when it happens it provides a good profit. In such kind of business activity, the firm must have to follow the requirements and restrictions set by the Department of Economic Development and also the Real Estate Regulatory Authority.
Real Estate Brokerage Legal Structure Set By the Dubai Government
If the firm is planning to start a real estate brokerage business in Dubai, then the following two types of legal structure can be registered:
1. For a single person involvement, Sole Establishment
2. For minimum two and maximum fifty partners as shareholders, Limited Liability Company (LLC)
Sole Establishment is for only a single natural person. An owner or you can say the sole proprietor is fully liable to complete the extent of his/her assets for the business liabilities.
LLC is completely different from the Sole establishment because here shareholder’s liability of LLC shall be restricted to the extent of their share in the capital of the company as per the Art.218 of the Law No.8 of 1984 on Commercial Companies.
As per the UAE rules, any real estate brokerage company can be established only under the complete ownership of a UAE national(s) or a company completely owned by a UAE national(s). The expatriate can be authorized signatory and a special POA will be given from local sponsor.
Step By Step Guide For Real Estate Company Registration Process in Dubai
Step1: Finalize a Trade Name
Visit the website of the Department of Economic Development (DED) and fill the form online to reserve the Trade name. You can also do it by visiting one of the typing centres in the emirate.
Step 2: Submit the Documents & Get Initial Approval Request Receipt
In this step, an individual has to submit the application form and required documents such as the application form (BR-1 form), passport copies of the shareholders and a manager as well as the high school or university degree certificate of the partners and a manager. After submitting all these documents, the government authority will provide an initial approval request receipt.
Step 3: Approval from the Real Estate Regulatory Agency (RERA)
RERA course is specifically made for the real estate field and this course can be for 2 days or 15 days. The duration of this course completely depends on the education qualification of the applicant. The applicant has to pass this RERA course to get the approval from the Real Estate Regulatory Agency.
Step 4: Legal Documentation
If the firm is opening on a Sole Establishment term then concerned parties will sign only office tenancy contract. But in the case of LLC company formation, the MOA between shareholders should be signed. And this process should be done in front of a notary public.
Step 5: Acquire License from DED
Now in this step, the firm has to submit all the documents such as a finalized trade name reservation certificate, RERA approval receipt, tenancy contract and MOA with passport copies of all shareholders and a manager to DED. This department will check all the documents and will start the process to provide the final license. In this step, DED will also use a payment voucher that includes all remaining payments to obtain the license. Once all the payments will be clear, DED will issue the license.
Step 6: RERA Registration Process
With a successful DED license, not the company is eligible for RERA registration and to obtain the RERA registration certificate.
Here is the list of required documents:
- Application Form
- DED License Copy
- Payment Receipt Received by RERA Course
- Tenancy Contract/Ejari Copy
- Map of the Location
Step 7: DNRD and Ministry of Labor Registration Process
This step is common for almost all companies. If you are opening a Real Estate Brokerage Company then you have to register your firm with DNRD and the Ministry of Labor (MOL). With this registration, an individual can hire foreign employees and sponsor their visas.
Step 8: Get the Brokers Card
In Dubai, to carry the brokerage activity the firm must need to take a license from RERA. After the completion of RERA registration, the firm can carry any kind of brokerage activities. An individual may be registered with RERA and can apply for a broker’s card but he/she must be hired by the real estate brokerage company.
At Quickbiz Business Setup Services, we have helped many Dubai real estate brokers to establish their business without any hassle and in their budget. With a team of qualified professionals and local connections, we can easily handle the complete process of registration and licensing. As a well-known business setup & registration agency, we have been providing these services for many years and our success ratio is tremendous.
If you want to become a Dubai real estate agent, then you are in the right place. Do call us on +971 56 406 6546 to get the best professional services at the most competitive price. You can also raise your queries or requirements at [email protected]. We’re happy to serve you with our professional services.