All you need to know about setting up real estate development company in Dubai
Real estate has become a very important segment in Dubai’s economy for past couple of decades as Government has since allowed expatriates to own the properties. Many projects have been delivered so far & the rental yield has also been attractive in Dubai compared to other cities in the world. This has prompted many investors & real estate developers from across the world to launch their projects on freehold lands in many different locations in Dubai like Business Bay, DIFC, JLT, Dubai Marina, Palm Jumeirah, Dubai Land, JVC, JVT etc.
However, the real estate industry is completely regulated by the Real Estate Regulatory Authority (RERA) and the Land Department.
Popular Free Hold Areas in Dubai
Business Bay, DIFC, JLT, Dubai Marina, Palm Jumeirah, Dubai Land, JVC, JVT
In order for any developer to construct a project & start off-plan sales in Dubai, it is mandatory to register a real estate development company & set-up an escrow account. Any payment received from the buyer will go to an escrow account only & any payment to be withdrawn from this account will be as per the guidelines set by the RERA towards particular project development only.
Activity Description: This refers to companies established for the development and founding of real estate projects which include housing and commercial complexes, tourism projects, and the development of the infrastructure and leisure facilities for such projects. It also covers the selling of the property or projects per the free hold ownership law of property whether owned by the license holders or another party through a contract signed between the developer and the land owner and registration of the contract in the Escrow Accounts Department ahead of the commencement of the project.
In order to set up real estate development company, following are the mandatory requirements to be fulfilled.
•Each shareholder must obtain police good conduct certificate.
•One of the shareholders must own a land in Dubai and provide the Title Deed for the same.
•One of the shareholders must have his/her residence visa from the same company.
License will be issued from Department of Economic Development (DED) , Dubai after having an approval from RERA (Dubai Real Estate Regulatory Agency) Dubai for fulfilling the above requirements. This company can be registered as a professional / civil company which is 100% owned by expatriates & the UAE National will become a service agent.
Office and Time Frame
After finalizing the office and having the office Ejari, license for real estate development company will be issued in 7 to 10 working days. Real estate development company license can also be issued on desk space.
Flyingcolour assisting client for setting up a Real Estate Development Company & provide all details related to sales, procedures and cost for business setup in Dubai.