Set Up a Real Estate Brokerage Firm in Dubai in 2024
Open Real Estate Brokerage Firm in Dubai
When it comes to the real estate market, plus the high return on investment from the property, Dubai left behind other luxurious and famous destinations of the world and became the global leader. Therefore, it is a perfect place for property investors as it is a hub of shopping, lifestyle, amenities, schooling, healthcare, and more. So, setting up a Real Estate Brokerage Firm in Dubai is an advantageous business activity for property dealers.
The real estate sector has been drastically changing in a few years. Moreover, there is a shift toward long-term investment options and more market trusts for off-plan projects in the United Arab Emirates. In addition, the announcement of long-term residence visas for property purchases above AED 2 million has additionally boosted the real estate industry growth.
If you plan to Set up a Real Estate Brokerage Company in Dubai, you must read this article. In this article, we will provide you with an in-depth guide for Starting a Real Estate Brokerage Business in Dubai. In addition, we will try to clear all your doubts about starting your real estate brokerage business in Dubai.
The Benefits of beginning a Real Estate Business in Dubai
Entrepreneurs may avail numerous benefits through setting up a real estate business in Dubai in 2024. The top benefits to begin a real estate brokerage company are mentioned below:
1. High returns
The United Arab Emirates is a country with excellent places where you may invest. With its great weather and rich culture, numerous investors are looking to purchase land or property in this country. When you open Real Estate Brokerage Company in Dubai, you can earn high profits by running a real estate brokerage business in this country. Moreover, you may additionally use the profits earned by your real estate brokerage company to expand your business.
2. Easy start-up
The easy startup process is another benefit you may enjoy with starting your Real Estate Brokerage Firm in Dubai. Indeed, you may enjoy a smooth registration process with access to priority company registration and vast support services to address your client’s business needs.
3. Great opportunities
If you see the real estate industry in Dubai, you will notice a bright future ahead of itself. The number of investors interested in purchasing real estate property in this emirate constantly increases. As a result, the demand for products and services is constantly increasing in this city. If you want to enter into the growing market of real estate, you should Set up a Real Estate Brokerage Company in Dubai.
Document Needed to Get a Real Estate Company License in Dubai
When it comes to open Real Estate Brokerage Company in Dubai, you need a Real estate company license from the relevant authorities. However, you require a few documents to get this license. Let us take a look at the list of documents you need to get this license:
- Certificate of Good Conduct from Dubai police
- Real estate practitioner course certificate/real estate diploma
- DED application form
- Trade name reservation
- Initial approval inquiry receipt
- Owner’s passport copy, Emirates ID card, family book
The list of documents might be incomplete based on several factors. We recommend you consult Flyingcolour to get the complete list of documents you need to get this license and setup real estate business in Dubai.
Steps to Set up a Real Estate Business in Dubai
You must perform numerous steps for Starting a Real Estate Brokerage Business in Dubai. If you fail to perform any step properly, you may face several complexities while setting up a Real Estate Brokerage Firm in Dubai. Therefore, it is crucial to understand the whole process of setting up this firm. The following are the steps to set up a real estate brokerage company:
➣Choose the business structure
You should kick start your journey for Starting a Real Estate Brokerage Business in Dubai. This key decision will shape your company’s framework and the way you’ll operate your company.
You may choose from a mainland or free zone. Remember, both structures have their own set of rules and benefits. For instance, a free zone is a go-to legal structure to setup real estate business in Dubai because it offers an attractive business environment and tax benefits. Therefore, you must choose the business structure carefully.
➣Choose a company name.
The UAE has strict guidelines for the process of company name selection. However, you should not worry because guidelines include common sense. Essentially, you must avoid blasphemous and offensive language and the names of popular organizations.
➣Approval from RERA
The Real Estate Regulatory Authority, or RERA is the head of the real estate sector in Dubai. To approval from RERA, you initially need to go through a formal training course at the Dubai Real Estate Institute (DREI) and snag Certified Training for Real Estate Brokers qualification. After that, you must pass the RERA exam to move forward to open Real Estate Brokerage Company in Dubai.
➣Complete a Memorandum Of Association.
Based on the selected business structure, you must assemble a Memorandum Of Association (MoA). This document outlines your company structure and rules. In addition, the MoA has to be notarized in court to be official.
➣Lease an office
According to the Department of Economy and Tourism rules, you must have a leased office in a business center or a completely independent office in Dubai to get a real estate brokerage license.
Therefore, you should find the perfect spot for your Real Estate Brokerage Firm in Dubai. Whether you’re purchasing or leasing office space, you’ve got to get your tenancy squared away with Ejari, Dubai’s system for keeping rental agreements in check.
➣Apply for the license
As mentioned above, you need a trade license for Starting a Real Estate Brokerage Business in Dubai. At this stage, you must apply for a Real Estate Brokerage license from the Dubai Land Department or DLD. To apply for the license, you must submit the required documents and application to DLD.
➣Getting approval from the Dubai Land Department.
The Dubai Land Department is the government body supervising activities related to the UAE. Lastly, you must obtain approval from the Dubai Land Department for Starting a Real Estate Brokerage Business in Dubai.
Why Should You Consult Flyingcolour?
Flyingcolour Business Setup Services provides top-notch business setup services. We have the knowledge and experience of almost 20 years to help anyone to start any business in Dubai. Furthermore, we have a team of experts to help you to open Real Estate Brokerage Company in Dubai.
To learn more about Open Real Estate Brokerage Firm in Dubai, book a free consultation with one of the Flying Colour team advisors, simply call +971 50 5585305 or send WhatsApp messages to +971 4 4542366. you can also drop an email toinfo (at) flyingcolour (dot) com.
*Please note that this article was published on 17/02/2024 by the federal policies and updates at the time of writing. For the latest info please talk to our consultant
