Real estate business setup in Dubai, UAE: Requirements & Costs
While undergoing the usual ebbs and flows of any property market, real estate in Dubai is almost always in high demand. With a large expatriate and somewhat transient population, there is rarely a lull in buying and selling activity.
Dubai’s property rental market can be lucrative too. The Emirate’s affluent expat population are happy to pay for high quality, convenient accommodation. One of many reasons why rental yields out here have been known to outperform the likes of New York and London.
If you’re experienced in the property sector and have the skills to brokerage sales, or simply have the capital to invest in Dubai real estate, now is a great time to get involved.
With the right support, real estate business setup in Dubai can be quick and easy. Keep reading to find out how the experts at Business Incorporation Zone (BIZ) can help you get started.
What are the benefits of starting a real estate business in Dubai?
A large potential market, increasing property prices, impressive rental yield – the list of reasons to start a real estate business in Dubai goes on and on.
And you can take advantage of all these benefits while enjoying the UAE’s 0% tax rate on both personal and corporate income. Set up in a free zone and you’ll also benefit from zero currency restrictions and the ability to repatriate all capital and profits.
Finally, if you start your Dubai real estate business with BIZ, we’ll manage the entire process for you, ensuring a fast, complete, and affordable service.
What is the cost of opening a real estate brokerage in Dubai, UAE?
First, it is important to note that there are many costs to consider. On top of the real estate license cost in Dubai, you’ll need to consider the cost of visas, business premises should you require them, and overheads such as utilities, staffing costs etc.
All of which makes it a little difficult to estimate the total cost of setting up a real estate business in Dubai. So, for a full and personalised breakdown of all costs involved, from licensing and visas to workspace and staff costs, get in touch with the expert team at BIZ.
How to start a real estate business in Dubai — step by step
When you work with BIZ, we can guide you through the following four step process.
Step 1: Company name
First, we will help you decide on your company name. Be aware that you must abide by a strict set of naming conventions. You should avoid any offensive or blasphemous language. Avoid names of well-known organisations and avoid abbreviations if naming your company after yourself – i.e., Dave Mann Consulting, rather than D Mann Consulting.
Step 2: Business activities
The next step is to confirm your business activities. Here, you’ll need to outline all services that you intend to offer. You can only carry out activities that are listed on your license.
So, if you intend to start a brokerage or property management firm, or simply invest in and hold UAE property, you’ll need to make that clear at this stage. This decision will impact the setup and license type that is best suited to your business.
Step 3: Real estate license
You can now apply for your real estate license. There are a couple of ways of doing this, depending on your requirements. You can opt to open in a free zone or in the UAE mainland.
To start a mainland business, you would need to make your license application to the Dubai Department of Economic Development (DED). Alternatively, if starting up in a free zone, you should apply to the relevant managing authority. In both cases, BIZ can manage the application process for you.
Whichever option you choose, you will need to supply the following documentation:
- A completed application form
- Articles of incorporation (if necessary)
- Passport copies for all shareholders
- Brief descriptions of intended business activities.
As well as your trade license, you will also be required to pass the Certified Training for Real Estate Brokers course with the Real Estate Regulatory Authority (RERA).
Step 4: UAE visa
You’ll also need a UAE visa – and BIZ can assist with this process too. We can also help you apply for visas for your company employees, dependants, and domestic staff such as housekeepers or drivers.
The maximum number of visas you can apply for will depend on the size of your business premises, and for dependant visas your personal earnings.
Working with top real estate developers in Dubai
Many of the best real estate brokers in Dubai form partnerships with real estate developers, helping to broker deals with potential renters, buyers, and investors. Some of the most active developers and real estate companies in Dubai include:
- Cayan Group
- DAMAC Properties
- Dubai Properties Group
- Select Group
- Sobha Group
- The First Group
- Wasl properties
Start your real estate business with BIZ
If you’re armed with the right knowledge, starting a real estate business in Dubai doesn’t have to be overly complicated.
That being said, it does require a level of prior knowledge of the process. What’s more, it is important to note that the application process is only straightforward if your license application is complete at the time of submission and free from errors.
To help you ensure that this is the case, it’s a good idea to work with a company formation specialist such as Business Incorporation Zone (BIZ) when establishing a new company in the UAE.
We are a team of company registration professionals who are passionate about bringing the dreams of aspiring entrepreneurs and SMEs to life.
As well as handling your license application, BIZ can also assist with the opening of corporate bank accounts and advise on the most appropriate financial institution to suit your specific needs.
We also offer visa and immigration services and can handle all government formalities, permissions, work permits, and visa applications required to trade in the UAE.
In short, our experts can establish your company on your behalf, make your license and visa applications, and take care of all the necessary admin – leaving you free to get on with running your business.