Real estate is a lucrative business in Dubai, as the city is growing at a rapid pace. The property prices are increasing at an incredible rate and there is a huge demand for real estate which makes it an ideal for entrepreneurs who want to setup a real estate business in Dubai.
There are many investors who have made their fortunes by investing in property in this region. However, getting started with your own real estate company can be challenging if you do not know where to start from or how to set up the business. That’s why I’m here! In this article, we will discuss everything related to starting a real estate business in Dubai including:
1. Obtain a License
In order to start a real estate business in Dubai, you need to obtain the following licenses:
- License from the Dubai Land Department (DLD). This license enables you to buy or sell land and properties. It also allows you to build on this land and resell it as per your wish.
- License from the Dubai Municipality (DM). This license enables you as an agent or broker to rent out properties in Dubai through your agency/brokerage firm.
- Licenses from Dubai Police Department (DPD), Civil Defense Department (CDD) & Naturalization & Residency Affairs Office (NRADO). These licenses allow you operate within their jurisdictions respectively; i.e., getting permission for any kind of construction work done on a property that falls under their jurisdiction like building houses etc., having weapons at home etc., dealing with immigration matters such as visas etc., providing first aid services during emergencies
2. Register Your Company in Dubai
- Register your company in Dubai
If you are planning to register your business in Dubai and have not yet registered it, then you need to do so as soon as possible. This can be done by following these steps:
- Registering an LLC (Limited Liability Company): The first step is to register an LLC with the Department of Economic Development (DED). After doing so, ensure that all members of the board of directors sign their names on all documents pertaining to registration before submitting them for approval. Once this has been done, submit all required documentation along with proof of ownership such as land deeds or lease agreements for any premises being used by the company; proof that no other businesses share its name; evidence that there are no pending legal cases against any member(s) involved with running said business; proof that no other companies operate under similar names anywhere else in Dubai Emirate or elsewhere around UAE region (this includes online platforms such as Facebook); copies certified true copies from relevant government agencies such as Ministry Of Labour And Social Affairs (MOLSA), Immigration & Naturalization Department (IND), Public Health & Safety Agency etc., confirming identity card numbers/passports details etc., if applicable; documents showing status quo regarding capital contributions made by each individual shareholder prior registering said entity–this may include bank statements showing large sums deposited into accounts belonging specifically only those individuals wishing register businesses here under given name(s).
3. Apply for The Trading License in Dubai
- Apply for the trading license in Dubai
Most agents and brokers need to apply for a trading license before they can start their business. A trading license is issued by the Department of Economic Development (DED) and it allows you to set up your own business, get clients, sign contracts on behalf of your clients and conduct other activities related to real estate transactions such as buying/selling property or renting out properties on behalf of clients.
The documents required when applying for this license include:
- Passport copy – 1 copy
- Emirates ID copy – 1 copy (for UAE nationals only) or passport copy – 1 copy if you are non-UAE national residing in Dubai
4. Get an Insurance Policy, Landlord’s Consent and other Required Documents from your Lawyer
- Insurance policy: The Dubai Land Department requires a valid insurance policy for the business. The cost of this can be up to AED 3,000 (US$ 839) per year depending on what kind of coverage you want, but it’s well worth it.
- Lease agreement: You’ll also need a lease agreement from your landlord and consent from them to run your business out of their property. This should be signed by both parties before applying for approval with Dubai Land Department.
- NOCs (No Objection Certificates): In addition to getting consent from owners or landlords, some businesses may require additional permissions such as an NOC (no objection certificate) from municipality authorities if they want permission to operate in certain zones within Dubai city limits; this will depend on where exactly they plan on running their business from so make sure you check before applying!
5. Get an Office Space or Hire an Office Space on Rent
You can choose to rent a space that is suitable for your business, or you can hire an office space on rent. It all depends on your budget, but if you have enough money and don’t want to spend much time looking for the right place, hiring an office space would be ideal.
If you decide to rent a space yourself and not hire one through an agent or broker then make sure that:
- The location of this rental property is easily accessible by your target audience (ie: near their homes) so they can come visit it easily when needed;
- It’s in an area where there are many people passing by every day;
- It has good visibility from outside (so passersby will see it); And lastly…
6. Hire Staff and Create a Team for your Business
Hiring staff is one of the most important steps in setting up your real estate business. The right people can make all the difference, so it’s worth taking some time to find the right candidates for each position.
- What kind of staff do I need?
The type of work you do will determine what types of employees you need and how many people you should hire. For instance, if you’re an architect or engineer who needs computer models made, then you’ll want someone with experience in 3D design software like AutoCAD or Maya (or both). On the other hand, if your job involves managing construction sites and overseeing teams as they build houses from scratch–a process that involves laying foundations first before adding walls and roofs–then hiring builders who know how to use power tools might be a better choice than hiring designers who know how computers work but have never worked on site before!
Setup a Real Estate Business in Dubai is not as Complicated as it Seems
Setting up a real estate business in Dubai is not as complicated as it seems. You need to register your company in Dubai, apply for the trading license and get an insurance policy, landlord’s consent and other required documents from your lawyer.
If you have already decided on what kind of property you want to invest in but don’t know how to start setting up your own real estate business, then here are some useful tips:
Setting up a real estate business in Dubai is not as complicated as it seems. You just need to follow the right steps, get all the required documents and make sure that everything is done in accordance with the law.