Dubai’s economic expansion has transformed it into a truly international city that draws visitors from all over the world. As a result of all this, it shouldn’t be a surprise to see that the real estate market is booming in the country, especially in Dubai. Dubai’s residential market saw demand increase by 43.8% alone in February 2023.
Anybody who is remotely related to the real estate industry in any part of the world will be tempted to join the Dubai real estate business in some form. Because Dubai has huge potential, it promises that your next step toward success in the city will certainly be fruitful.
Whether you want to create your own real estate company or work as a property broker, this is the best time to enter the Dubai real estate market. To obtain a real estate license, you must adhere to several laws and standards. In this blog, one of the oldest business setup consultants in Dubai, Infolinks, shares a summary of the procedures for obtaining a real estate license. So stay tuned and read until the end.
Don’t forget to read our guide on 5 key benefits of using business set-up and formation services in Dubai. The guide will help you make a decision about hiring a business consultant firm.
Step 1
Finalizing Your Business Structure
To obtain any type of business license in Dubai, finalizing its structure and type is necessary because, depending on them, you will get a license that will allow you to operate your business. Along with the type and nature of your business, you must also decide which place you want to have your office, viz., a free zone, the mainland, or any other region.
As opposed to the local market, which is governed by city legislation, free zones are specific places with their own rules and regulations. Leading business setup consultants in Dubai, such as Infolinks, advise locating your real estate company in a free zone. Here, you can take advantage of tax advantages like no personal income tax and benefits like full repatriation of capital and profits. You can choose to operate in a free zone as either a free zone establishment (FZE) or a free zone company (FZC). If for your business setup in Dubai, you are unsure what is right, then hiring Infolinks will be very helpful to you. Our experts can give you complete guidance and make your business set-up journey smooth.
Also read, our blog on 11 things you must know before setting-up a company in Dubai.
Step 2
Choose a Name for Your Business
Choosing a business name is a mandatory procedure in most countries to acquire a business license, but in the case of Dubai, this step is a bit more important as there are a few rules and regulations regarding the name you can choose. However, you don’t need to worry about choosing a name for your business, as the rules aren’t made for controlling but rather for governing.
The name you select must not be offensive or infringe upon the UAE’s culture or religion because the nation has rigorous naming regulations for businesses. If you need assistance choosing a name for a business setup in UAE, you can get in touch with experts at Infolinks. Our team will be more than happy to assist you.
Step 3
Get the Paperwork Ready
Although it may be the most time-consuming step, this is also the most important, and you shouldn’t mess with this step. To make the process easy, you can hire business setup consultants in Dubai. Once you have decided on a company name, you must submit a business application to Dubai’s Department of Economic Development, along with the required paperwork for each shareholder.
The following is a general list of what is needed:
- copies of the director’s and shareholder’s passports
- Minimum of three months’ worth of bank statements as proof of address
- Certifications of completion of education
- If necessary, a certificate of share capital deposit
Before you hear back from the authorities, you might have to wait a few weeks.
Step 4
Obtain RERA Approval
You will receive a trade license from the Department of Economic Development if your application is approved. However, that is not all you need to set up a real estate company in Dubai. In addition to this, you must get approval from RERA. Hiring business setup consultants in Dubai makes sense, as their team of experts can visit multiple places at once and speed up your licensing processes, helping you save time and resources.
When you hire Infolinks, our dedicated team will guide you and give you complete details. If some exams are required for the RERA application, you will be given complete assistance and material to help you clear the test.
Depending on the services you intend to provide, you could require additional licenses. For instance, you need to obtain a business license if you intend to engage someone to buy and sell properties on your behalf. In short, if you are willing to hire real estate brokers, you will be required to acquire additional licenses.
Step 5
Open a Bank Account
At this point in your business setup in Dubai, you are almost ready to launch your business. After you apply for all necessary licenses and approvals, the next step is to open a business bank account in Dubai. Make sure you have all the documents with all the required licenses and paperwork.
There are numerous domestic and foreign banks in the UAE. The best option for you will depend on your budget and business needs. To determine the best choice for your organization, we advise hiring one of the best business setup companies in Dubai, such as Infolinks. Our experienced staff is well-equipped to help you make the right choice.
Step 6
The Final Step
Apply for a Visa
There are restrictions on the types of visas you can obtain if you choose your company’s location in a free zone. The golden visa is the best choice for most entrepreneurs and enterprises. This particular sort of investment visa is granted to international businesspeople who make investments in UAE companies. You may stay in the country for up to ten years with this visa. You can begin running your real estate company in Dubai as soon as the visa is approved! You can read in detail about Golden Visa Dubai in our blog section.
For more details and to start your Real Estate Company in Dubai contact team Infolinks.
