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Reports reveal that until September this year, the total value of real estate transactions in Dubai were in excess of Dh155 billion. As the UAE property market grows at a steady pace, setting up a realty company makes common sense.
There are generally two types of real estate business: brokerage (buying/selling and leasing property) and developers (building housing, commercial and tourism-related projects). Unlike other businesses, realty offices cannot be opened in free zones unless it is a consultancy or a branch office. Here are the key steps to setting up a realty business in the country:
In Dubai, choose the form of business, such as partnership, corporate form or sole proprietorship, and the place where you want to set up your office. Then apply for professional and commercial licenses through RERA. You need to complete a RERA certification course for this. You also have to register your company name with the Department of Economic Development (DED) through which you will get initial and final approvals to set up. Once you have the licenses, get immigration permits from the Ministry of Labour to recruit staff for your company.
In Abu Dhabi, you need to apply for a trade license from DED. You also need to get some permits from the municipal authorities.
In the northern emirates, you need a trade license to register with the real estate registration departments.
• One can be a broker or developer in realty industry
• In Dubai, one needs to apply for licenses at RERA
• For the other emirates, one needs a trade license
Source: S. Dhar, Special to Classifieds
The writer is a freelancer