Dubai, an extremely vibrant, breathtaking and even powerful city in terms of economy and infrastructure, has experienced a complete transition in the last two decades. Marked as a trading center between the East and the West, Dubai has always been alluring for entrepreneurs for the unlimited opportunities that it offers to them, with no exception to the real estate segment as well.
If you are a real estate entrepreneur, Dubai is just the right place for you to spread your wings across. The following steps would give you a complete comprehensive idea about how to proceed towards starting a real estate company in Dubai.
- The first step is to explore a good location/premises to set up your real estate business in Dubai. As per UAE regulations, a UAE national should have a 51% stake in any business establishment. On the contrary, one can have a 100% ownership if the area chosen falls under the free zone labeled category. These locations have minimum regulatory constraints and have several advantages like no corporate tax for 50 years, no currency restrictions, no import duty and so on.
- Decide upon the type of business organization you want to enroll for, out of the eight offered in Dubai. Eg. sole proprietors, general partnership, joint venture, public shareholding, etc.
- Having shortlisted the above two, the next step is to register a trade name for your real estate business, along with all relevant documents, to the Department of Economic Development in the Emirates.
- The Real Estate Regulatory Authority (RERA) in Dubai approves and authorizes a real estate business enterprise and issues permit to the entrepreneur only on having undertaken a professional training or course and on having obtained a certificate for the same. Hence, having a college degree is not enough, you need to take up a Real Estate Certified Practitioner’s training course.
- Having a back-office service team is essentially important to ensure smooth functioning of the real estate business as soon as it kicks starts. For this, you may even opt to outsource these services like accounting, marketing, etc. as this would work out to be easy on your pocket as a starter set up.
- Set up your own real estate office so as to build an identity for yourself and your firm in the existing real estate market in Dubai. Having achieved the appropriate licenses and permissions from the UAE government and RERA, having an office of your own would be like an icing on the cake for your upcoming real estate business.