In the UAE, business owners and entrepreneurs discover a plethora of profitable business opportunities. Many fields offer a very low entry point for new businesses with high-profit margins. If you want to know how to start a real estate company in Dubai, there are some things that you need to know and do before diving into this venture.
Real Estate Business in Dubai
Dubai is one of the most developed cities in the Middle East. It is where people go for world-class hotels, malls, and entertainment centers. The city also hosts many major international companies as well as small businesses. In addition, it has a thriving property market because of its central location and excellent transportation system. This makes it ideal for any entrepreneurs who want to start a real estate company in Dubai.
Starting Real Estate Company in Dubai
There are four types of real estate firms to start in Dubai:
You will be selling properties directly to buyers or sellers. You will also be managing your team in finding prospective clients and showing their properties. As an agent, you should know how to negotiate deals. However, if you lack the experience and skills, then you might consider hiring someone who does.
This type of business involves taking care of properties owned by other people while they are renting them out. When the lease expires, you will find ways to renew it or help the client sell the property. You must have good negotiating skills and management skills to succeed in this line of work.
Land developers plan projects of land development. They make sure that every phase of the project goes smoothly, and that the final product turns out exactly as planned. You will need to hire professionals to handle each aspect of the project, including engineering, architecture, marketing, and construction.
A property agency handles all aspects of buying and selling real estate. It acts as a middleman between the seller and the buyer. Agents are usually paid on a commission basis, so you will need to have a large pool of clients.
These four types of real estate businesses offer a vast array of opportunities for different individuals. Each type offers unique challenges and rewards, but it is important to learn more about these businesses before making any decisions.
Real Estate Company License in Dubai
Once you decide which kind of business you wish to pursue, the next step would be to get your license. Getting a real estate license in Dubai is relatively easy compared to other countries. You can apply for the permit online.
The Real Estate Regulatory Authority, commonly known as RERA, oversees the real estate industry in Dubai. It monitors all activities related to the sale and purchase of the real estate. Since it is a law, everyone must comply with its provisions. This includes agents, brokers, and even companies.
To get a RERA license, you will have to provide certain documents and information. These include the following:
- Proof of having passed the Real Estate Exam.
- Evidence of being qualified to practice your field.
- Proof of having the proper capital and financial statements.
- A copy of your passport.
- Proof of having a physical office space.
- A list of the staff members employed by you.
- A declaration of compliance with the rules and regulations set forth by RERA.
You will also have to pay an annual fee for your license. This amount varies based on the size of your business. Once you receive your license, you will now be able to open a real estate company in Dubai with peace of mind.
Cost of Real Estate Company License in Dubai
As mentioned earlier, obtaining a license in Dubai is fairly easy. However, the cost of real estate license in Dubai starts from AED 30 000 to AED 45 000 depends on the types your real estate business and activities. These include the type of business you intend to operate, the number of employees you plan to hire, and the capital you have available to invest.
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In general, you will have to pay a non-refundable registration fee along with an annual renewal fee. If you want to register for a brokerage firm, you will also have to pay additional fees per agent.
Steps to get a Real Estate Company License
Getting a real estate license in Dubai requires careful planning and preparation. You need to gather all the necessary documentation and information ahead of time so that you do not encounter any problems during the application process.
Below are some steps that you can follow to prepare for applying for your license:
- Choose the type of real estate venture you want to open
This will depend on your skills and interests. Most aspiring entrepreneurs start with a real estate brokerage. However, if you have a lot of money to spend, you can always try opening a property management company instead.
- Acquire the required documents to prove that you can legally run a real estate business
These include your official degree, a letter of recommendation, and a clear criminal background.
- Find a lawyer who is familiar with the procedures involved in getting a license
They will guide you through the entire process. Hiring a lawyer will not only save you time but will also ensure that you do not make any costly mistakes.
- Gather all the necessary information and documents to submit when you apply for your real estate company license
This is very important because you will be asked to provide copies of various documents. You will also need to pay a non-refundable registration fee.
- Register your business with RERA
Make sure to submit all the required documents well in advance of your deadline.
- Decide whether you want to register as a sole proprietorship, partnership, or limited liability company
These options will determine the level of risk associated with your investment.
- Find a suitable location for your office
This will be used as the main place of operation for your company. Location plays a huge role in determining the success of your business. It not only influences the price of the property, but it can also affect the number of clients you attract.
- Create a website for your business
As long as you have a strong online presence, you will gain access to a wider market. This will help you grow your clientele base faster.
- Establish a relationship with a reliable real estate agency
The more experienced they are; the better results you can expect from them.
- Make sure that you keep yourself updated with all the latest industry trends and developments
This will allow you to know what works best for your business.
- Take the Real Estate Exam
Passing this exam proves that you have the knowledge and skills needed to run a successful real estate business.
When you have completed all the steps above, you can finally apply for your real estate company license.
Document Required to Get a Real Estate Company License in Dubai
Getting a real estate business license in Dubai is indeed fairly simple. However, there are still many things that you need to take care of first. This includes gathering all the required information and documents, learning about the industry, and finding a suitable location for your company’s office.
Document required for obtaining a license may vary depending on the nature of your business. Below are some examples of the most common documents that you will need to present:
- Proof of passing the Real Estate Exam.
- A valid passport.
- Proof of having a physical office space.
- Proof of having a licensed broker.
- Proof of having an accountant who is registered with RERA.
- A letter of recommendation.
- Your official degree.
- Criminal record.
- A RERA-approved property valuation certificate.
- Copies of your bank statements and credit card bills for the past three months.
The above list highlights important documents that you need to submit to start a real estate company in Dubai. However, there are still others that you must acquire beforehand.
Benefits of Opening a Real Estate Company in Dubai
Opening a real estate company in Dubai comes with many benefits. There are many reasons why you should seriously consider doing this. Some of these include:
If you look at the real estate industry in Dubai, you will see that it has a bright future ahead of itself. More and more people are becoming interested in investing in properties here. This means that the demand for real estate services and products will continue to rise. If you want to tap into this growing market, then you need to start a real estate company in Dubai.
The UAE is a beautiful country filled with amazing places that you can invest in. With its great weather and rich culture, it is no wonder that many investors are looking to buy land or properties in this region. When you open a real estate company in Dubai, you will be able to earn high profits. Not only that, but you can also use the money earned from your investments to expand your business.
Easy Licensing Process
It is easy to start a real estate company in Dubai. All you need to do is follow all the required procedures. Since the government wants to ensure that only qualified individuals are allowed to operate in this industry, you will need to pass the real estate exam. Once you have done this, you can proceed to file your application for a license.
Strong Support System
To succeed in the UAE, you must understand the local culture and customs. Starting a real estate company in Dubai also requires you to learn how to adapt to the environment and work ethic of this city. Fortunately, the government in Dubai is always ready to provide support. They are willing to assist you with everything from securing financing to setting up a physical office.
How Avyanco Can Help You Setup a Real Estate Company in Dubai
As mentioned earlier, establishing a real estate company in Dubai is not easy. However, this does not mean that it cannot be done. With the right resources, you can easily accomplish your goals. One such resource is Avyanco, which provides clients with a wide range of valuable real estate services.
Avyanco can help you secure funding, lease office spaces, and even manage your existing business. We make sure that you get the best value for your investment. No matter what type of real estate company license you are applying for, Avyanco can guide you through the entire process.
The extraordinary services offered by us will surely make your life easier. From helping you find suitable locations for your physical office, to assisting you with the application process, we will do anything to help you lay the foundation for your real estate business in Dubai