1. How to Start Your Real Estate Business In Dubai?
Step 1. Develop a Comprehensive Business plan
You must start by laying a solid foundation to build a successful business in real estate. You must create a solid plan for your business, just as you would with any other.
The following points should be included in the plan:
- Your goals for your business: Outline clearly what you want to achieve, whether it’s to specialize in residential, industrial, or commercial real estate, or provide specific services such as property management or brokerage.
- Target Market: Determine which demographic or niche you are targeting.
- Marketing strategy: Plan your marketing strategy to attract customers and promote your business.
- Financial Projections: Estimate startup costs, revenue and profitability.
- Your organizational structure: Decide on how you would like your business to be managed and organized.
It is also a good idea to evaluate your competitors to determine if you have an advantage or can offer something unique.
Step 2. Choose a legal structure
You will generally have two options when registering as an estate agency in Dubai.
- Limited Liability Company
- Sole proprietorship
Step 3 of Company Registration
To start a real estate business in Dubai you will need to understand the laws and regulations that govern this sector.
You will need to take the following steps in order to register your Dubai real estate company:
- You can get a certificate of “good conduct” from the police.
- Get initial approval: Submit a preliminary approval request to Dubai Economic Department (DED).
- Reserve a business name. Select a name that is unique and suitable for your company.
- Register Your Business: Complete your registration with the DED to obtain a business license.
Step 4: Choosing the Right Office Space
You should not overlook the location of your office. We recommend that you choose a location which is in line with your target audience. You should also take into account other factors, such as prices and facilities.
To comply with the tenancy regulations, you must also register your contract at Ejari.
Step 5: Fulfill RERA Requirements
You will then need to fulfill RERA requirements, and obtain your RERA licence. You will need to follow these steps:
- Obtain approval externally: Obtain approval from the Real Estate Regulatory Authority.
- Obtain a real estate broker’s license: Pass the RERA examination and complete the required training.
- Register your business with RERA. Submit all the necessary documentation to register with RERA.
Complete the Post-License requirements
You’ll only need to complete a few steps after you receive your RERA license before you can start your business.
- Get residency
Register for immigration to obtain a residence visa for employees and business owners. -
- Owners – General Directorate of Residency and Foreigners Affairs GDRFA
- Employees – Ministry of Human Resources and Emiratisation
- Hiring employees: Register employees with the Ministry of Labor.
- Get broker cards
RERA offers broker cards for all your employees.- Brokers must complete training and pass an exam at Dubai Land Department.
- Note: If a licence recipient is not planning to do any brokerage, they don’t need to apply for a broker card.
- Open an account in a bank: Prepare all the documents and open a banking account with KYC procedures (Know Your Customer).
Step 7 – Comply with the Law & Stay on your side of the law
You’re now ready to fly, but you should register with the Federal Tax Authority or another government entity. Also, make sure you comply with all anti-financial crimes and anti-money-laundering laws.
