Dubai is one of the world’s top metropolitan cities. It is the biggest city in the United Arab Emirates, with exceptionally high rates of economic activity. For this reason, Dubai is a hub for various business ventures such as tourism, travel, and others. Dubai is also known for having one of the biggest international markets, so it makes for an ideal place to set up your business.
One of the largest growing business ventures in Dubai is Real Estate. The Real Estate Companies in Dubai are estimated to have around 6,000 agents and counting. Some of the world’s best luxury hotels, apartment complexes and office spaces are set up there, such as the BurjKhalifa, Burj Al Arab and the Bulgari Resort to name a few. This means that the Real Estate Marketin Dubai is growing and trends indicate that it will continue to do so. Hence, if you are a Real Estate Entrepreneur, Dubai is the preferred place for you to start off your Real Estatebusiness.
So how do you go about Setting Upa Business in Dubai? What are the Codes and Regulations that you will have to follow in order to start this process? Here are five basic steps that aReal Estate Entrepreneur will need to know and do.
Step 1: There are a number of business types that can operate in Dubai, so the first task is to figure out and read up on what type of business are you setting up. Next, you need to figure out what procedural requirements will you need to meet in order to set up your business.
Step 2: Location is everything when thinking about setting up any kind of business in Dubai. The Codes and Regulations require that all businesses will have a 51% ownership by the government. However, there are many other locations within the nation where this condition does not apply. These locations are commonly known as a Free Zone. A Free Zone may allow even up to a 100% ownership of the business, which gives the company all control. They also come with much lesser restrictions and many tax breaks.
Submit the documents to the Department of Economic Development. You can do this online for the initial process. Once these documents are processed, you may have to resubmit them with some additional documentation upon request.
Step 4: Once registration is complete, you need to acquire certification that allows you to get a license for being a Real Estate agent. There are different requirements for those that have finished an undergrad program and those that haven’t, but the idea is the same; to receive the license from Real Estate Regulatory Authority or RERA.
Step 5: Set up an office and you are done!