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What is the cost of opening a real estate brokerage in Dubai?

Dubai is the epitome of a modern infrastructure and massive metropolis. Real estate in Dubai applies the world’s most innovative expertise and technology. It also offers steady investment attracting the biggest multinationals from around the world. This is why there are a lot of business opportunities in Dubai’ real estate industry.

Many investors want to know how to get real estate license in Dubai or are willing to open a real estate brokerage in the region.

This article concentrates on the cost of opening a real estate brokerage in Dubai. But, it is good to understand the requirements as well. Dubai’s real estate sector continues to grow, which is why opening a real estate brokerage in Dubai is tremendously in demand.

Opening a real estate brokerage in Dubai requires acquiring a license, having a business plan, securing funds and hiring agents like anywhere else in the world. However, there are some additional requirements exclusively found in the Dubai UAE.

Why do you need a 100% UAE local ownership for real estate brokerage business in Dubai?

Mainland businesses in Dubai have a legal norm of assigning 51% partnership to a UAE local. Real estate brokerage business in Dubai requires you to give 100% ownership to a UAE national.

  • 100% ownership to a UAE national may sound uncertain. But the UAE commercial law and the RERA which is the regulatory arm of Dubai Land Department aims at offering complete security to the Investor.
  • Setting up a real estate brokerage business in Dubai involves large amount of transactions. There are cases when expat investors abscond with huge sums or misuse the license. Hence, to have complete control 100% ownership is given to a UAE national.
  • The setup of a real estate brokerage business in Dubai, is structured at safeguarding the interest of the investors. The Emirati is given 100% ownership and the investor becomes the manager of the company. The investor is given 100% Power of Attorney to the company. The investor is also given complete operational ownership with total control over the company is given to the investor with proper documentation.

Steps of starting a real estate brokerage in Dubai –

Name Approval

You need to decide a name for your real estate brokerage in Dubai. You may choose any Arabic name or English Name at a nominal cost. The name must be as per the guidelines put forth by the Department of Economic Development (DED).

Initial Approval + Tasheel

Get the initial approval from the Department of Economic Development (DED) and the documentations associated from Tasheel to start a real estate brokerage in Dubai.

Memorandum of Association

At this stage, the Memorandum of Association (MOA) must be typed in accordance to the UAE commercial law and the protocols of the Department of Economic Development (DED). Notarising the MOA is crucial.

UAE local partner

Opening a real estate brokerage in Dubai requires you to partner with a UAE national and provide him 100% ownership. You may get into a corporate sponsorship in Dubai and ensure to partner with a reliable and trustworthy local partner. You may seek for documentations such Investor’s Right Protection Contract or the company’s Power of Attorney that makes you the manger and providers you 100% operational ownership of the company.

Real Estate Brokers Registration Services (RERA Services)

To open a real estate brokerage in Dubai, the real estate brokers or agent needs to be certified by the Real Estate Brokers Registration (RERA).  It is essential to apply for the RERA Exam and get the Broker ID. RERA certification involves the following steps –

  • Getting resident visa under the company
  • Applying for RERA’s certified training for real estate brokers
  • Attending the classes held at the opted RERA training center
  • Writing the RERA exam – If UAE local or the real estate broker in Dubai holds a bachelor’s degree, the exam fee is AED 3200. For applicants without a bachelor’s degree the exam costs AED 6300.
  • Obtaining the license and certification

Good Conduct Certificate

The Good Conduct Certificate is issued by Dubai Police addressing the Real Estate Regulatory Agency.

Dubai Land Department Approval

Opening a real estate brokerage in Dubai requires approval from the Dubai Land Department. Dubai Land Department is a governmental body administrates everything concerning real estate in the region.

Dubai Rented Office Space

All the real estate brokerage license by RERA in Dubai require to have a rented office space or even an office in a business center as per the standards of Department of Economic Development.

Cost of opening a real estate brokerage in Dubai –

Cost of opening a real estate brokerage in Dubai

No.

Charges

Type of Fees

Period Covered

Amount

Costing & Fees
1

Initial Approval

Gov’t Fees

One time

AED 235

2

Name Approval

Gov’t Fees

One time

AED 735

3

Typing of MOA

Typing centre

One time

AED 575

4

Notarization of MOA

Gov’t Fees

One time

AED 1800 Approx

5

Sponsorship + PRO services

Sponsor

Every Year

AED 50000 Approx

6

License Fee

Gov’t. Fees

Every year

AED 10960+ Approx.

Added business setup fees for opening a real estate brokerage in Dubai
7

Broker ID

Gov’t Fees

Every year

AED 520 Approx (per person)

8

RERA Exam

Gov’t Fees

One time

AED 3500 Approx (per person)

9

Good Conduct Certificate

Gov’t Fees

One time

AED 200 Approx (per person)

10

Land Department

Gov’t Fees

One time

AED 10020

11

Rented Office

Depends on requirements

Depends on requirements

Depends on requirements

12

Market fees 2.5% of Premises annual rent to be paid to Economic Department.

Gov’t. Fees

Every Year

Variates

13

Arabic name free – Foreign name charges AED 2,000/

Gov’t. Fees

Every Year

AED 2000

Fees in labour and immigration department
14

Immigration card fees

Gov’t Fees

Every year

AED 760

15

Labour Card fees

Gov’t Fees

one time

AED 2700

16

Employee Visa

Gov’t Fees

Every 2 years

AED 5000 Approx

17

Telephone + P.O. Box Update (Economic Dept.)

Gov’t. Fees

one time

AED 560

18

Company Rubber Stamp

SF

one time

AED 100

 

Still having confusion on how to setup a real estate company in Dubai or anywhere across the UAE? Do you need to know about RERA’s certified training for real estate brokers? Or Are you trying to find out how to apply for RERA license in Dubai? If you have any questions concerning setting up a real estate company in UAE or any other business speak to an expert.

At Shuraa Business Setup we offer you free UAE company formation consultation. We help you with everything related to business setup in the UAE and help you take those first steps in your entrepreneurial journey.

To book your free consultation log on to https://www.shuraa.com/book-free-appointment/ or chat with us / send us a quick enquiry to request a call back https://www.shuraa.com/contact/.

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