Are you curious to know how to be a real estate agent in Dubai? Dubai is surely the epitome of a modern infrastructure and a 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’s real estate industry. Many investors want to know how to get a real estate license in Dubai. 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 Dubai, UAE. Therefore, it’s better and cost-effective to collaborate with the local business experts at Shuraa who provide end-to-end business assistance by doing all the heavy lifting for you.
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 given to the investor with proper documentation.
Steps of starting a real estate brokerage in Dubai
Becoming a real estate broker in the UAE is pretty straightforward when you know the right process. Following are the steps mentioned below to understand how to be a real estate agent in Dubai:
1. 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).
2. Initial Approval + Tasheel
Get the initial approval from the Department of Economic Development (DED) and the associated documentation from Tasheel to start a real estate brokerage in Dubai.
3. Memorandum of Association
At this stage, the Memorandum of Association (MOA) must be typed in accordance with the UAE commercial law and the protocols of the Department of Economic Development (DED). Finally, notarising the MOA is crucial.
4. Real Estate Brokers Registration Services (RERA Services)
To open a real estate brokerage in Dubai, the real estate broker or agent needs to be certified by the Real Estate Brokers Registration (RERA). Since, it is essential to apply for the RERA Exam and get the Broker ID.
RERA certification involves the following steps –
- Getting residence 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
- Obtaining the license and certification
5. Good Conduct Certificate
The Good Conduct Certificate is issued by Dubai Police addressing the Real Estate Regulatory Agency.
6. Dubai Land Department Approval
Opening a real estate brokerage in Dubai also requires approval from the Dubai Land Department (DLD). Moreover, Dubai Land Department is the government body that administrates everything concerning real estate in the region.
7. Dubai Rented Office Space
All the real estate brokerage license by RERA in Dubai requires having a rented office space or even an office in a business center as per the regulations of the Department of Economic Development.
Cost of opening a real estate brokerage in Dubai
The cost of obtaining a real estate brokerage license in Dubai depends upon a number of factors including location and business activities. Meanwhile, RERA registration exam cost depends on the educational qualifications. For bachelor degree holders, the exam fee is AED 3,200, while for non-bachelor degree holders, it is AED 6,300. And, for applicants with no educational qualification, the fee is AED 15,750. The cost charged by RERA for per activity is AED 5,020.
Once a RERA training certificate has been obtained, license processing can start. The cost of a real estate brokerage license for an LLC is approximately AED 12,950.
However, the approximate cost of opening a real estate company in Dubai starts from AED 21,000. Still this cost can vary depending upon the other activities chosen and government fees.
Key Steps to Start Real Estate Business in Dubai and the UAE.
A real estate company in Dubai can be registered by following the below procedures.
- Name Approval
- Initial Approval + Tasheel
- Memorandum of Association
- UAE local partner
- Approval from Estate Brokers Registration Services (RERA)
- Good Conduct Certificate
- Dubai Land Department Approval
- Dubai Rented Office Space
Connect with Shuraa Business Setup
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 still trying to find out how to apply for RERA license in Dubai.
Are you having doubts about any of the steps related to how to be a real estate agent in Dubai? If you have any questions concerning setting up a real estate company in the UAE or any other business sector, all you need to do is get in touch with our professional business consultants.
Indeed Shuraa Business Setup we offer you free UAE company formation consultation. We also help you with everything related to business setup in the UAE and help you take those first steps in your entrepreneurial journey.
Click here to book a free consultation with us or call us at +97144081900. You can also reach out to us on WhatsApp by dropping a message on +971507775554. For email assistance, mail your query at firstname.lastname@example.org.