Dreaming of building a real estate empire in Dubai? The UAE’s dynamic market, particularly in Dubai, presents a golden opportunity for investors; Dubai has become a real estate hotspot, especially after introducing a 10-year long-term residency visa for foreigners investing in the UAE property market.
At Corporate Business Services (CBS), we specialize in helping entrepreneurs like you successfully setup a company in Dubai. Our expert guidance and personalized approach ensure a seamless and successful company setup. In this guide, we’ll walk you through every step of the process of setting up your real estate company in Dubai.
Why Set Up a Real Estate Company in Dubai?
The Dubai real estate market has experienced consistent growth in recent years, contributing significantly to the city’s economic development. The government has streamlined regulations to encourage foreign investment and innovation, making it easier than ever to establish a business presence.
Benefits of Setting Up a Real Estate Company in Dubai:
- 100% Foreign Ownership: Foreign nationals can now fully own mainland businesses in Dubai, an option that was previously restricted to free zones.
- Streamlined Procedures: Dubai offers simplified company formation processes with reduced paperwork.
- Stable Environment: A secure and stable socio-political environment with world-class infrastructure and transportation systems.
- Strategic Location: Dubai is geographically positioned as a central hub connecting Europe, Asia, and Africa.
Steps to Start a Real Estate Business in Dubai
Starting a real estate company in Dubai can be made easier with the help of an expert business setup consultant like Corporate Business Services (CBS). Our dedicated team of business consultants designs a custom plan based on your requirements and business goals, ensuring you experience hassle-free company formation in Dubai and the UAE.
Step 1: Develop a Comprehensive Business Plan
The first step to establishing any successful business is to draft a concise business plan describing your business goals, ownership structure, market trends, and, more importantly, your main business activities.
In this regard, setting up a real estate company in Dubai requires you to develop an elaborate business plan highlighting the type of company you intend to operate in Dubai.
Step 2: Choose Your Business Location
Choosing the right location in Dubai for your business is a crucial decision that will impact your operation and customer reach. You need to consider whether you want to establish your business in Dubai mainland, which will give you direct access to the entire UAE market, or in a free zone jurisdiction in Dubai that provides a license to conduct real estate business activities with 100% foreign ownership and no income tax or corporate tax.
Step 3: Deciding on Your Business Ownership Structure in Dubai
The Dubai business landscape offers various legal structures for different types of businesses. A legal structure indicates how many shareholders will be allowed under a Dubai business license and the company tax obligation.
The most preferred choice by many foreign investors and entrepreneurs is a Limited Liability Company (LLC), which allows up to 50 shareholders. Other options are:
- Sole proprietorship for single owners.
- Branch Office to open a branch of an existing company.
Step 4: Choose a Unique Business Name
Upon registering your company in the UAE, you will need to come up with a unique company name and apply for a trade name reservation certificate from the Dubai Department of Economy and Tourism (DET).
Step 5: Get Required Documents and Apply for Initial Approval
This step requires you to prepare all the necessary documents for setting up a real estate company in Dubai, such as:
- The Dubai Estate Brokerage Card (RERA Certificate), obtained from the Dubai Lands Department (DLD)
- A Tenancy Contract (EJARI) for renting an office in Dubai.
- A Passport copy of all shareholders.
- A Memorandum of Association (MoA) stating the reason for establishing the company and the activities it plans to undertake.
- A Police Clearance Certificate (Good Conduct Certificate) not older than 6 months.
- A Proof of address.
After preparing all the required documents, you’ll now have to apply for initial approval from the Dubai Department of Economy and Tourism (DET).
Step 6: Apply for Your Business License in Dubai
The most important aspect with regard to business license applications in Dubai is to apply for the correct type of trade license, depending on the nature of your business activity. You will need a commercial business license to set up a real estate company in Dubai.
You can choose to operate a real estate company in one or all of the four categories (Property Brokerage, Property Management, Land Development, or Property Agency).
Our business consulting experts in Dubai can assist you with all steps and requirements, ensuring you experience a smooth and worry-free company formation process in Dubai.
Step 7: Apply for Employment Visas and Open a Business Bank Account in Dubai
After completing the application requirements for a business license, paying all required fees, and obtaining your trade license from the DET, you will need to apply for residency visas for yourself and your company employees through the Ministry of Human Resources and Emiratisation (MOHRE).
Furthermore, you will also need to open a business bank account in the UAE and register with the UAE Government for corporate tax and VAT.
Get A Free Consultation from Our Experts at CBS
Setting up a company in Dubai can be a fairly straightforward and smooth process, and working with a business setup consultant can make the process much easier and more error-free for you.
We at Corporate Business Services (CBS) can help you take the hassle out of registering your company and obtaining a business license for your business, as well as assist you with obtaining a visa, opening a corporate bank account, applying for VAT and corporate tax, and other PRO services in Dubai, ensuring you comply with all the regulations and laws of the city.
Ready to take the first step? Feel free to contact our team now for a free consultation. We are here to guide you through the entire process.