Real Estate License in Dubai: Requirements, Process, and Costs
The real estate industry in Dubai is always in the minds of anyone who is dreaming big in the city. There are plenty of business owners and foreign investors who would like to try on the investment opportunity in property sale and acquiring a piece of land to their name. So this pull due to demand has actually made many foreigners as well as natives go and seek what are the necessary requirements for it. So as these increase, of course, there is an increase in people wanting to lend their service in consulting their clients to make legit business. For that, you need a permit. As one among people who understand the nature of law, you will be going through a straightforward, but hefty process to gain a real estate license in Dubai. So let’s get down to all the requirements and necessities that are going to show up in the process of attaining it.
Significance of Real Estate License
The real estate license is the initial aspect of maintaining a firm or an agency that solely focuses on selling and buying land. So to be an agent in between your clients you need an authorized card to make you legit and trustful. And the license will do for you. All the activities that are related to property management come under the regulation of the Dubai Land Department (DLD). So you need to make amends with this governing body to keep you on the right side.
Getting a permit on this aspect is considerably one of the ideal scenarios in the present condition of the real estate market. The value is going in a steadfast, open pace and showing huge potential to reach a certain level by the end of this year. Becoming a real estate agent with or without a proper office setup is accepted. The sole agent is a freelance agent who is also trusted by their clients only if he gets a license from the authorities.
Documents Required for the Registration
Passport Copies of Shareholders: There is a requirement for you to show the identification and in most cases, it is the copies of the passport of each shareholder in the company.
Trade name approval certificate: You will need to choose a unique and appropriate business name to go forward in registering it.
RERA Training Certificate: The RERA stands for Real Estate Regulatory Agency which is the top authority giving you a standard eligibility on real estate learning. You will be required to attend a proper training program that can make you pass the RERA exams.
Residency Visa: The Visa aspect only applies to foreign business owners. Those who are native don't have to bother about it.
MOAs (Memorandum of Association): Memorandum of Association is basically the document that explains your organisational structure and business plans.
Process Involved in Real Estate License
RERA CertificationFor RERA Certification you need to join some authentic courses that can give you the training to pass the RERA exams. And it is going to cost separately.
Submitting Application FormWith all the specified documents in your hand, you will be given an application form for the license. The application form must be filled with enough care so that you won’t make any unnecessary errors.
Sanctioning from DLD (Dubai Land Department)Dubai Land Department is responsible for the final sanctioning. They go through the legitimacy and intention of your interest and carry on to the next step.
Verifying your Broker IDAfter submitting all these files, you will be waiting for a notification from the DLD. The verification will conclude with you getting a proper license that makes you a legal agent in the real estate scenario of Dubai.
Overall Estimation in Cost:- RERA Certificate
Training and Exam = AED 4000 to AED 6500 - RERA License for one year
AED 10,000 (depending on the required license) - Registration Fees
- Administration Cost
- Charges for Leasing a Workspace
To make it clear, these are just estimated figures. If you want to get enough clarity out of these numbers, contact a license consultation firm like Bizvise to get valid reasoning about the picture.
Choosing Bizvise to attain a Real Estate License in Dubai
When in doubt about being right and efficient from the beginning, you can reach out to a business consulting company like Bizvise, who can assist you prior to every turn. This is an organization that helps modern businesses to reach where they want and to guide them through all their legal framework. Many licenses are important to open a new door of opportunities. We have various experts on our team that can help you to sort out the basic practices that are commonly getting wrong. We assist you in implementing better strategies to go for a permit or handle all the paperwork and documents. So for more information regarding getting through this process, you know where to begin.
Conclusion:Dubai is the land of various businesses and it will never stop being one because of the potential companies that are thriving here. Real estate is for sure one of the sectors that are getting the attention of investors and business owners from around the world. With all the demanding thoughts right to the centre of this business hotspot, you are just a license away from this valid possibility. The Dubai government has also made the law book much more flexible for you, but you will be requiring an agency in between to lead you to the right end.