Since the beginning of economic as well as business development in Dubai, the real estate sector keep on the top priority of most of the states of UAE. The construction of tall buildings and other construction projects are going every time in Dubai. All this nonstop construction work offers profitable business chances for people; who are trying their luck doing the business of real estate; that is construction companies, developers, real estate brokerage etc.
There are mainly three types of for this business; in which one of them is the commercial brokerage license in Dubai. A commercial brokerage license in Dubai will empower you to take a part or represent both the parties; that is the landlord and the tenant in the government departments; and responsible for doing the real estate services (e.g. RERA). To work on behalf of someone in the gov’t department is really an important task. One can easily evaluate the profits that he can get while having commercial brokerage license in Dubai; after considering the importance of real state in the market of Dubai. Getting a real estate brokerage license in Dubai involves various steps.
In Dubai, there are two legal structures available for real estate brokerage license in Dubai.
- A single person doing this business is called ‘sole establishment’
- The second structure is the Limited Liability Company (LLC); where there are two or more up to a maximum of 50 shareholders.
Commercial brokerage license in Dubai can only be set up under complete ownership of a UAE national. This real estate brokerage company can only be set up in Dubai mainland.
Prior Conditions for commercial brokerage license in Dubai
If an expat person want to get the Commercial brokerage licenses in Dubai; then he will have to get a real estate qualification course; requiring a university degree (in economy, accountancy or finance) along with 3 year experience. The company owner as well as manager should have to provide good conduct certificate from Dubai police department. An at the end, they would have to pass the real estate profession test.
How to setup real estate brokerage in Dubai
Reserve a Trade Name
The process of real estate company formation in Dubai is start with the trade name reservation. You can do this online through a DED website; or at one of the typing centers in the emirate.
Initial Approval for real estate brokerage license in Dubai
The next step is to get the Initial Approval for real estate brokerage license in Dubai; by submitting basic application and other helpful documents; such as the application form (BR-1 form), copy of the passport of all the shareholders as well as manager; and also a copy of attested high school or university degree of the partners as well as manager.
Approval from Real Estate Regulatory Agency (RERA)
In order to get RERA approval, you need to pass RERA courses related to real estate field; which would be at least for two to fifteen days; but this will totally depend on your educational background.
In case of a Sole Establishment, only office tenancy contract shall be sign between the concerned parties. If a company is being form as LLC, then MOA shall be sign between the shareholders in front of the Notary Public.
License from DED for commercial brokerage license in Dubai
At this stage all documents such as trade name reservation certificate; RERA approval, tenancy contract and MOA along with copy of the passport of all the shareholders; and a manager can be submitted to DED to obtain the final license. After getting complete documents, DED issues fee voucher which includes all due costs for getting the license. Once the payment is done, DED issues the license.
RERA registration of real estate brokerage license in Dubai
After obtaining a license from DED; the next step is to register your company with RERA. For taking RERA registration the following documents are requires.
You need an application form, a license copy, payment receipt for RERA courses; and also a tenancy contract as well as a location map.
Registration with DNRD and Ministry of Labor
Like other main land license, a commercial brokerage license in Dubai; need to be register with DNRD as well as Ministry of Labor (MOL); so that to hire foreign employees and also sponsor their visas.
A quick look to the real estate brokerage license in Dubai
First step is to reserve a trade name by filling an online application on the website of DED. After that a next step is to submit application form with required documents; that is passport copies of shareholders and manager, attest copy of academic degree of all the shareholders.
The next step include passing of RERA course for gaining expertise in real estate field. The duration of this course is from 2 to 15 days; that will grant RERA approval to the applicant. Now in this step documents will be sign. Only office tenancy contract will be sign in case of sole setup; while MOA will be sign between shareholders in case of LLC. Now to get license all the documents and RERA approval will be submit to DED. The department will issue fee vouchers after receiving all the documents. DED will issue the license.
Now you need to provide DED license copy, application form, tenancy copy; location map as well as RERA course payment receipt to RERA; that will issue registration certificate to the applicant. The final step for Real Estate Brokerage Company is to register with DNRD and MOL (ministry of labor). This will complete the commercial brokerage license process in Dubai