Opening a real estate company in Dubai involves several well-defined steps, beginning with obtaining the necessary licenses and culminating in setting up your business infrastructure. Here’s an expanded guide on how to navigate this process:
1. Acquire a Real Estate Broker License:
The first step is to obtain a real estate broker license. This is a mandatory requirement and involves enrolling in a four-day training course at the Dubai Real Estate Institute (DREI). The course is designed to provide you with a comprehensive understanding of the real estate laws, practices, and market dynamics in Dubai.
2. Take the RERA Examination:
Upon completing the course at DREI, the next step is to apply for and pass an examination conducted by the Real Estate Regulatory Agency (RERA). This exam tests your knowledge and understanding of the real estate sector in Dubai.
3. Obtain the Broker Card:
Successfully passing the RERA exam qualifies you to receive a broker card. This card is a crucial document, serving as proof of your certification and eligibility to operate as a real estate broker in Dubai.
4. Register Your Company:
With your broker card in hand, proceed to the Dubai Economy & Tourism department. Here, you will use your broker card along with other necessary documents to formally register your real estate company.
5. Pay the Licensing Fees:
Once your application is approved, you will be required to pay the licensing fees. These fees vary depending on the nature and size of your business.
6. Secure Office Space:
Before you can open a corporate bank account, it’s essential to have a physical office space. This is where the EJARI system comes into play. EJARI is an initiative by the Real Estate Regulatory Agency (RERA) to regulate and facilitate the rental market of Dubai. You must rent an office space and register the lease contract in the EJARI system.
7. Open a Corporate Bank Account:
With your EJARI registration and other company documents, you can now proceed to open a corporate bank account. This account will handle all your business transactions and is a vital component of your operational infrastructure.
8. Finalize Other Logistical Aspects:
After setting up your bank account, focus on other logistical aspects like setting up your office, hiring staff, and marketing your services. It’s also advisable to stay informed about ongoing regulatory changes in Dubai’s real estate market.
Throughout this process, it’s essential to adhere to all legal requirements and maintain a high standard of professional conduct. The real estate market in Dubai is highly competitive and regulated, so ensuring compliance and professionalism is key to the successful establishment and operation of your real estate company.
