How to Set Up a Real Estate Company in Dubai
- Author Kristine Lorette
- Published October 23, 2010
- Word count 567
The emirate of Dubai is located in the United Arab Emirates (UAE), perched on the western corner of the Arabian peninsula and set right along the Persian Gulf. Since the late 1990s and the early part of the twenty-first century, Dubai has been gaining worldwide attention for its architectural innovation and as a major tourist hub. Due to its ongoing popularity, Dubai has experience significant growth in its real estate industry. Investors who plan to open a real estate company in Dubai have a range of opportunities and significant flexibility in getting their business up and running. Setting up a real estate company in Dubai is largely a matter of following the start-up rules and ensuring that the business is correctly licensed.
Supplies Needed:
Business plan
Marketing plan
Instructions:
Step 1: Select the type of business structure that you will use in your business. Dubai allows for several different types of business structures, all of which are similar to business structures for American or British companies. For instance, you may choose a General Partnership or a Partnership-in-Commendam, which is a form of Limited Partnership. You also have the option of a Joint Venture Company, as well as a Public or Private Shareholding Company. Finally, you may choose a Limited Liability Company or a Sole Proprietorship
Step 2: Establish the correct amount of foreign and local ownership required for your business structure. For a Limited Liability Company, as well as all Partnership variations, Dubai requires that at least 51 percent of the company ownership must be local – or owned by a United Arab Emirates national – while you may own no more than 49 percent of these types of companies. You may, however, own the full 100 percent of a Sole Proprietorship in Dubai.
Step 3: Apply for the licensing required to set up a real estate company in Dubai. You will need a Commercial License, and possibly a Professional License, to operate a real estate business in Dubai. Contact the Department of Economic Development to find out which licenses they require for you to operate your real estate business in Dubai. For example, a company that does real estate investing or mortgage brokerage work only needs a Commercial License; a company that engages in real estate or mortgage consultancy or real estate valuation also needs a Professional License. You can do a quick search for license requirements here.
Step 4: Select an acceptable location for your real estate business in Dubai. You will have more flexibility with a Limited Liability Company or a Partnership or Joint Venture, while a Sole Proprietorship must be located in one of Dubai’s free-trade zones for you to have 100 percent ownership.
Step 5: Acquire an establishment labour card and an establishment immigration card to hire any employees for your business. You can get these cards from the Ministry of Labour and the Directorate of Residency. Register all employees with the Ministry of Labour. Follow all local laws for the required percentage of UAE nationals that your business must have.
Tips and Warnings:
The amount of company ownership might depend on the investors you have in your company and whether or not your investors are UAE nationals. If you are developing a company with investors from outside the UAE, a Sole Proprietorship might be the best option. If you are developing a company with UAE investment money, however, consider the 51/49 split to maintain local investment – and therefore interest – in the business.
Copywriter and marketing consultant, Kristie Lorette, is passionate about helping entrepreneurs and businesses create copy and marketing pieces that sizzle, motivate, and sell. She is also the author of Action Marketing: A Step-by-step Guide to Launch Your Business Marketing Plan. For more information, visit http://wp.me/ptLrh-1.
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- Fresh Paint for a Fast Sale: Here's Why You Should Paint Before Listing
- First-Time Renters in Mississauga: Essential Tips for Success
- How to Choose a Title Company: A Step-by-Step Guide for Real Estate Success
- How Architects Are Shaping Sri Lanka’s Real Estate Boom
- Directing Las Vegas Homes for Sale: How Live Better in Las Vegas Guides Buyers to Success
- Understanding the Renters' Rights Bill: Key Changes and Timeline Explained
- Costs of buying property in Spain - IMS Mortgages
- Three Easy Steps to Sell Your San Antonio House Fast!
- Discover Your Dream 55+ New Construction Home Community in the Greater Tampa Bay, Florida
- Article on Mortgage Lenders and New Homes Mortgage Helpline
- The Advantages of Utilising Professional House Removals Services
- Manilva: A Rising Star in Off-Plan Property Investments
- Comparing Removals services-in-wandsworth: Your Ultimate Guide
- Port Orange -- The Perfect Twin Sister to Daytona Beach
- RE/MAX Ace Spearheads Innovative Housing Solutions in the GTA
- Should You Waive the Home Inspection Contingency? Weighing the Risks and Benefits
- Avenir: Embracing Lifestyle and Community in Palm Beach Gardens
- Serbian Real Estate: A Tidbit for Investors
- Discovering Life in Pattaya, Thailand: An In-Depth Handbook for Expatriates
- DEBUNKING HOME REPORT MYTHS
- Don't Let a Financial Hardship Force You to List Your House
- Safe Water Starts at Home
- Don’t let Missing Insulation Lead to High Energy Bills
- Property Investors Amidst Favorable Swedish Krona Rates
- How Real Estate Professionals in Houston Go Above and Beyond for Home Sellers
- Reasons to invest in real estate in Cyprus
- Top 10 criteria to select an Insurance Claim Appraiser
- Comprehensive Home Inspection Checklist for Buyer, Seller, and Homeowner
- DEBUNKING HOME REPORT MYTHS
- North Carolina Real Estate Market: Shifting Market Dynamics on the way?