Setting Up A Real Estate Company In Dubai
Dubai is an attractive destination for investors looking to set up a real estate company. With its strategic location, booming economy, and favorable business environment, Dubai offers many opportunities for real estate companies to thrive. However, setting up a real estate company in Dubai requires careful planning and preparation to ensure a smooth and successful process. Here are some important steps to consider when setting up a real estate company in Dubai.
Step 1: Decide On The Type Of Company
The first step in setting up a real estate company in Dubai is to decide on the type of company you want to establish. You can choose to set up a Limited Liability Company (LLC), a Free Zone Company, or a Branch Office.
An LLC is a popular option for investors who want to conduct business in Dubai mainland. This type of company requires a local partner who owns 51% of the shares, while the foreign investor owns the remaining 49%. A Free Zone Company, on the other hand, allows 100% foreign ownership and is located in designated free zones across Dubai. A Branch Office is a foreign company that establishes a presence in Dubai and is allowed to conduct business in the city.
Step 2: Obtain A License
Once you have decided on the type of company, the next step is to obtain a license from the Dubai Department of Economic Development (DED). The license you need will depend on the type of business activity you want to undertake. You will need to provide the necessary documents and pay the relevant fees to obtain a license.
Step 3: Register Your Company
After obtaining a license, you need to register your company with the DED. You will need to provide the necessary documents, such as your passport and visa, as well as a lease agreement for your office space. The registration process typically takes a few days to complete.
Step 4: Hire Employees
Once your company is registered, you can start hiring employees. You will need to obtain a labor card for each employee from the Ministry of Human Resources and Emiratisation. You will also need to provide health insurance and other benefits to your employees as required by law.
Step 5: Open A Bank Account
You will need to open a bank account for your company to conduct business in Dubai. You can choose from a variety of local and international banks that operate in Dubai. You will need to provide the necessary documents, such as your company registration certificate and passport, to open a bank account.
Step 6: Find A Suitable Office Space
Finally, you need to find a suitable office space for your company. You can choose from a variety of options, such as serviced offices, co-working spaces, or traditional office spaces. You will need to sign a lease agreement and pay a deposit to secure your office space.
Setting up a real estate company in Dubai can be a lucrative business venture for investors. With its thriving economy, favorable business environment, and strategic location, Dubai offers many opportunities for real estate companies to succeed. However, it is important to follow the necessary steps and comply with the relevant laws and regulations to ensure a smooth and successful process.