If you're looking to enter the exciting and rapidly expanding real estate market in Dubai, now is the time to do it. Obtaining approval from the Real Estate Regulatory Agency (RERA) is essential when applying for a real estate license. To help you understand the process, let's take a closer look at what the RERA is, how to obtain the RERA license in Dubai, and what steps are necessary. When registering your company with the Land Department in Dubai, you'll need to provide certain documents depending on your business structure.
For a sole company, you'll need a business license, while a limited liability company (LLC) requires both a business license and an individual private business license. If you're operating in a free zone area, there may be limitations on activities, and companies and individuals from the mainland of the United Arab Emirates cannot do business with free zone companies. You can choose any name for your company, but it must be approved by the DMCC authorities and the Approvals Department of the Dubai Department of Economics through the registration process. Companies registered with RAKICC must use the suffix Limited or Ltd.
When renting out accommodation, you have the right to recover the value of the security deposit, so it's important to prove your status in front of both you and the landlord. The Rental Dispute Center is a judicial system specialized in resolving all rental disputes that arise between landlords and tenants in properties located in Dubai. Companies or establishments that are engaged in any real estate activity must be authorized by either the Real Estate Regulatory Agency, Dubai Economy or Dubai Free Zones. Once you have submitted all necessary documents, the Department of Economics will approve you and issue your license as a real estate agent in Dubai and a broker card within a few days. Title deeds for properties found in Dubai are issued at both the Dubai Land Department and at trust centers of the real estate registry.
The Dubai Land Department is one of the departments of the Government of Dubai responsible for overseeing matters related to registration and documentation of all real estate transactions on behalf of the Government of Dubai. Both offer industrial licenses (beneficial for companies that are engaged in manufacturing and production), commercial licenses (beneficial for companies that are engaged in marketing) and service licenses (beneficial for companies that are engaged in providing services such as consulting and accounting).The first legal innovation related to cryptocurrency business dates back to December last year when the Dubai Press Office mentioned that World Trade Center in Dubai would officially become a cryptographic zone so that all companies operating cryptocurrencies and virtual assets can operate legally in the city. An additional license offered by DMCC is a license for branches which allows opening a branch of an existing company and carrying out commercial activities in free zone area. Recently, Emirate granted virtual asset licenses to Binance, largest cryptocurrency exchange in world, and to FTX Europe, European subsidiary of cryptocurrency exchange based in Bahamas, allowing companies to operate legally in Dubai.
The broker must obtain a certificate of good conduct issued by Dubai Police and addressed to Dubai Land Department or Real Estate Regulatory Agency for all relevant parties. After completing DREI training and passing RERA registration exam, apply for real estate agent license in Dubai.