Steps in formation of a company engaged in Self-owned Property Leasing and Management Services
Includes firms engaged in managing commercial, residential, industrial buildings owned by the owner and his first and second-degree relatives.
It also includes handling contractual arrangements with the firms in charge of maintenance, security and issuing tenancy contracts.
- Expatriate investor can also join with the company as a partner.
- Expatriate partner’s visa must be under this company.
- The value of properties, the investor owns must not be less than AED 8 million.
- The firms are not allowed to practice real estate brokerage activity.
- Must register all the properties with RERA.
- Annual Fee: AED 5,000.
Other steps are common as is the normal cycle for a professional license namely, reserving trade name, getting name approval, submitting the documents, making memorandum and articles of association, locating and office space and finalizing all tenancy issues and finally submitting all documents with compliance of the Pre-Conditions as above.