Steps in the Formation of a Real Estate Buying and Selling Brokerage
The real estate sector is one of the most happening sectors in the UAE. There are a multitude of activities which are encompassed within the domain of the real estate sector. One of the popular activities within the real estate activities subset is the real estate buying and selling brokerage. This activity Includes firms dealing with buying and selling of property by acting as brokers between the owners and buyers. The following are the requirements for the same:
- Licences are issued only in the name of UAE or GCC nationals.
- Real Estate practitioner course for degree holder and Diploma in Real Estate course for non- graduate.
- Expatriate manager must hold visa under this company.
- Certificate of good conduct from Criminal Investigation Department.
- Owners’ and staffs’ details to be registered with Broker Department and obtain broker ID.
- Owners are not allowed to have more than one licence.
- Can open branch office if there are minimum 15 sales brokers in the main office.
- 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.