Steps to form a company engaged in Leasing and Management of other people’s property
Include firms engaged in managing commercial, residential, industrial buildings through contracting with the owner in order to sublease on subcontracting bases also, handling contractual arrangements with the firms in charge of maintenance, security as well as issuing tenancy contracts. Pre-Conditions/Restrictions:
Bank Guarantee of AED 5 million to be provided to the Land Department.
Expatriate partner or manager must hold a visa under this company.
All the properties being managed must be registered with RERA.
A branch office may be allowed if the company has 20 or more administrative employees.
Annual Fee: AED 15,000.
The company is not allowed to practice Leasing Brokerage.
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.