Foreign investors wishing to conduct real estate businesses in Dubai need to obtain external approvals as it is a special activity. After applying for a trade license, you need to approach the Real Estate Regulatory Authority (RERA) for approval. Obtaining RERA approval in Dubai for your real estate business can be a complex task if you are not aware of the authority’s conditions and requirements.
Business setup consultants in Dubai can help you take your real estate business off the ground by providing assistance for RERA approval. Meanwhile, this blog will offer you critical insights on RERA approval for real estate license in Dubai:
What is RERA in Dubai?
RERA is a regulatory body of the Dubai Land Department (DLD), which regulates Dubai’s real estate market. RERA provides a legal framework for all the parties operating in the real estate sector and enforces the rules governing the industry. The key responsibility of the RERA in Dubai is to ensure that the real estate sector in the emirate runs smoothly, fairly and effectively so that every sector participant follows the rules and standards.
Types of Activities Regulated by RERA in Dubai
RERA mainly regulates the following types of real estate business activities in Dubai:
- Real Estate Consultancies
- Real Estate Brokerages, Leasing Companies And Mortgage Consultancies
- Real Estate Management Companies
- Businesses Providing Real Estate Services In Dubai
- The Buying And Selling Of Real Estate
- Real Estate Promotion and Advertising
- Any Kind Of Dubai Real Estate Inspection Service
- Owner Associations
- Many Other Related Parties
Key Responsibilities of RERA in Dubai
The formation of RERA has been critical in ensuring a level-playing field for the industry players where all the businesses, customers, and buyers understand and abide by the rules. Moreover, real estate businesses and agents can approach RERA for more information about the rules and seek clarification in case of any dispute. Given below are the key responsibilities overseen by the RERA in Dubai:
- Licensing all businesses and organisations working in the real estate sector
- Licensing of real estate agents
- Regulation of rental agreements, advertising, and real estate exhibitions
- Producing studies and reports about the sector
- Promoting the real estate sector
- Communicating information about regulatory changes relating to the real estate sector to businesses and private individuals
Steps To Get A RERA License in Dubai
Investors wishing to open a real estate business in Dubai must apply for a RERA license through the Trakheesi system online. If you are not aware of how to do this, business setup consultants in Dubai can advise you on how to submit your application online and support you each step of the way. The following are the key steps to get a RERA license in Dubai:
- Submit a trade licence application through Dubai’s Department of Economy and Tourism (DET)
- Register in the Trakheesi system through Dubai Land Department‘s website
- Enrol in the RERA-approved Certified Training for Real Estate Brokers at Dubai Real Estate Institute (DREI)
- Clear the RERA Registration Exam
- Apply for a professional practice card for a real estate activity immediately after the application for a real estate license is submitted and approved
- Get your RERA license
Consult with the Best Business Setup Consultants in Dubai, UAE
Getting a RERA license in Dubai is mandatory for starting a real estate business in the emirate. The process of obtaining approval from RERA is a complex process that can be delayed without the assistance of professional consultants. The RERA procedures can be easily navigated by seeking assistance from the best business setup consultants in Dubai such as Jitendra Business Consultants (JBC). JBC offers bespoke business setup services in Dubai to help you meet all your company registration requirements.
JBC has highly qualified consultants who can advise you on major requirements of real estate company registration in Dubai such as RERA approval, document drafting, visa processing, and bank account opening. Our consultants are highly qualified and well-versed in UAE immigration law and labour laws. JBC’s company setup consultants in Dubai can also assist you to meet the mandatory regulatory requirements related to Anti-money Laundering and Combatting Financing of Terrorism (AML-CFT), Economic Substance Regulations (ESR) and Ultimate Beneficial Ownership (UBO).