Dubai is without a doubt the ideal illustration of a vast, modern metropolis. Real estate in Dubai makes use of the most cutting-edge expertise and technology available. Furthermore, it generates steady investment, attracting the world’s most powerful firms. As a result, there are many business opportunities in the real estate market in Dubai. Therefore, the RERA certificate cost is a common thing that investors usually wonder.
In this article, we will be talking about the RERA certification and RERA certificate cost. Here is a quick guide to the RERA certificate application process in Dubai. This tutorial will unquestionably help you to comprehend the complete process and make it simple and efficient. Let us see:
1. Why should you become a real estate agent in UAE?
To start, there are multiple strong reasons to work as a realtor, broker, or real estate agent in the United Arab Emirates. You will primarily be working with real estate, one of the most valuable assets on the market. Additionally, you can make a substantial commission amount on top of your standard pay if you work hard to establish a solid reputation and have strong sales and negotiating abilities.
Second, helping clients locate their dream houses makes working as a real estate agent an interesting job choice. Likewise, people get to interact with a wide, international clientele in this exciting career.
Of course, it takes a lot of hard work to become one of Dubai’s most reputable and prosperous real estate brokers. It is a cutthroat market, so be ready to put in a lot of effort, communicate with clients frequently, and become adept at discerning their needs.
Also, you should be aware that while some brokerage firms employ realtors only on commission, others offer a basic income plus commission structure. Even in this scenario, commissions typically constitute a significant portion of the agent’s income.
So, are you interested in finding out how to work as a real estate broker in Dubai? The fundamental steps to become a property manager in Dubai start with the DREI training modules, despite the fact that the process has several layers and that successful agents invest years in developing a solid portfolio of potential clients and tenants.
You must pass the test and receive the license necessary to begin working as a broker in Dubai after completing the classes.
1.1 Why is it a requirement to have 100% local ownership for real estate businesses in Dubai?
By law, mainland companies operating in Dubai must allocate a 51% partnership to a citizen of the UAE. In order to run a real estate agency in Dubai, you must grant a citizen of the UAE full ownership.
Giving a citizen of the UAE full ownership could seem hazardous. Yet, the RERA, which is the regulating body of the Dubai Land Department, and UAE commercial law both seek to offer the investor total security.
In Dubai, opening a property brokerage business includes many different transactions. Expat investors are allegedly abusing their licenses or fleeing with big quantities of money. As a result, a UAE national is granted full ownership in order to have total control.
To safeguard the shareholder interests, they have created the rules for the real estate brokerage companies in Dubai. The investor becomes the manager of the business, and the Emirati receives full ownership. Additionally, they give the investor total control over the business.
2. Know the steps to setting a real estate brokerage in the UAE
It is rather straightforward to become a real estate agent in the UAE if the proper steps are taken. Follow the steps below to discover how to become a property manager in Dubai:
2.1 Name approval
To begin, you must decide on a name for your real estate agency. You can choose any English or Arabic name for a little price. The name must adhere to the Department of Economic Development’s criteria.
2.2 Initial approval
Second, you will require preliminary approval. To start a real estate brokerage in Dubai, first get approval from the necessary authorities according to the area you are in.
2.3 Present the MOA
Then, they will need a MOA. The Memorandum of Agreement (MOA) must now be drafted in accordance with UAE business law and Department of Economic Development procedures. It is essential to document the MOA.
2.4 Find a local partner
Finally, identify a local partner. You must join forces with a citizen of the UAE and transfer all of your ownership to them in order to launch a real estate brokerage in Dubai.
As a result, you can participate in corporate support in Dubai by forming a partnership with an honest and dependable local partner. Look for paperwork like an Investor’s Right Protection Contract or the company’s Power of Attorney; which names you as manager and grants you complete operational control of the business.
3. Learn about the RERA services
The Real Estate Brokers Registration Authority (RERA) must certify the broker or agent before they may operate a real estate brokerage in Dubai. Applying for the RERA Test and obtaining a Broker ID are prerequisites includes:
Initially, you must work with the company to get a resident visa. The next step is to submit an application for RERA-certified real estate agent training. Following that, you must attend classes at your preferred RERA training facility. You will then sit for the RERA test and pay the RERA certificate cost. Ultimately, you will get the relevant RERA certificate and licenses.
3.1 Good conduct certificate
The Real Estate Regulatory Agency receives the Good Conduct Certificate from Dubai Police.
3.2 Dubai Land Department approval
The formation of a real estate agency in Dubai must be approved by the Dubai Land Department (DLD). The DLD is the regional government department responsible of all real estate affairs.
3.3 Office space rental
All real estate broker’s licenses issued by RERA in Dubai are subject to the Department of Economic Development’s requirements, which include that they must have rented workspaces or even an office in a corporate office.
4. Do you know the cost of setting up a real estate brokerage?
The RERA certificate cost depends on a number of variables, including location and business operations. For instance, the educational requirements affect the cost of the RERA certification exam. For those with a bachelor’s degree, the exam costs AED 3,200; while those without a bachelor’s degree must pay AED 6,300.
On the other hand, applicants without any academic credentials must pay AED 15,750. AED 5,020 is the charge of RERA per activity. Therefore, the processing of licenses can commence after receiving an RERA training certificate. Moreover, an LLC must pay about AED 12,950 for a real estate brokerage license.
The overall cost of starting a brokerage firm is influenced by the additional activities selected as well as government costs.
5. See the step-by-step application process for your RERA license Dubai
The first step in becoming a prosperous real estate professional in Dubai is obtaining a RERA license. You first must pass the RERA test and qualify in order to obtain an RERA license. Consequently, you must follow these steps in order to get a RERA license in Dubai:
5.1 Obtain residence visa
Getting a work and residency permit is the first step if you are an expat. UAE nationals and GCC citizens can easily continue with the RERA licensing process because they already have this permit. However, in order to apply for a position as a real estate broker in Dubai or to start their own business, non-residents of the UAE must have a current residency visa.
Employers in Dubai are able to provide foreign nationals with a work visa. To apply for an RERA license in Dubai, expats are not obliged to fulfill a predetermined length of residence. With the aid of your PRO services consultant, you can request a license after receiving a resident visa.
5.2 DREI training
Attending DREI (Dubai Real Estate Institute) training is the next step after receiving your resident permit. This four-day course will help you gain a grasp of the nation’s real estate market. The DLD’s regulating agency, the RERA, has approved this training. Therefore, the Dubai Land Department provides training institutes and online courses.
5.3 RERA examination
The written RERA test for a certificate must be taken upon completion of all training modules. Consequently, to become a real estate professional in Dubai, you must pass this exam. They recommend reading the curriculum materials honestly as a result.
Anyone can apply for an RERA certificate Dubai, regardless of whether they have a bachelor’s degree or not. But, your chances of long-term employment success will increase if you hold a degree in the same field.
5.4 Obtain your RERA license
You can start your real estate firm in Dubai and get an RERA UAE license after passing the exam. To get this license, they also need a certificate of good behavior. When you successfully submit all relevant paperwork, the DED will grant your RERA license once you have satisfied these conditions. Therefore, you will then get your credentials after a few days, but only if you pay the RERA certificate cost.
6. Set up your business with KPM PRO Services
If you are looking for support while setting up your business in Dubai, our team can help you. KPM PRO Services can give you the help you need to suffice certain processes of your company formation in the UAE. With us, you can obtain your company immigration card, aid you with the license renewal process, and even help you with your dependents visas.
If you want to partner with us, you can give us a call at +971 43 316 688. Or contact us via email at email@example.com.