Broker License In Dubai: Everything You Need To Know

Brokers are in real estate industry working as an intermediary during real estate transactions between parties. They handle different commercial properties. This extends to residential spaces and office locations.

We have penned this piece down to help you get a broker license Dubai. it also covers real estate broker license cost in Dubai, its eligibility and benefits.

Types of broker licenses available in Dubai

There are mainly two kinds of it. Select the right license considering your preferred type of brokerage activity.

Real Estate Broker License Dubai

Dubai Land Department issues it. It lets one act as a broker for purchasing, selling or renting out properties in Dubai. There are further sub-categories of this license. These include:

• Property management
• Brokerage for sale and purchase of real estate
• Property valuation
• Brokerage for renting real estate

Financial Broker License Dubai

Dubai Financial Services Authority is responsible for regulating it. It lets one offer financial advisory services. It allows them to deal with investments on their clients’ behalf. Based on the nature of activities you wish opt for, there are different categories for financial broker licenses. Some of these are:

• Dealing in securities
• Managing investment portfolios
• Advising on investments

Step-by-Step Guide to Obtaining a Broker License in Dubai

The steps to get it involve steps such as obtaining a residency visa and passing the broker exam. It starts with selecting your business activity, choosing business name, completing a course of certified training, sitting in an exam and applying for a license.

Decide the type of your business activity. There are insurance brokers, real estate brokers and financial brokers. Investment brokers help clients find suitable insurance policies for them. Real estate brokers are active in handling renting out property or selling them. Financial brokers offer advice on managing the financial assets.

Choose a business name. Make sure it follows the guidelines provide by Department of Economic Development. Apply for a trade license. Fill out the form. It will be accompanied by your company name in both English and Arabic, proof of having paid your real estate broker license cost in Dubai, and the original lease contract for premises of business.

Eligibility Criteria for a Broker License in Dubai

Expats need to have the residency visa first to become eligible for a broker license. There will be certified training from Dubai Real Estate Institute you will have to undergo. The course has been authorized by Dubai Land Department and Real Estate Regulatory Agency.

Documents Required for a Broker License Application

DED and RERA have specified particular documents as part of their requirement for its application. These document consist of your Emirates ID and a copy of your passport. It encompasses of your trade name reservation, DED application, initial receipt of approval and a certificate of your good conduct. This certificate will be issued by the Dubai police.

You will have to provide proof of your academic qualifications too. This will include a degree or certificate relevant to being a real estate practitioner.

DED requires these documents: passport copy of owner, passport sized photo an Emirates ID, tenancy contract, Articles of Association, External RERA approval and Ejari certificate.

Reservation of trade name, initial inquiry approval receipt, Emirates ID Card, passport copy, application of DED, certificate from Dubai police for good conduct and a relevant degree — these are required by Real Estate Regulatory Agency.

Costs Involved in Getting a Broker License in Dubai

Real estate broker license cost in Dubai involves the fee for taking the exam. It has been reduced a considerable amount for people who have a bachelor’s degree from a university. It is for those who do not possess a university degree is still a significant amount.

Renewing Your Broker License in Dubai

The process of renewing it has to be initiated a month before your broker license expires. You will need to take RERA test again. Make sure to clear the test with a score of eighty-five percent or higher.

Then provide these documents to complete the process of it renewal online:

• A valid passport
• Residency permit
• Certification of broker license
• A recent photograph
• Renewal fee of commercial broker license Dubai

It is necessary to start renewal process a month before expiry of license. there might be penalties or fines awaiting you otherwise. In these scenarios, you might have to complete the course again too.

Regulatory Bodies Governing Brokers in Dubai

Brokers in Dubai are regulated by two prominent government bodies. The nature of brokerage activity distinguishes the relevant authority for your business. These bodies are Dubai Land Department and Dubai Financial Services Authority.

Benefits of Having a Broker License in Dubai

Advantages of commercial broker license Dubai include having a favorable tax environment and full ownership. There is transparency ad stress-free process of documentation present in the country. All of this come together to make having a real estate broker license Dubai very lucrative.

Common Challenges in Obtaining a Broker License and How to Overcome Them

It is sometimes hard to figure out everything on your own especially in a foreign country. There are language barriers. Things can become quite stressful. These same things seem trivial when you have assistance from a professional.

Some challenges faced when acquiring RERA broker license Dubai encompass language barriers, processing time, and difficulties in understanding the procedure. Combat these challenges by getting in touch with agencies who specialize in assisting you get it.

Legal Considerations for Brokers in Dubai

RERA broker license Dubai has legal requirements of having the valid visa, following the guidelines provided by regulatory authorities and paying the necessary license fee. Going through a course of training accredited by DLD and RERA and passing the course is mandatory too.

How Connect Zone Can Help You Get a Broker License in Dubai

Make seemingly complex steps simpler by contacting Connect Zone. We help with business setups and obtaining professional licenses in Dubai, UAE.