Documents Required to start a commercial brokerage business in Dubai
Documents required by DED:
- Copy of owner’s Emirate ID and passport.
- Passport size of the representative in a white background.
- Contract of Tenancy and Ejari Certificate
- Articles of Association
- External RERA approval.
Documents required by RERA:
- Reservation for Trade Names
- Application submitted to DED.
- Initial Inquiry approval receipt
- Copy of owner’s Emirate ID and passport.
- Certificate of Good Conduct issued by the Dubai Police Department.
- Owners' degree certificates and other relevant academic transcripts
- Certificate issued by the RERA after the completion of a two-week course.
How do I start a commercial brokerage business in Dubai?
There are many steps involved in attaining the commercial brokerage license in Dubai, and the steps are as follows:
- The first step to obtaining a license irrespective of the area in which you want to start your entrepreneurial venture is to go ahead and fix the business activity that you want your business in. In this case, the business activity that you want to obtain a license for is "commercial brokerage." This will ensure that you are allowed to conduct business only in areas related to commercial brokerage and nothing else.
- The next step is to decide on a name for your business. There are many strict rules put down by the authorities in Dubai that provide definite terms and conditions for the name that you choose for your business.
The name should be even slightly familiar to any of the existing businesses, and it should not contain any blasphemous terms. The name should also not be in any way a representation of the Muslim religion or any other religion.
- Once the name of the business is decided, the next step is to submit the application along with the necessary documents. The documents should include passport copies of shareholders and managers as well as academic transcripts of the parties involved.
- The representatives of the commercial brokerage business are also supposed to attend a RERA course which pans out for around 2 weeks. Once the course is completed, the candidate will receive a RERA clearance certificate.
- The registration certificate will only be granted after careful submission of the DED license copy, tenancy copy, application form, location map, and RERA course purchase certificate.
- The last and final step to getting the commercial brokerage license is registration with the DNRD and the Ministry of Labour.
Cost of a commercial brokerage license in Dubai
The cost of obtaining a commercial brokerage license can be dependent on factors like visa fees, personnel and insurance costs, and the location of your office (on the mainland or in a free zone). The lowest fee applicable to obtain a commercial brokerage license in Dubai will be AED 12,500.
How do you grow your commercial brokerage business?
The scalability of a business, as well as its growth and development from the beginning, can be directly related to its expansion. Commercial brokerage firm expansion in Dubai does not happen overnight. There's an effective need to bring in different aspects to the business that will eventually result in better placement and profits for the business. There are some ways to make this happen in the case of commercial brokerage:
Establishing a valid partnership
It is always important to try to gain alliances with businesses that sell complementary goods and services to your own. This will help to grow your business and reach out to a far bigger consumer base. When the alliance is sufficiently strong, it will help them both to venture into different markets that might not have been possible before. There are strong fields that can enhance business, such as finance, technology, manufacturing methods, etc.
Target new markets
To thrive in the market, it is necessary to expand your business into newer pastures. Sticking to the existing business opportunities will not improve your returns or profits. The expansion can be either based on new locations or based on different target bases of customers. Leveraging these two factors can help attract potential customers to your business.
Mergers and acquisitions
This can be a complicated process or step to take. Make sure to fix this once you have gained enough ground in the market. Merging or acquiring a business can definitely increase your market share. But the decision to merge with or acquire another business has to be based on wise decisions, which are fairly decided after hiring some good professionals like accountants, analysts, managers, etc. who have had enough experience in the field.
Why Choose Kiltons to Start a Business in Dubai?
A very lucrative business opportunity in Dubai is starting a commercial brokerage firm. It can be completed quickly and easily with the aid of a reliable business consultant. And at this point, using the assistance of Kilton's Business Setup Consultancy in Dubai makes the procedure simpler. Kiltons has a competent team of experts who can help your company in a number of ways. We provide you with the necessary guidance on where to launch your company and assistance with the submission of the required paperwork for getting a Commercial brokerage license in Dubai. One of the main reasons you should consider Kilton for your business setup is that, since its inception, it has maintained satisfied customers