Real Estate Business is an intermediary involved in selling, purchasing, and renting homes, houses, and other residential and non-residential items. It is a part of one of the most exciting new business markets. It takes a significant amount of time and money to create such an enterprise.
Such a company's vital revenue is earned through the efficient conduct of real estate transactions. In addition to an intermediary 's tasks, real estate companies can offer additional services to customers, such as registering the sale of housing and gathering documentation for carrying out any operations.
So, if you've decided to start a real estate business using an offshore company, you have to see the infinite amount of opportunity as an entrepreneur and keep building. And for business people, the good news is that real estate is one of the flourishing offshore nation businesses.
According to the latest research report, increasing rent moderation, supply, and changing demand for executive positions in the job market are expected to continue and affect the residential sector during 2018. That's the reason; you could mind finding many international residents who have acquired offshore residential flats. Hence, it could be an excellent opportunity for estate entrepreneurs to start an offshore real estate company.
But what is the process of purchasing a real estate using an offshore company? For this, I did some research to discover the necessary procedure that may help you to buy a real estate using an offshore company. Read on.
Explore the Location and Company Type to Set up Your Real Estate Company
First, explore the location for your real estate company, as UAE regulations allow companies to be 51 percent owned by UAE residents. Yet ownership maybe 100 percent when visiting various regions since there are few places throughout the nation that are known since free zones.
Regulations are lower in certain areas that attract more businesses. Also, running a real estate company in free zones will benefit you with the 50-year corporate tax exemption, no personal income tax, no import taxes, no currency limits, and escape unnecessary regulations.
Have you decided on your form of organization? In an offshore nation, there are eight kinds of business organizations:
- Sole Proprietorship
- General Partnership
- Joint Venture
- Public Shareholding
- Private Shareholding
- Limited Liability Company
- Professional Company
Register a Trade Name for your Real-Estate Business
Legal registration of your company is necessary for every country. Once you decide on the form of the company, register a trading name and all the related documents with the Economic Development Department offshore. Try to include "real estate" or "dealer" in your trade name as your business practices should be linked to the trade name.
Most of the verification work can be performed electronically to get the initial approval. But this is not where the cycle ends; to obtain final permission, you must re-submit initial documents and add a few more. The UAE government will then issue you a commercial license to buy and sell immovable land.
It takes you to the next point...
Certify yourself for License Process
For initial approval and authorization in an offshore company from Real Estate Regulatory Authority (RERA), you need to undergo technical training or course and get a certificate. It is necessary if the Real Estate Regulatory Agency is to receive the authorization in the offshore business.
You need to take the training course of the Real Estate Licensed Professional, whether you have graduated and have a college degree. If you do not have a degree, you will need to apply for the Real Estate Executive Diploma program, and you can visit the RERA website to get more information about this credential.
Hire back-office services
As an entrepreneur, you've got to handle all of your activities like a pro. Yet at some stage, you may feel embroiled with other activities, such as back-office, paying for real estate, etc. It is essential to control your accounting books when you are a start-up, and keeping track of your expenditures and income can help you execute better strategies.
It might be easier if you opt for accounting services outsourcing because having an in-house team of specialists will cost you more.
Why is Outsourcing Better?
Could help you outsource your accounting services:
- Lowered operational costs
- Service 24hours a day
- Connection to Expertise
- Project delivery under the decided timeline
What Accounting Services Does Company Offer?
- Bookkeeping Account
- Payable and Receivable
- Bank Reconciliation Statement
- Preparing Financial Reports
- Payroll Services
- Tax Preparation
Set up your Real Estate Office
Being a real estate business owner, getting your own office in the market would be your distinctive attribute and help you gain your customers ' trust because they believe you are operating ethically. Also, the correct UAE Government and RERA licenses will help develop you as a trusted business owner.
If you set up a real estate company, you'll know more about people, more about community problems, more about life, more about policy impacts, potentially than any other career. So brace up, and move on – your oyster is the universe! Contact us today...