Permitted: Owning properties in Dubai with RAK offshore company
Updated time: May 26, 2021, 09:20 (UTC+07:00)
In an August’s policy update, businesses individual shareholders registered in RAKICC (Ras Al Khaimah International Corporate Centre) is now permitted to own properties in areas of Dubai designated as freehold. Investors no longer need a Dubai trading license to do this anymore.
In Dubai, freehold areas are zones where non-UAE citizens allowed to buy real estate and properties. They are listed in Article 4 of the Regulation No (3) of the 2006 Determining Areas for Ownership by Non-UAE Nationals of Real Property in the Emirate of Dubai.
The latest changes follow a Memorandum of Understanding (MoU) between RAKICC and the Dubai Land Department (DLD). Following, any business registered with RAKICC may now own freehold property in any of Dubai’s 23 freehold zones.
How Can a Business Own Property in a Dubai Freehold Area?
DLD accepts freehold property ownership registration and all associated rights. For approval of ownership, the company based in RAKICC must submit a “No Objection Letter” to DLD.
Permission will be granted if the company is considered in good standing, has individual shareholders only and is duly registered. Lastly, the company is required to submit a resolution to RAKICC with details of the property registration.
The DLD may reject an application if the applicant is not deemed fully compliant with DLD rules. Certain documents are required in the application, submitted in Arabic:
- Relevant incorporation certification and the business’ trade license
- A certificate of incumbency valid for six months
- A Good Standing certification
- The business current memorandum, and all relevant Articles of Association, including all amendments
- Formal identification forms and documents
- A No Objection Certificate (NOC) from the developer. This must be valid for at least a month
Read more:Dubai offshore company advantages
Having a business running in Dubai is now easier with One IBC®’s incorp service and thanks to this change in land management policy from UAE’s government, there are more ways to protect your assets in the form of property through an incorporated business in Dubai.
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