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.
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:
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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