Want to get a free, 3-year DMCC trade licence and resident visa? Buy a flat!
The largest real estate developer in the UAE, Emaar Properties (Burj Khalifa being the company's most famous project), in partnership with the Dubai Multi Commodities Centre (DMCC), has launched a new development project in Dubai Hills Estate.
Investors buying any apartment in an under-construction building in Dubai Hills Estate are offered a free three-year DMCC renewable business license (worth AED 130,000), plus a free three-year family residency visa. In order to take advantage of the offer, a deposit of 20% of the apartment price has to be made upfront.
A one-bed apartment is priced below AED 1 million, while two-beds range from AED 1.3 million to AED 1.6 million. Emaar is planning to commission the project by 2021.
The offer has already been called a game changer by real estate experts. And it is hardly surprising, since Downtown Dubai is the most expensive neighbourhood to rent in with an average price of AED117 (US$31.85) per sq. ft. At the moment, entrepreneurs have to rent physical office premises to be able to obtain a trade license with any free zone in Dubai and to acquire a resident visa.
Do get in touch, if you need further information or a piece of advice regarding this or any other company formation option.