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UAE Freezones Biz News Updates
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Buy Dubai house, get free trade licence
Emaar, Dubai Multi Commodities Centre launch 200 units in Dubai Hills
Estate.
You can now buy a home in Dubai and get a trade licence free with it.
Emaar in partnership with the Dubai Multi Commodities Centre has launched
184 units in an under-construction building in Dubai Hills Estate. Those who
pay 20 per cent of the apartment price at Executive Residences will receive
a free three-year renewable business licence (estimated to be worth
Dh130,000), a free three-year renewable family residency visa and 100 per
cent business ownership. The owner can also apply for an employee visa with
every trade licence.
This is a product targeted at entrepreneurs and SMEs and is touted to be a
game-changer in the UAE real estate industry. Entrepreneurs can now do away
with the need to rent office premises.
"It will give buyers the freedom to work flexible hours and perhaps set up a
business they can run from home. The offer is exceedingly attractive to
families with young children as it will give parents the option to spend
more time at home and be flexible with child care," said Lewis Allsopp, CEO
of Allsopp & Allsopp.
A one-bedroom apartment is priced below Dh1 million while two-beds range
from Dh1.3 million to Dh1.6 million. The building is slated to be ready by
2021.
"It helps you to achieve cost savings. The product is targeted at SMEs, who
contribute 80 per cent of the economy," said Kunal Puri, founder and
managing director of La Capitale Real Estate.
Earlier, business owners had to show their office tenancy contract as proof
to get a trade licence. In this project, they can do so with their house
Ejari certificate.
"People are already waiting in queue to buy with credit card authorisation.
This kind of freedom has never existed in the market before. It is a master
stroke by the developer," added Puri.
With the Executive Residences, entrepreneurs and startup owners have a
chance to run a home-based business legally.
January 23, 2019 |
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Courtesy Galadari Printing and Publishing LLC
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