Author : Jaidev
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According to the new regulation, only UAE and GCC nationals can hold licence for property offices in the emirate of Ras Al Khaimah |
Resolution no 32 for 2008 on executive regulations of real estate agencies was issued by H.H. Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, stipulating only UAE and GCC nationals to hold licence for property offices in the emirate of Ras Al Khaimah.
''The licence holder should run the business by himself or by a kin or a partner. He is not allowed to lease the licence to any other person,'' the executive bylaw stipulates.
Bank security worth AED 300,000 will be required if the office scope of business widens to selling, buying and brokerage of lands and properties. If the office practices leasing of lands and properties, the banking guarantee will be AED 100,000. If the office sells, buys, leases, brokers and manages lands and properties, a guarantee of AED 400,000 should be issued.
Source : WAM.org
