The Draft Real Estate Contribution System Outlines Licensing Procedures Real Estate Investments, which consist of:
1 – The real estate developer submits an application for qualification to engage in real estate investment activities.
2 – A commercial registration certificate that includes real estate development activities.
3 – Certificate of membership in the Chamber of Commerce.
4 – Certificate from the General Organization for Social Insurance.
5 – List of active employees.
6 – A certificate from the General Authority for Zakat and Income Tax confirming the absence of outstanding liabilities.
7 – A residency certificate from the competent authority.
8 – Audited and approved financial statements for the previous two years.
9 – For newly established entities, submission of a report by a certified public accountant confirming the commencement of the company’s operations, clarifying its financial position, and providing a projected budget for the coming year.
10 – The licensee is also required to appoint a licensed financial market institution and to disclose to shareholders any material changes in real estate investment operations, financial status, organizational structure, or ownership.
11 – No amounts related to the real estate investment may be received directly, whether in cash or by deposit. All deposits must be made into a special bank account designated as an escrow account, and periodic reports must be submitted to shareholders and the Authority, including technical and financial reports and any additional reports.
