What Are the Licensing Procedures for Real Estate Contributions

1 – The real estate developer submits an application for qualification to engage in the activity real estate contributions.

2 – Commercial Registry including 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 – Certificate from the General Authority for Zakat and Income Tax confirming no outstanding liabilities.

7 – Naturalization certificate from the competent authority.

8 – Audited and approved financial statements for the previous two years.

9 – Submission of a certified public accountant’s report on the commencement of the company’s operations and clarification of its financial position, along with a projected budget for the coming year, for newly established entities.

10 – The licensee is also required to appoint a licensed capital market institution and disclose to shareholders any material changes in real estate contribution operations, its financial position, organizational structure, or ownership.

11 – No amounts related to real estate contributions 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.

Real Estate Contribution Licensing