so this video is actually going to be a first I've never seen anyone post a video on YouTube talking about how much money it costs to run a business in Dubai not to set it up you probably already roughly know the prices to set up a business in Dubai of course this will vary based on how many people you have on your license how many things you need it it really does vary and where you need to register all this stuff but how much does it generally cost to run your business past the incorporation because
hopefully you would know this but in Dubai and the UAE it is not just onetime cost to register your business a lot of people always tell me but Kevin in the UK or in Canada it costs only x amount to register the business and that's it please keep in mind that if you do register a business in Dubai there are running costs and I think that this is you know quite reasonable considering the fact that having this business allows you to get residency which allows you to then get tax residency so you're basically paying a
yearly membership to get access to everything in the uee banking tax residency everything so what are those costs what do you need to know and what do you need to plan for that's exactly what I'm going to go over in this video I'm not going to skip over anything I'm going to be as transparent as possible because you need to know exactly what you're getting yourself into because of course this is a big decision and you need to be well informed and if you don't know me already my name is Kevin I'm one of the
co-founders and partners here at genzone where we've literally helped set up hundreds of companies in Dubai get hundreds of residencies and hundreds of bank accounts and if you need our assistance to do things properly and not pay a crazy price then please book a call down below we are one of the the top agencies in the market for this you can check our Google reviews we've done a tremendous job for all of our clients so far and we're looking forward to working with you so the very first thing you need to know is that there's
multiple costs involved and the very first cost is the cost to renew your business license now one thing to keep in mind that all of this information depends on where you register your business and for the purpose of this video because there's so many different places where you can register your business I'm going to specifically speak about where most of our clients register their business which is in a Dubai free zone not the mainland not any other Emirates specifically in a Dubai free zone and one of the most cost effective ones because there are a
few to pick from and I can tell you from experience 99% of our clients have registered in these types of free zones unless they couldn't for whatever reason so the very first cost you have to keep in mind is the cost to renew your business license so just keeping it very simple the main thing you have to keep in mind is how many Visa allocations does your business license have and I kind of like to tell clients Visa allocations imagine a car which which is your business license and the Visa allocations are chairs like the
one I'm sitting in right now each chair allows someone to sit in that car so let's say you had a car a business license that had two chairs for two people this will be a different cost than having a business license with only one chair and it will be a different cost than having a business license with three chairs or four chairs so this will directly impact the cost of your business license and to give you exact figures if you had a business license that had one seat for only one person let's say it was
just you who is setting up your business in Dubai the cost to renew your business license will be exactly 17,100 AED or roughly $4,600 now each additional chair you have in your company regardless if it's being used by someone or not if someone is actually using that residency Visa chair is going to increase the amount of money you have to spend every single year so for example if you have one chair your business license cost is 17,100 AED or again 4 ,600 USD and each additional chair will cost you 2,000 Durham more or roughly around
544 USD now this will add to your annual cost to renew your business license and of course if you add more people this cost will keep increasing by 2,000 durhams so again just keep in mind that each additional chair that you have regardless if you're using it or not like for example let's say you set up a business and you think you're going to hire your friend or an employee but you end up actually not hiring them well if you have that extra chair you're still paying for that allocation to have that chair you're not
paying for their visa cost but you're paying for that extra allocation and just to reconfirm your business license is renewed every single year so you have to pay for this annually if you want you can prepay for this and save a little bit of money you can prepay 2 years in advance or even 3 years in advance and they'll give you a discount up to I think 30% so that's a good option for people who have the cash UPF front otherwise just pay for it every single year and just because I like it to be
very clear for people what is is actually included in that 17,100 AED well number one it's the business license and you have your establishment card so those are the exact costs that go into that the business license is majority of it and then the establishment card on a renewal will be 2,200 durhams so now that we spoke about the business license cost what about your Visa well if you don't know this already a residency Visa in the uee for standard employment or an investor visa is a 2-year residency Visa this means that every 2 years
you have to pay to renew your residency Visa it's quite straightforward all you have to do is pay the fee and do another medical exam the medical exam itself just for the simple purpose of renewing your residency Visa won't cost you much maybe around 400 durhams but the cost to renew your residency Visa will be exactly 3750 AED now this again is a cost that you have to pay every 2 years now in some cases people don't have to pay for this for example if you registered your business in this month of August you don't
have to pay that but if you're watching this video there's a big chance that you're not watching this video during August where there's this free visa for life offer you'll have to pay $11,000 roughly every single two years to renew your residency Visa now the third thing you have to keep in mind are consultant charges so here at genzone we don't charge anything in the future of course in year zero we have a service fee but in year 1 2 3 4 5 6 7 8 Etc we don't charge anything however a lot of people
do charge consultant charges to renew your business license like ,000 $2,000 $3,000 so please make make sure that you know exactly what you have to pay to maintain your business license and one other thing to keep in mind is a lot of companies like to not only charge these consultant charges but also make you sign a contract where you're obligated to work with them and if you do want to stop working with them and you don't want to pay these consultant charges you have to pay uh thousands of dollars to break free of these contracts
so U just keep that in mind here at genzone we don't force our clients to work with us we don't even charge a renewal service fee however we still do the work for you so we don't have to sign contracts to log people in but a lot of companies do this so please read the fine print now the next thing you have to keep in mind are accounting and bookkeeping charges that you have to pay on an annual basis yes in Dubai now you have to actually do the bookkeeping you have to you know complete
the filings it's not like how it used to be back in the day and this cost will definitely vary based on the amount of transactions you have and hopefully not the amount of money you're making as some people might you know charge you differently with if you have low transactions no matter the amount of money you're making you should have a decently low fee on a monthly basis around maybe $300 I've seen some people charge less than this per month but to be honest if you look into who is doing the bookkeeping and the accounting
and the compliance they might not be actual qualified individuals so please be careful with this you should pay around $300 maximum $600 per month if you have minimal transactions if you have a lot of transactions of course expect to pay more and here at genzone we actually offer this in housee we have Chartered Accountants that are XPW C who will take care of this for you and like a lot of our clients say it's half the price you know compared to the competitors and definitely way better you'll see once you speak to our team way
better than anything on the market and a few questions that people ask me is Kevin do I need to pay for an office well with the specific freeone that we work with your lease agreement is issued with your business license so there's no additional cost it's already included in the 17,100 durhams so that's great you don't have to pay for another office and there's no maintenance cost for that it's already included in the price so that's something to keep in mind in addition to that things like insurance if you want to get insurance that can
be a small cost that you have to take into consideration as well to me it's very important to be extremely transparent with our clients in regards to like what you actually have to pay because you don't want to get into something and then a client says Hey Kevin you didn't tell me about any of these fees because I have heard this before where people register businesses in Dubai they have no clue that you even have to pay to renew the business license or even pay to renew your residency Visa so it's important that you know
this upfront before moving forward and hopefully this video did really help you so if you want our help to help you set up a business in Dubai you don't want any hidden costs you want it to be done properly and you want it to be done quickly then book a call using the link down below we would be happy to assist you get set up in Dubai and make sure that everything goes extremely smooth so that you can just focus on your business and enjoy your time in Dubai I think the price to maintain a
business in Dubai is quite reasonable when you take into consideration tax savings there's a lot of money to be saved the cost is very minimal when you take that into consideration so I hope you enjoyed the video and I'll see you guys all in the next one and if you're not quite ready to book a call down below just yet and you want a full guide on how to set up your business in Dubai then click on this video right here and this one goes over literally everything you need to know so so click on
it and we'll see you in that video
