Dubai is a promising place for entrepreneurs although many are taken aback when the costs come into the picture. Apart from making financial arrangements for the legal framework such as applying for an industrial license in Dubai, one needs to have a clear idea about other crucial expenses.
The following sections will talk about just that so read on!
Location-Specific Costs
You can set up your business in any of the two areas of Dubai:
- The free zone and
- The mainland
Each differs in setup costs so let’s take a closer look now, shall we!?
Costs to set up a business in the free zone
The cost of setting up a company in Dubai free zone has many perks. The most attractive one is the costs. With that being said, you should never forget that the cost of setting up your business in Dubai will vary depending on the:
- Nature of your business
- Core operational structure of the venture
- The building on which you bought/leased office space
- The number of work visas you have applied for
You will be spending in the form of legal fee to set up your firm in Dubai’s free zones in the following categories:
- Business registration fee – (One time)
- Business name reservation fee – (One time)
- Business licence fee – (Annual)
- Fee for office space – (Annual)
- Visa fee – (per person based)
Costs to set up a business in the mainland
You will need to shell out those crisp bills to pay the following fees to the Dubai authorities:
- Compulsory payment of fees to the authorities – that includes fees for notary department, trade license, legal activities and fees to the respective government departments.
- Fees for incorporation of the business – that includes document submission fees, fees for mandatory inspections and the likes.
Conclusion
Closing this blog with another piece of crucial information – you need to make arrangements for your company to be registered with the Department of Immigration and the Ministry of Labour. Both the registrations need to be renewed after every two years.
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