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What is the cost of living in Dubai for expats?
If you're interested in relocating to Dubai, you'll want to be properly informed beforehand. Whether you're moving to Dubai as an entrepreneur or as an employee, it's useful to know about the cost of living in Dubai for expats.
Cost of living in Dubai dropped in 2021
Like the rest of the world, Dubai has been affected by COVID-19. Measures to reduce the spread of the virus have resulted in less income generated. The tourism sector - and therefore many attractions, hotels, and restaurants - is most affected. The authorities are providing financial assistance to businesses that are in need, and to accommodate residents, they have reduced the cost of living in Dubai by 2021.
Cost of living in Dubai in comparison to other countries
Living expenses in Dubai are lower than in Amsterdam, New York, Berlin, London, or Sydney. In addition, when you consider that in Dubai you don't have to pay taxes on your company's profits and that you can hire good employees for comparatively low hourly wages, then Dubai is an appealing place to live. On top of that, in Dubai you can enjoy beautiful weather, luxurious settings and good contacts you can develop with expats from all kinds of countries.
Cost of living differences between Dubai and Amsterdam
If you would like to maintain the same standard of living you have in Amsterdam - assuming you rent a house or apartment - then Dubai is more affordable. If you are used to living on a net income of € 4.900 in Amsterdam, you will spend about € 3.900 in Dubai. That is a difference of 1000 euros per month!
A brief overview of the differences in cost of living between Amsterdam and Dubai
- Consumer prices in Dubai are 23,55% lower than in Amsterdam (without rent)
- Consumer prices in Dubai are 20.78% lower than in Amsterdam (including rent)
- Dubai rents are 16.18% lower than in Amsterdam
- Restaurant prices in Dubai are 20.25% lower than in Amsterdam
- Prices for Groceries in Dubai are 25.65% lower than in Amsterdam
- Local purchasing power in Dubai is 15,27% higher than in Amsterdam
Cost of living in Dubai compared to Amsterdam in 2021
The prices below are in Euro's
Renting an apartment in Dubai for expats
The most popular apartments in Dubai where expats like to hire are located at the Jumeirah Lakes Tower (JLT). It is a vibrant neighborhood where you can easily make great connections with other expats. Dubai Marina, Jumeirah Beach Residence (JBR), and the Old Town of Dubai are also popular and have comparable rental rates.
Rents in these popular areas are relatively high when compared to the rest of Dubai. The average rental price for a one-bedroom apartment in JLT is around €15,300 per year or €1280 per month. Despite these rental prices, expats prefer to live in these areas. Here, there are plenty of nearby amenities to meet their needs and a fine community to engage in social activities.
Get help from a Dubai Expert
Do you want to move to Dubai in order to launch your own business or to work for an international company? Do not hesitate to contact us to arrange all matters necessary to make your life in Dubai as pleasant as it can be. We can assist you with visas, rentals, business formation advice, trade licenses, and much more. Schedule a no-obligation appointment at your earliest convenience!
Corporate bank accounts may be one of the thorniest processes you will go through while setting up your business in Dubai. While you won't have to worry about a thing as we will arrange everything for you, it's still handy to know how everything sets in place. This bank account is going to help you observe all of your transactions, deposits and loans if required. With challenges like:
- Requiring a physical office
- Should prove credibility at all times
- Not easy to open when you come from a high-risk country
To open a bank account for an LLC of Free Zone each bank has its own timeline, all in all, it will take up to four weeks to complete this process.
Opening your bank account in Dubai
The UAE doesn't allow the do business with a personal bank account, so aside from that, you will need to open a corporate bank account as well.
Your corporate account should be a current one, this means that this has to be a transaction account.This type of account comes with the ideal way to make daily transactions, this provides a chequebook, debit card, no limit on your withdrawals, and many other strong points.
Current accounts are the main ones that will be used for corporate accounts, this comes with one obvious reason and that is: the ability of many daily transactions.
When we open your bank account we will need a few documents, these documents contain:
- Trade license which we already have provided for you
- Certificate of the company's registration
- Your and the shareholder's visas and passports
- The company's memorandum and articles of association
What about credit cards?
Credit cards are very handy to be used for businesses, this allows you to make small or big purchases on credit, they are only to be used for business purposes only, any personal purchase is not allowed here. This card is very important and can be used as a metric that is associated with your company's prosperous health.
It's also crucial to know that this card can be used for emergencies within the company, however, we do suggest you to obtain a credit card for you to build a credit score for your business.
Other than this, choosing the right credit card for you is a valuable decision to make as an entrepreneur as many banks do have different settlements. We assist you in this decision, making sure your choice will meet up to your wants and needs. With this process, you will also have to fall in on some criteria.
- A valid trade license
- Your age
- Income
Getting started on this is an exciting journey where we are at support and assist at all times, making it a trouble-free process for you. We will arrange this in a time span of 2 to 4 weeks, are you ready to jump in?
