Whether you may or may not know, the first step in starting a website is to get a domain from a registrar. (Your website address is called a domain.) For example, "thedomain.com" is the domain of the website you read. This means paying an annual fee to the registrar of the domain name.
One of our visitor wondered if he can be the registrant of his website’s domain since he baulked at the concept of bearing the expense of his site for the rest of his life.
And the answer is NO… A BIG, FAT, NO
There's no way to do it. You have to register and renew every year, as with property taxes. When people talk about this, they often imply how to set it up without paying on an annual basis permanently.
Usually, when you purchase a domain, you do this for a certain number of years via a registrar. The registration is done by ICANN, which stands for "Internet Corporation for Assigned Names and Numbers.” Most registrars let you buy for some years at a time and do not increase the price substantially.
However, it may not be sufficient to make your mind at ease when your firm is at least medium-sized. It would not be terrific to put something so precious in someone else's hands. You can only avoid this by becoming your register. This is not a cheap investment; thus, it makes sense only if you’re a higher-profit enterprise.
You will notice that this approach costs you a lot more for your wish to save money.
The following can be found in a quick look at fees for becoming a registrar:
Breakdown of cost is as follows:
1. An annual accreditation cost of about USD 4,000 must be paid by ICANN, the agency responsible for keeping the domain name system.
2. You must have a minimum amount of USD 500,000 covered commercial insurance policy.
3. For each domain name you register, you must pay ICANN a modest annual fee. I think the price is 18 cents at the time of writing.
4. Each domain name suffix is allocated to a registry operator. They run computers that save the information needed for domain names to work on the internet, with such suffixes. The rules that regulate who is eligible to achieve which domain is also defined.
(For example, for people and organizations resident in the European Union, the “.eu” registration will only be allowed for them.) For each domain you register, you have to pay a preset annual price to the appropriate operator. For example, the operator must pay USD 7.85 per year for names such as ".com." Other suffixes are subject to different fees.
As you can see, this is not an ideal answer for the vast majority of people. Nonetheless, if you own an extensive firm or you’re a multi-national corporation with enough cash at banks. It's a good idea to become self-sufficient when it's realistically attainable.