DIFC’s new entrepreneurship license
Dubai International Financial Centre, also known as DIFC, is a Free zone among the top ten global financial centers and the leading financial hub in the Middle East, Africa, and South Asia (MEASA) region.
It is a vibrant business ecosystem of over 25,000 professionals working across more than 2,400 active registered firms; Firms in the DIFC district benefit from a robust independent legal system, a regulatory framework, a global financial exchange, inspirational architecture, and decent support services.
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Today, DIFC launched a new “Innovation License” to boost creativity and entrepreneurship.
The latter is a license for start-ups, entrepreneurs, and technology firms that provides subsidized commercial licensing options, starting at $1,500 per year. This innovation license serves as a springboard for pioneers and new businesses looking to launch and upscale their business within a stable framework in a leading global financial center.
Through the “Innovation License,” technology led-startups will gain access to co-working spaces at attractive rates and benefit up to four visas when renting desk space, as well as a 50 percent subsidy on additional visas. This type of business is well encouraged in DIFC because it has an essential role in shaping the economy of Dubai and the region and disrupting the technology and financial sectors. DIFC’s Innovation License will thus be a key initiative for Dubai’s Future District – the largest area in the MENA region, announced in January 2020 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
Also, DIFC’s efforts to provide an enabling environment for innovative businesses offer entrepreneurs the ability to grow and scale their business using the DIFC’s independent English Common Law-based legal and regulatory framework, world-class intellectual property, and data protection regime.
While weighing in on their options to set up their business in Dubai, it is no surprise that business owners get attracted to the free zones because of the full 100% ownership they offer, the full repatriation of earnings, zero corporate taxation, etc.
Each free zone comes with its own unique set of benefits and distinctive features. The Dubai International Financial Centre (DIFC), in particular, stands out from other free zones with its universally well-known independent regulatory structure and the opportunities it offers for businesses to set up in a highly regulated sector like finance and innovation.