Dubai International Financial Centre (DIFC) has recently unveiled a new license for tech companies, entrepreneurs and start-ups. With the license, DIFC company formation has now been made more efficient. The new license, dubbed “Innovation License,” is expected to attract different types of enterprises and businesses to the center. As per a recent press release by the DIFC, the new license is also an important initiative towards the Dubai Future District plan, which was announced back in January this year by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and the Prime Minister of the UAE.
Innovation License is designed to support entrepreneurship, innovation and creativity in the Middle East, Africa and South Asia (MEASA) region. Business organizations will expand and scale their operations using the Dubai International Financial Centre’s independent English Common Law-based data protection regime as well as legal and regulatory framework. Holders of the Innovation License will join the network of tech companies in the region’s largest financial free zone that consists of more than 2500 enterprises and 25,000 professional individuals.
The Innovation License costs $1,500 and provides business organizations with access to co-working spaces at Dubai International Financial Center. License holders also get access DIFC co-working spaces at subsidized, attractive prices. A top executive at DIFC Authority, Salmaan Jaffery, mentioned that the new Dubai Innovation License provides a prominent opportunity for future business aspirants to start, upscale and secure their enterprise within the framework of a global financial centre.
The license has indeed incentivized business setup in Dubai. Jaffery added that he hopes the new license will attract technology-focused enterprises that will transform the financial sector. In his opinion, these entities can shape the economic future that UAE holds.
With an aim of becoming a leading fintech hotspot, the DIFC has been working on and launching various initiatives and policies in order to attract foreign firms. It also intends to build a nurturing environment for businesses to thrive and succeed. The center is a proud home to over 730 active financial companies in addition to 120+ fintech firms.
Intuit Management Consultancy (IMC Group) can help businesses with DIFC licensing processes in a hassle-free manner owing to their experience and hands-on expertise.