31 August, 2020
New Business License Launched in Dubai
The Dubai International Financial Centre (DIFC) recently announced the launch of a new “Innovation License” to encourage startups.
The DIFC currently hosts nearly 2,500 licenses and over 25,000 professionals under the Technology sector. Currently, the licenses in the Technology sector are governed by the legal and regulatory system called “English Common Law” and are also protected by world class data protection and intellectual property frameworks.
The launch of innovation license is a part of the Dubai Future District initiative which was announced in January 2020. The licensing options are subsidized to attract new entrants, and starts at $1,500 per annum. Not only do businesses get access to the DIFC co-working space with the license, but they can obtain up to 4 visas while renting desk space. Any additional visa also comes with an attractive 50% subsidy.
The license is launched in alignment with the Government’s visionary focus on Technology and Innovation. Startups and entrepreneurs will now be able to put their strategy, creativity and innovation to action. The move is also expected to secure the economic focus for the future, according to DIFC experts.
Source: Khaleej times