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DIFC Launches Ground-Breaking Artificial Intelligence & Coding License

With the help of artificial intelligence, the computers act on a particular data to analyze it and convey its meaning. One of the most prominent benefits of it is that it follows a specific algorithm to convey a particular meaning via the automated process.

The artificially intelligent machines follow a systematic approach to adapt the responses and conform to the behavior. Deep learning, machine learning and natural language processing are most of the common implementations via artificial intelligence.

Artificial Intelligence and Coding License in DIFC

In the past few years, the UAE has seen a massive rise in tech. The Dubai International Finance Center is further hailed to be one of the biggest onshore financial centers in the world. With the Middle East becoming tech-savvy, a lot of tech companies are opening in the region.

Managing cost has become one of the most important concerns especially for tech startups. The tech ecosystem is however getting support from all directions especially from the DIFC. It is necessary to identify the growth of a tech company in the initial stages.

The DIFC announced that along with the UAE AI Office, Artificial Intelligence and Coding License will be given to the companies. This is the first step towards change as the companies are now getting an innovation license.

DIFC Innovation License

The main purpose of the DIFC Innovation License is to get financial technology in the area. The DIFC Fintech Hive will play an important role in the acceleration. It will offer different types of startup benefits. The startup license will be granted to almost all the tech startups such as edutech, regtech, and fintech. Any company that wants to grow in the region can do so with the help of a license.

The DIFC is also working towards reducing the fees for office spaces. It is working on creating an ecosystem that will help angel investors get the benefit of venture capital in the firm.

What are the benefits of artificial intelligence license in DIFC?

Having an artificial intelligence license in DIFC can prove to be extremely beneficial. Therefore, some of the most prominent ones include the following:

  • Zero registration or incorporation
  • The co-working desk will be available at a minimal fee which may be payable for monthly or annual benefits
  • 4 visa approval
  • Reduction in visa cost
  • Change to get a Golden Visa

What is the process of registering an artificial intelligence and coding license in Dubai?

To get an artificial intelligence and coding license in Dubai, you will need to register as an Innovation License. Thus, all the activities will be regulated by the Dubai Financial Service Authority.

The application process usually takes ten to twelve working days. It is advisable to follow the process carefully to avoid any disruptions. The steps to apply for the artificial intelligence and coding license in Dubai include the following:

  • The business owners must submit a business application that contains details about KYC and business
  • The document will undergo pre-screening and approval
  • Complete the entire process of registration as per the legal structure as per the guidelines by the Registrar of
  • License issued
  • Apply for establishment card

Why opt for an AI license in Dubai?

DIFC is a well-established financial hub in Dubai that promotes lifestyle, fintech and business. The main focus of DIFC is to increase financial service authorization. It manages regulated and non-regulated technology startups.

The main purpose of the AI license is to regulate the activities as per the secure guidelines of DFSA Authorization. Therefore, some of the common benefits of establishing a technology company as per the DIFC regulations include the following:

  • Codified English Common Law

As per the DIFC regulations, there is a modified version of the English Common Law. That offers security and stability to foreign business owners and investors. With this framework, the governing bodies operate. This play an important role in catering to the international and national business rules.

However, DFSA does not regulate non-financial tech startups. It provides the edge of a strong regulatory structure that helps to comfort the investors.

  • Venture Capital Fund Manager ecosystem

DIFC has also brought about a Venture Capital Fund Manager that supports the existing VCs and startups to easily work in the area. As per the estimates, they are working on collecting 100 VC fund managers.

As per this, they want to work on creating an ecosystem where the VCs and tech companies can co-exist. Therefore, the tech companies will be able to gather funds in an efficient manner.

A flexible environment will also play an important role in hiring the right talent. Technology companies can get access to a better pool of talent. Furthermore, they can also get efficient premium services which will help to build a strong ecosystem.

  • Premium Jurisdiction

The jurisdiction in DIFC follows a strong regulations. It has an international community that receives constant support in terms of their interest. Hence, the main emphasis for the same is on regulation and monitoring the investor community. As a result it will be beneficial for getting better investments in the future.

  • DIFC DEWS

DIFC is constantly working on bringing improvements. It has introduced employee workplace savings programs referred to as DEWS to provide employee benefits. Thus, the funds and plans will have proper contribution plans for easy management.

Apart from that DEWS will also be offering savings plans along with financial security to the employees of DIFC. It will follow the latest technology and plan to ensure easier transactions as per the DIFC Employment Law. Therefore, with DEWS, DIFC aims at bringing forth a modern and updated Human resource framework for businesses.

The AI Companies within the DIFC Jurisdiction can apply for visas for their staff and family members. However, only a few people will be eligible for getting a Golden Visa.

The Government Services Office will be liable for offering various administrative services further solve the issue of renewal of employment visas. As far as tech startups are concerned, only the ones that have Fintech Hive mark will be able to receive up to four visas for a minimum co-working space.

At Business Link UAE we offer legalized solutions for businesses. Hence, we analyze the demands of shareholders and investors and eventually help them come to the employment agreement terms. With our automated services, we will ensure to complete the process following a systematic manner. We have assisted numerous businesses over the years and worked with some financial companies for their upliftment. Therefore, our legalized solutions will ensure help you in achieving the required AI license.

 

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