DIFC launches new license for entrepreneurs as ‘Innovative License.’
Another exciting move for startups, technology firms and entrepreneurs. Dubai International Financial Centre (DIFC) has recently launched a new license as an ‘Innovation license” to fuel next level creativity and innovation.
On Tuesday, the DIFC press release stated that the all-new “Innovation License” is a great move to bring forward different and new business types to the center or focus. Also, as announced in January 2020, this license will work as a significant initiative for the Dubai Future District — district dedicated to a new economy that will connect Dubai World Trade Center and Emirates Tower.
The intent behind creating this new license is to offer a new direction to creativity, innovation and entrepreneurship and take it new heights. The startups and entrepreneurs can scale their business and grow exponentially with the DIFC’s independent English Common Law. Under this law, entrepreneurs can benefit from top-notch intellectual property, legal and regulatory framework, and data protection procedures. The free zone, the region’s largest financial hub with over 25,000 professionals, welcomes the innovation license holders to join the existing technology firms.
Under the Innovation License, entrepreneurs or startups get subsidized commercial licensing options that start at $1500 for each year. That’s not all; it will give businesses access to DIFC co-working space at a discounted price. Further companies with a new license can have up to four visas for desk space rentals and cherry on the cake is the subsidy on additional visas of over 50%.
According to Salmaan Jaffery, Chief Business Development Officer at DIFC Authority, the Innovation Licence by DIFC will work as a catalyst for future economy pioneers. This will elevate and establish a new milestone for business in terms of securing future of their business within a consistent framework.
Salmaan Jaffery added that this new move is expected to attract technology-led, sector agnostic startups. Such financial and technological businesses are significant in shaping and elevating the economic future of Dubai, UAE. Members of DIFC’s ecosystem welcome such companies with open arms and will include them as a central part of the new Dubai Future District.