Dubai International Financial Centre, DIFC, announced the instigation of a new "Innovation License" for startups, entrepreneurs and technology firms.
The new "Innovation License" aims to attract new types of businesses to the centre and is in line with the initiative for the Dubai Future District, which was announced in January 2020.
Entrepreneurs and their business will be governed using the DIFC's independent English Common Law based legal and regulatory framework, world-class intellectual property and data protection regime.
Those who obtain the Innovation License will become part of the technology firms in the region's largest financial free zone with over 2,500 firms and 25,000 professionals.
The new DIFC Innovation License comes with subsidised commercial licensing options, starting at US$1,500 per year. Businesses will also gain access to DIFC co-working space at attractive rates. Innovation firms can secure up to four visas when renting desk space as well as a 50 percent subsidy on additional visas.
Chief Business Development Officer at DIFC Authority, Salmaan Jaffery, stated that the new DIFC Innovation License provides an important springboard for future economy pioneers to establish, upscale and future proof their business within the stable framework of a world-leading global financial centre.
"They will be welcomed by members of DIFC's ecosystem and become a central part of the new Dubai Future District, added.