DIFC launches new 'Innovation License' to boost creativity, entrepreneurship

Dubai International Financial Centre, DIFC, has announced the launch of a new license for startups, entrepreneurs and technology firms.

The new "Innovation License" will attract new types of businesses to the centre and is a key initiative for the Dubai Future District, which was announced in January 2020, said a DIFC press release on Tuesday.

The new license will support innovation, creativity and entrepreneurship in the region. Entrepreneurs will grow and scale their business using the DIFC’s independent English Common Law based legal and regulatory framework, world class intellectual property and data protection regime.

Innovation License holders will join the already 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.

Salmaan Jaffery, Chief Business Development Officer at DIFC Authority, said 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.

"It is an exciting new offering that we hope will attract technology-led, sector agnostic start-ups that will disrupt the technology and financial sectors. These types of businesses have an important role in shaping the economic future of Dubai, UAE and the region. They will be welcomed by members of DIFC’s ecosystem and become a central part of the new Dubai Future District," he concluded.

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