Quite Innovative to Issue Innovation License in DIFC

Posted by Awatif Mohammad Shoqi Advocates & Legal Consultancy on July 25th, 2021

Financial Free Zone of Dubai never stops to amaze new business investors by issuing updated rules and regulations and varied business or start up opportunities to enhance foreign investment in the Emirate. A recent development in incorporation of business start-ups is for entrepreneurs in Information Technology sector. The new license is famous as “innovation License” which offers a businessman with innovative technique or some sort of technology to establish and expand their innovative business within Dubai International Financial Centre. Company Formation Lawyers of Dubai are pleased to inform you all varied details about the issuance of license and who all entrepreneurs it can benefit.

With DIFC’s dynamic environment and its top notch administrative and lawful structure, each start-up trend-setter and business person will be associated with a differentiated network of banks, financial organizations and special service providers.

An Innovation License is accessible to innovation and technology new businesses or start-ups for a selected number of trading or service activities including innovation, innovative work and programming houses. An Innovation License isn’t proper for new companies who wish to undertake regulated financial activities under the authority of Dubai Financial Services Authority in DIFC, as this license is generally for technology and innovative businesses in non-financial business activities. Candidates should guarantee consistence with all the laws of the DIFC as relevant to any other establishment set up in the DIFC. The DIFC Innovation License fills in as a platform for pertinent and front line innovation, in the tech start up and business part, and empowers you to take advantage of tech advancements over the gulf region.

With its expansive transmit, the Fin Tech Hive and Fin Tech Fund in DIFC keep on driving the gulf region endeavours in giving an empowering domain to inventive arrangements that add to the advancement of the financial services and innovation industry. The FinTech Hive and FinTech Fund are an expansion of how DIFC’s empowering condition is helping youthful, promising new businesses and business people to change the way this sector looks.

With regards to the cost associated with issuance of an Innovation License has been essentially financed to USD 1,500 for every annum. According to the DIFC’s present strategy, this endowment in the authorizing expense is accessible for the initial four years and the standard permitting charge of USD 12,000 for each annum will apply from that point.

A start-up will have the adaptability to rent an autonomous office space or a cooperating space/flexi desk area. The quantity of visas which can be supported by the start-up will rely upon the sort and size of office rented. Apart from the basic requirements provided by the authorities to seek an innovative license, it is always advised to approach Best Lawyers in Dubai for understanding the detailed requirements of the license and to assist you with establishing the company from basic application form to obtaining a relevant office space in DIFC. What are you waiting for then, having an innovative business idea is now easier to market than ever..

By: Al Rowaad Advocates & Legal Consultants
24/7 Hotline:  +97143558000
Website: www.alrowaad.ae

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Awatif Mohammad Shoqi Advocates & Legal Consultancy

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Awatif Mohammad Shoqi Advocates & Legal Consultancy
Joined: February 3rd, 2021
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