Local Business

DIFC launches Dh5,500 new licence for startups, entrepreneurs

Waheed Abbas/Dubai
Filed on March 1, 2020

(KT file)

Dubai International Financial Centre (DIFC) has launched a new licence for startups, entrepreneurs and technology firms from different sectors priced at $1,500 per annum (Dh5,500).

The DIFC Innovation License allows access to co-working space at free zone with a flexible desk space at $500 per month. It also offers up to four visas on the first desk and subsidised visas of up to 50 per cent for innovation firms.

"DIFC Innovation License is sector agnostic, available to all start-ups, entrepreneurs and technology firms, offering a vast opportunity to establish, grow and upscale your innovative business to access the Middle East, Africa and South Asia (MEASA) markets, through Dubai," reads a statement posted on its website.

The region's largest financial free zone is home to more than 100 technology and start-up firms. In order to give boost to local startups and fintech industry, DIFC has accelerator programme FinTech Hive and FinTech Fund to bring young entrepreneurs closer to established players keen to cash in on young talent and ideas.

DIFC saw sustained growth in the first half of 2019, adding more than 250 new companies, and bringing the total number of active registered firms to 2,289, demonstrating a 14 per cent increase year-on-year. This has fuelled the creation of over 660 jobs, boosting the Centre's combined workforce to more than 24,000 individuals, and has resulted in the occupancy of 99 per cent of DIFC-owned buildings.

Thanks to Dubai International Financial Centre, Dubai rose up the ranks of the Global Financial Centres Index (GFCI) to number eight position, representing its highest ever ranking.

- waheedabbas@khaleejtimes.com

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