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DIFC launches ‘Innovation License’

Key initiative for Dubai Future District

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The Dubai International Financial Center (DIFC), the leading global financial center in the Middle East, Africa, and South Asia (MEASA) region, has launched a new license for startups, entrepreneurs, and technology firms.

The new Innovation License will attract new types of businesses to the DIFC and is a key initiative for the Dubai Future District, which was announced in January 2020 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

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

DIFC continues to lead the MEASA region’s efforts to provide an enabling environment for innovative businesses that contribute to the development of the financial services and technology industries. Innovation license holders will join the already 200-plus technology firms in the region’s largest financial free zone.

The new license comes with subsidized commercial licensing options, starting at USD 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.