Dubai International Financial Centre (DIFC) offers the Innovation License, a cost-effective solution for tech startups and innovation-driven businesses looking to establish themselves in the UAE. With significantly reduced UAE innovation license costs and access to a thriving business ecosystem, the DIFC Innovation License is an ideal choice for businesses aiming to impact the region.
Those intending to start a technology- or innovation-based business in Dubai should learn everything they can about the DIFC Innovation License, including its cost, benefits, and application processes.
What About the DIFC Innovation License?
The DIFC Innovation License stands to be a specialized business license aimed towards enhancing innovation that supports technology-based ventures. Packaging start-ups, growth-stage firms, and established companies under a submerged yet budget-friendly doorstep to one of the world’s elite business hubs, this DIFC innovation license is nothing out of the ordinary.
Best suited for tech-based ventures, the license provides a good fit for fields such as:
- Artificial Intelligence
- Financial Technology
- Health Technologies
- Blockchain
- Business Solutions
Major Benefits of the DIFC Innovation License
The Innovation License is beneficial and more appealing because:
- Innovation nirvana with lower licensing cost
In a first, there is an enormously low application fee of about USD 1,500 per year for the first two years. Hence, start-ups and mid-level companies can pay much more attention to product development and operations.
- Co-Working Spaces for Delivery of the Service
Successful innovation license holders may utilize DIFC’s Office space. This encourages collaboration and networking among a vibrant community of businesses.
- Lower Visa Fees
An innovation license application allows visa application for two applicants on one desk, whose fees are up to about 50% less. Hence, it makes hiring and onboarding of core talent just that much easier.
- Ecosystem in a Strategic location
DIFC offers an international network of clients, investors, and opportunities for business. With a location in Dubai, the companies are situated at the world crossroads between global trade routes, where Europe, Asia, and Africa connect.
Eligibility Criteria
The Innovation License is available for businesses working to develop or test innovative products or solutions. Technology-driven industry businesses can apply.
How to Apply for the DIFC Innovation License
Setting up a business contender under the DIFC Innovation License is easy as one, two, three. Just take the following steps:
- Tell them about your idea
First reach out to the team at DIFC with your idea for a business. They will advise you on the process to be followed and evaluate the eligibility of your plan.
- Submit your application
Complete duly the initial approval of the application form on the DIFC portal. You will have to provide information on your company, including the business model, target market, and innovative approach.
- Establish your entity
Once given the green light for initial approval, go ahead with the registration of your business. This includes the finalization of a lease agreement for co-working or office space within DIFC.
- Obtain your license
Upon successful registration of your license, the DIFC is going to issue it awarding you operational authority.
Conclusion
The DIFC Innovation License is deemed as a modern business license-a changing of growth opportunities in one of the dynamic business capitals of the world. With reduced costs for the latest infrastructure, ecosystems that are very inviting, it has never been so easy as with the Innovation License to pave ways to your dreams.
Make one step today and find DIFC to be the abode for your success in Dubai and beyond.
