10 January, 2024

DIFC Innovation Hub

difc innovation hub

What is DIFC Innovation Hub? 

The DIFC Innovation Hub is the go-to place for over 700 tech startups and big names in innovation, including digital labs, venture capital firms, and educational bodies. It’s the heart of the region’s innovation scene, especially for future-focused industries.

This hub is not just another tech space; it’s the largest and first-of-its-kind FinTech accelerator in the Middle East, Africa, and South Asia. It’s a dream spot for any FinTech, InsurTech, RegTech, or Islamic FinTech startup aiming to make it big among the top financial service players in the region.

Looking to boost your startup in FinTech? The Innovation Hub is where you’ll find all you need – from accelerator programs and licensing to co-working spaces. Plus, you’ll be part of a community that shares your vision and a regulatory environment that supports your growth. It’s the ultimate spot to fuel your FinTech dreams!

 

DIFC Innovation License

The DIFC Innovation License is a great opportunity for tech companies of all types. It’s like a springboard that helps these companies dive into the exciting world of technology in the MEASA region. This license isn’t just any ordinary business license; it’s specially designed for firms that are all about technology and new ideas, helping them grow at any point in their journey.

Whether you’re just starting out or looking to try something new and exciting, this license is for you. It’s really affordable, too. For 2 to 5 years*, it’s just USD 1,500 each year. That’s a deal! 

Plus, it comes with extra perks like shared workspaces and cheaper visas. It’s all about making it easier and more budget-friendly for tech innovators to do their thing.

 

Steps to Setup Business in DIFC Innovation Hub

Express Your Interest: Start by chatting with the DIFC team about your innovative business idea. It’s the first step to get things rolling!

Application & Preliminary Approval: Next, fill out an application on the DIFC portal. This is where you’ll get the initial thumbs-up for your idea.

Register Your Business: After getting that initial nod, there are a few more steps to follow. This includes securing a spot in DIFC. Once everything’s set, you’ll receive your official registration certificate and license from DIFC.

 

There are a few qualifying conditions for startups who wish to set up a DIFC Innovation License.

No Financial Services: Startups with a DIFC Innovation License can’t be involved in financial services.

Tech Focus Required: Your startup must be tech-based, like software solutions, AI, technology R&D, or blockchain.

Crypto Restrictions: While creating NFTs is okay, any crypto exchange activities are off-limits.

Physical Presence in DIFC: You need to have a spot in DIFC, at least a flexible desk in the Co-Working Spaces.

Tech or Innovation Oriented: Your business should be centered on technology or innovation, as this license is open to all sectors.

No Product Trading/Selling: The license doesn’t allow for trading or selling physical products.

 

What are the activities that can be applied for, with the DIFC Innovation License? 

Software House: Specializes in designing, implementing, and maintaining software solutions, particularly for smartphones and mobile devices.

Technology R&D: Focuses on research and development in technology, aiming to innovate and improve products and procedures.

IT Consultants: Provides technical services and advice on information technology, including internet and data warehousing, to improve performance in various organizations.

Internet Consultancy: Expertise in developing strategies for using internet technology in businesses and implementing practical applications.

IT Infrastructure: Specializes in establishing the technical groundwork for IT, including networks, systems, and databases, along with consultative studies and training.

Portal Services: Offers online services with databases and programs, acting as a hub between content providers and users.

Computer Consultancies: Advises on computer hardware and software needs, including software selection, system specifications, and procurement processes.

Internet Content Provider: Specializes in creating and supplying content for internet sites for user access.

 

What are the Benefits offered to innovation licenses in the DIFC:

No Incorporation Fees: Enjoy zero fees for incorporating and registering your business in the DIFC.

No Minimum Capital Required: Skip the usual US$ 50,000 minimum share capital requirement.

Affordable Desk Space: Access co-working desk space starting at just US$ 500 per month, with flexible monthly or annual payment options.

Visa Benefits: Get up to 4 visas approved with just the minimum co-working desk space.

Half-Price Visa Costs: Benefit from visa costs reduced by up to 50%.

Are you ready to setup a business in Dubai with RadiantBiz? If you want to learn about starting business in UAE, you can contact us by calling +971 50 797 4832 or sending a WhatsApp message to +971 50 777 5554. You can also email us at info@radiantbiz.com for assistance.