Entrepreneurs with innovative business ideas can apply for an incubator licence online.
Aspiring entrepreneurs in Dubai will be glad to know that they can apply for a new business licence that can offer them full ownership.
Dubai SME, the agency of the Department of Economic Development in Dubai, has unveiled new regulation that will grant 100% ownership to entrepreneurs, startups and SMEs operating in mainland Dubai under its incubator business licence.
The move supports the organsiation’s efforts develop and nurture Dubai’s entrepreneurial eco-system, while the decision is also expected to improve ease of doing business in Dubai and help SMEs attract more local and foreign investment.
Under current UAE laws, companies located in mainland Dubai are allowed up to 49% ownership and require a local partner in order to establish operations. Free zones within the emirate, however, allow businesses full ownership rights.
Entrepreneurs and companies that would like to take advantage of this opportunity must apply for the incubator licence online and business ideas submitted will be reviewed by a special committee on a case-by-case basis to ensure that they are innovative, feasible and practical.
Startups and SMEs that join Dubai SME’s incubator can benefit from workspace, consultancy services and support with project development.
The new regulation from Dubai SME is the latest initiative introduced by government entities that aims to support Dubai’s entrepreneurial community.
Dubai Chamber of Commerce and Industry’s Dubai Startup Hub initiative and Dubai Future Accelerators are among other recently launched initiatives that are designed to support innovative startups by providing them with value-added services, funding and networking opportunities.