In order to make the emirate capture the major entrepreneurial position in Dubai, the business incubator license issued by SME provides a hundred percent ownership. The investors are allowed to apply for this license through the website.
So, if any entrepreneur or student comes up with an idea which is innovative and novel will be able to land a full ownership. There is a condition though. The proposals will be thoroughly examined and scrutinised by the authorised team of professionals to make sure that the proposal is executable and practical. Let us take a look at some of the developments and initiatives:
The announcement regarding this ownership was done as a part of the new regulations for the programme named “Incubators and Business Accelerators” for innovative entrepreneurs. The law of the UAE generally allows forty-nine percent ownership in the companies. However, the free zone can allow one hundred percent ownership. The Department of Economic Development in Dubai has mentioned that the entrepreneurs will be able to apply for an incubator license online. A special committee will perform a feasibility check on all the applications. These new regulations will help to provide a form which is legal for the incubators in order to help the colleges, universities, entrepreneurs and various venture capitalists.
Such an initiative will attract the foreign and local investment in small and medium-sized enterprises and expertise of the international standard in business incubation. This will not only help to enhance the business but also the competition. These incubators of business will hold the ability to provide a wide array of services like that of proper workspace for the entrepreneurs to work, guidance and consultancy on the development of any project, application of the latest technology in order to develop a product and providing support to implement various innovative ideas. There are a large number of initiatives that have been taken locally in order to encourage the formation of start-ups and entrepreneurship in the UAE in general, particularly Dubai.
At present, in the UAE, there are 12 incubators, 17 accelerator programmes, and 7 co-working spaces. This initiative by the government to create workspaces and incubators to support start-up will greatly boost the motive.
This, if done in a cost-effective manner coupled with the provision of a one hundred percent ownership will prove to be fruitful in the long run. We, at Goldman Consultancy, help you to start your own business by briefing you about everything that is required to do so.