To make the emirate capture the central 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 innovative idea, the novel will be able to land full ownership. There is a condition, though. The official team of professionals will thoroughly examine and scrutinize the proposals to ensure that they are executable and practical. Let us take a look at some of the developments and initiatives:
The announcement regarding this ownership was made as a part of the new regulations for the program “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 entrepreneurs can apply for an incubator license online. A special committee will perform a feasibility check on all the applications. These new regulations will help provide a legal form for incubators to help colleges, universities, entrepreneurs, and venture capitalists.
Such an initiative will attract foreign and local investment in small and medium-sized enterprises and expertise of the international standard in business incubation. This will help to enhance not only the business but also the competition. These incubators of business will be able 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 to develop a product, and providing support to implement various innovative ideas. A large number of initiatives have been taken locally to encourage the formation of start-ups and entrepreneurship in the UAE in general, particularly Dubai.
The UAE has 12 incubators, 17 accelerator programs, and seven co-working spaces. This initiative by the government to create workspaces and incubators to support start-ups will significantly boost the motive.
If done cost-effectively coupled with the provision of a one hundred percent ownership, this will be fruitful in the long run. We at Goldman Consultancy help you start your business by briefing you about everything required.