Dubai International Financial Centre (DIFC) has announced the enactment of new Venture Studio regulations, this move is set to be the first to establish a global legal framework for the regulation of venture building and promote the growth of innovative start-ups and scale-ups in the region within the financial hub in Dubai.
Venture Studio Regulations explained
The DIFC board of directors enacted the new Venture Studio Regulations which supports the DIFC Launchpad by providing a legislative framework for venture building. The decision was made following a 30-day public consultation period, announced earlier this year.
The key features of the regulations include providing the world’s first legislative framework for venture building, establishing a legal certainty around the venture building model and clarifying interactions among venture studios, entrepreneurs, and start-ups and the wider market.
Additionally, the Venture Studio Regulations, which aim to facilitate the incubation of fresh business concepts, support aspiring entrepreneurs through sponsorship, and minimize expenses associated with scaling up new enterprises, have been implemented as of April 29. 2023.
Jacques Visser, Chief Legal Officer at DIFC said, “We are pleased to announce the enactment of the DIFC Venture Studio Regulations, 2023. The Regulations provide the first legislative framework for venture building globally, forming a tailored ecosystem for venture building, entrepreneurs, start-ups and investors to operate from the DIFC.”
Source:
https://www.arabianbusiness.com/abnews/dubais-difc-announces-new-startup-rules
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