Home UAE Dubai DIFC enacts new venture studio regulations The enactment of the new regulations supports the DIFC Launchpad by providing a legislative framework for venture building by Gulf Business May 5, 2023 Dubai International Financial Centre (DIFC) has enacted the new venture studio regulations, paving the way for the establishment of the first global legal framework for the regulation of venture building. The enactment of the new regulations supports the DIFC Launchpad by providing a legislative framework for venture building. It also promotes the growth of innovative startups and scaleups in the region from within the financial centre. The board of the DIFC Authority enacted the new regulations following a 30-day public consultation period that was announced in February 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,” said Jacques Visser, chief legal officer at the financial centre. The key features of the venture studio regulations include providing the world’s first legislative framework for venture building and establishing legal certainty around the venture-building model. #DIFC introduces new Venture Studio Regulations and proposed amendments to Data Protection Regulations to establish a global legal framework for regulating venture building. Know more: https://t.co/kYtigXVVBm#DataProtection #Innovation #VentureStudio #Regulations #Ventures pic.twitter.com/m7Bd1Nfz8V — DIFC (@DIFC) May 5, 2023 The new regulations clarify how venture studios, entrepreneurs and start-ups interact with each other and the wider market. The regulations, which came into effect on April 26, 2023, facilitate ease of doing business within the venture studio model by implementing specific operational measures to enable the incubation of new business ideas, sponsorship of entrepreneurs, and reduced costs for scaling new businesses. The centre also announced the proposed amendments to the Data Protection Regulations to enhance the current data protection framework within the financial hub. DIFC Launchpad Meanwhile, DIFC launched its venture-building programme, ‘DIFC Launchpad’ in March as part of the financial hub’s broader strategies to build a strong venture model that promotes the growth of innovative startups and scaleups in the region. The platform serves as an important step towards realising the objectives of the Dubai Economic Agenda D33, which aims to double the size of the city’s economy and consolidate its position as one of the world’s top four financial centres over the next decade. “The launch of ‘DIFC Launchpad’ is set to further attract innovative companies and enhance the emirate’s appeal as a city that supports business growth and success,” Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, the UAE’s Minister of Finance and President of DIFC said at the time of the launch. The initiative supports efforts to realise the financial hub’s 2030 strategy to catalyse new job creation and economic development in both the financial and non-financial services industry. The programme is supported by multinational experts specialised in new venture creation, corporate innovation and emerging technologies. They will be working closely with the financial hub’s investor bases and corporate partners Mashreq, Mastercard and Commercial Bank of Dubai to launch the next generation of global fintech startups in the city. Dubai has emerged as a preferred destination for hedge fund traders, thanks to the city’s ease of doing business, tax-free status and its allure as a global tourism hub. The financial hub is in talks with more than 50 hedge funds that jointly manage over $1tn worth of assets about licensing and set up in Dubai. Read: Dubai’s DIFC in talks to attract 50 hedge funds Tags DIFC Dubai finance startups 0 Comments You might also like Eid Al Etihad 53: Where to watch National Day fireworks in the UAE Insights: Dubai reigns as the ultimate destination for luxury living UAE real estate market poised for strong growth in Q4: JLL Dubai: This is how much you’ll pay for parking from March 2025