Dubai International Financial Centre (DIFC), the leading global financial center in the Middle East, Africa, and South Asia (MEASA) region, has announced the enactment of the new Venture Studio Regulations.
This move will establish the first global legal framework for the regulation of venture building, which will aim to promote the growth of innovative startups and scale-ups in the region from within the DIFC.
According to the statement, “Following a 30-day public consultation period, announced in February 2023, the Board of Directors of the DIFC Authority has enacted the Venture Studio Regulations, which supports the DIFC Launchpad by providing a legislative framework for venture building.”
The key features of the Venture Studio Regulations include providing the world’s first legislative framework for venture building, establishing legal certainty around the venture building model, and clarifying how venture studios, entrepreneurs, and start-ups interact with each other and the wider market.
The regulations also 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.
Recently, DIFC announced proposed amendments to the Data Protection Regulations to enhance the current data protection framework within DIFC. Further details about the proposed Data Protection Regulations can be found in Consultation Paper No 2. of 2023.
“The proposed regulations have been posted for a 30-day public consultation period with the deadline for providing comments ending on 17 May 2023,” as per the reports.
Thank you very much for choosing GCC Business News to be an important part of your professional life. You will receive a confirmation e-mail. Please check SPAM or UPDATES folder
