Steady economic growth of the UAE has made startup incubators an important element of the entrepreneurial ecosystem. Even sometimes for the most experienced businessperson, setting up a business from scratch can be a mammoth task. Today, with so many people from around the world coming to the UAE to explore the enormous opportunities, business incubators are not only useful but necessary.
Many advantages of startup incubators make it the best option for businesses which are just starting up. They are just like platform where the bright minds come up with the most innovative ideas which they churn into successful business later. Such platforms often provide complete plug-n-play setup which let startups start with their work after purchasing the membership. Thus they let entrepreneurs focus on the core tasks with refining their ideas.
Not just a workplace but incubators also plays role of learning hubs, nurturing creative & tech minds under the same roof. Incubators act as a medium for private investors & governments to attract potential startups that are ready to begin. Startup incubators in the UAE provide world class facilities with state-of-the-art infrastructure for flawless functioning of your businesses. Support of such incubators can be very helpful to startups from different sectors.
The information regarding setting up business incubator is as follows:
Business Incubator Activity Details
- Activity Code: 7020029
- Activity Group: Real estate
- License Type: Professional
- Activity Description: It’s a venue designed to house start-up entrepreneurs and enterprises where they can enjoy an array of business support and guidance, this involves the provision of office spaces and technical and administrative services, innovative ideas and counseling, marketing and business potentials planning, bank finance choices, coordinate interaction with the business community outside the incubator to build relations
Requirements to start Business Incubator in UAE
- To be a UAE citizen
- Business 100 % owned and managed by a UAE National
- Business is located in Dubai
- During exemption period only one license will be issued
- If the application is for an existing business, it should not exceed three years since startup
- Number of trade licenses issued per applicant prior to submitting membership application should not exceed 4
Documents Required to start Business Incubator
- Diploma or Certificates in case of consultancy license only
- UAE Passport/Family Book
Time Frame: 10 to 15 working days
Authority Subject to Approve: Mohammed Bin Rashid Establishment for Small and Medium Enterprises (SME)
This blog is written by Ms. Smita Thomas, Business Advisor at Flyingcolour Business Setup, VAT and Accounting Services, Dubai. If you have any query related to setting up a business incubator in Dubai or anywhere across in the UAE then feel free to call +971 4 4542366 today for a quality consultation or please send inquiry to info[at]flyingcolour[dot]com.