When it comes to fostering Digital Innovation, Dubai can compete with any other country in the world. The new Artificial Intelligence (AI) & coding license launched by the Dubai International Financial Centre (DIFC), reflects this aspect of business setup in Dubai. The AI & Coding License is the first of its type launched in the country, making the landscape of business setup in DIFC more attractive for innovative entrepreneurs. Business setup consultants in Dubai can advise you on how to obtain the license.
The DIFC launched the AI & Coding License in cooperation with the UAE Artificial Intelligence Office. The DIFC AI & Coding License has been launched to advance the country’s Artificial Intelligence Strategy 2031, as well as to attract AI companies and coders from around the world. Before applying for the AI & Coding License in Dubai, you need to know its features and requirements. The following article will give more insights into the ground-breaking AI & Coding License in DIFC free zone.
What’s Artificial Intelligence?
AI can be defined as the technology which facilitates the simulation of human intelligence processes by machines such as computer systems. More visible applications of AI technology include expert systems, natural language processing, speech recognition and machine vision. AI is the process through which a computer can act on data using statistical analysis, enabling it to understand, analyze, and learn from data through specifically designed algorithms.
Benefits of Obtaining AI & Coding License in DIFC
Currently, the DIFC is the only place in the UAE where you can obtain an AI license. The AI & Coding license provides you with unparalleled benefits, which are given below. However, it’s recommended to consult with business setup consultants in Dubai before approaching the free zone authorities.
1. Eligibility to Obtain a Golden Visa
By obtaining an AI & Coding License in DIFC, you might become eligible for a UAE Golden Visa. The AI License will make the employees working in companies registered with the DIFC eligible for a Golden Visa. The Golden Visas offer professionals an opportunity to gain a 10-year residency in the UAE. Company setup specialists in Dubai can provide you with advice on this.
2. Ability to Start Business in DIFC Innovation Hub
Companies holding the AI license can start their operations at the DIFC Innovation Hub, the largest cluster of FinTech and innovation companies in the region. The DIFC Innovation hub is home to over 500 companies, ranging from start-ups to global unicorns. The firms in DIFC Innovation Hub account for more than 60% of all GCC FinTechs. The thriving facility aims to foster innovation, enterprise and talent across various sectors, especially in the future-oriented industries such as AI & Coding.
3. Other Key Benefits of AI & Coding License
The AI & Coding License offers you other common benefits such as,
- A well-subsidised license fee of US$ 1,500 per year, for up to 4 years
- Zero incorporation and registration fees
- Waiver of the minimum share capital requirement of USD 50,000
- Minimum co-working desk space at USD 500 per month, payable monthly or annually
- Up to 4 visas are approved on the minimum co-working desk space
- Reduced visa costs of up to 50%
Process of Obtaining a DIFC AI & Coding License
The process of business setup in DIFC is straightforward and can be completed in a few steps. You can save further headaches if you apply through business setup consultants in Dubai instead of directly approaching the free zone authority. The process of Obtaining a DIFC AI & Coding License consists of the following procedures:
- Submission of business plan detailing the idea & technology involved
- DIFC issues initial approval if the authority likes the idea
- Apply for a license with the Registrar by submitting activities, company name & legal structure
- Submission of documents
- DIFC issues the license
- Apply for visas and bank accounts
Hire the Best Business Setup Consultants in Dubai to Help You
The process of business setup in DIFC is flexible as the free zone offers excellent support services for startups and other companies. However, foreign entrepreneurs may struggle with certain procedures due to their lack of knowledge of UAE immigration laws and labour laws. This is where business setup consultants in Dubai such as Jitendra Business Consultants (JBC) can come in handy for you. JBC is a leading provider of efficient business setup services in Dubai with years of experience in assisting individual entrepreneurs, startups, SMEs and MNCs.
Our highly qualified consultants can help you navigate the challenges of the UAE immigration and labour laws as they are well-versed in such legal matters. We offer services such as document drafting, bank account opening and visa processing for business owners and their employees and family. JBC also help your firm to comply with Economic Substance Regulations (ESR), Ultimate Beneficial Ownership (UBO) and Anti-Money Laundering and Combatting Financing of Terrorism (AML-CFT) laws.