BUILDING YOUR BUSINESS

IN A DYNAMIC CITY:
THE ENTREPRENEUR’S GUIDE 2023
TO BUSINESS SETUP IN DUBAI

1
TABLE OF CONTENTS
Introduction 03
Why Dubai 04
Ecosystem enablers 05
Dubai’s funding ecosystem: Investors 06
Opening a UAE business bank account 07
Setting up a business in Dubai 08
Dubai freezones by sectors 09
Fintech guide: Setting up a business in Dubai 10
Fintech Success Story 11
Digital assets guide: Setting up a business in Dubai 12
Digital assets Success Story 13
Metaverse & Web3 guide: Setting up a business in Dubai 14
Metaverse & Web3 Success Story 15
AI guide: Setting up a business in Dubai 16
AI Success Story 17
Cybersecurity guide: Setting up a business in Dubai 18
Cybersecurity Success Story 19
Software, ICT, SAAS guide: Setting up a business in Dubai 20
Software, ICT, SAAS Success Story 21
Healthtech guide: Setting up a business in Dubai 22
Healthtech Success Story 23
3D printing guide: Setting up a business in Dubai 24
3D printing Success Story 25
Edtech guide: Setting up a business in Dubai 26
Edtech Success Story 27
2
INTRODUCTION
Embarking on the journey of setting up a startup demands more than just ambition; it
requires comprehensive understanding of a local business ecosystem, familiarity with
legal and regulatory frameworks, and an awareness of sectors and the wider economic
landscape of a city.
Nowhere is this truer than in the dynamic city of Dubai. With its innovative spirit, business-
friendly and flexible regulatory environment, and flourishing economy, the emirate has captured
the attention of entrepreneurs and investors from around the world, drawing them to its shores.
As enticing as the prospects may be, establishing a business in Dubai is not without its
challenges. The intricacies of local laws, administrative procedures and navigating between
different sources of information, particularly in new age sectors, can often confound even the
most seasoned entrepreneurs. The city’s constant evolution, with its range of jurisdictions in
which to operate, can make it difficult to keep up and find the right blueprint.
In such a fast-changing environment, reliable guidance is not just beneficial but essential. It is
in recognition of these challenges that the Dubai Chamber of Digital Economy has published a
comprehensive guide for startups aimed at simplifying the process of setting up a business in
3
Dubai. Its purpose is to help aspiring entrepreneurs navigate the intricacies of Dubai’s business
landscape, equipping them with the information they need to make informed decisions.
This guide is more than just a mere collection of instructions. It is a testament to the city’s
commitment to fostering a business-friendly environment and empowering entrepreneurs
with the insights they need to unlock the vast potential that Dubai has to offer. As you begin
your journey of exploration into the Dubai business landscape, let this guide be your trusted
companion.
Brought to you by Dubai Chamber of Digital Economy
Dubai Chamber of Digital Economy, one of three chambers operating under the umbrella of Dubai
Chambers, aims to strengthen Dubai’s position as a global leader in digital economy, attract
specialised talent, leading companies and new investments and create a stimulating environment
that supports the growth of digital companies. The Chamber capitalises on new opportunities
emerging from increased digitalisation and the expansion of Fourth Industrial Revolution technology
across all sectors of business.
For more information, visit www.dubaichamberdigital.com
WHY DUBAI

TAX BENEFITS ECONOMIC RAPID GROWTH

94% Low VAT rates of 5%
GROWTH SECTORS
of businesses in UAE’s GDP projected to grow at Dubai launched the Dubai
Low, 9% tax on corporate 3.6% in 2023 Metaverse Strategy in 2022 with

AED2.2 billion
Dubai are SMEs
income starting June 2023 the ambition of becoming one of
Non-hydrocarbon GDP the top 10 metaverse economies
0% tax on personal income is forecast to increase by 3.8% and hubs in the world
GLOBAL The expected value of 3D printing
technology based construction
CONNECTIVITY sector in Dubai

1,000+ global investors $62 billion Dubai is home to 60%

of all FinTech companies based
The UAE was the first country in
The value of the UAE’s digital in the Gulf region
representing a total combined the world to appoint a Minister of
more than $500 billion AUM SKILLED economy in 2021
FinTech became the fastest Artificial Intelligence (AI) in 2016
from 53 countries WORKFORCE growing sector in the Dubai
The UAE intends to double its By 2035, AI will contribute roughly
digital economy contribution to International Financial Centre
the national GDP from 9.7%
The world’s The UAE has set a target for itself in 2022
largest event
for startups
to achieve the highest number of
coders per capita in the world.
in 2022 to over 20% by 2031
PROJECTED
$37 billion
and investors
Dubai aims to support 40,000 CURRENT POPULATION to the financial services
industry
www.expandnorthstar.com virtual jobs by 2030 POPULATION GROWTH in the UAE

One-third of the world’s

Dubai ranked first globally
in attracting foreign direct
~ 3.2 million ~ 5 million UAE e-commerce market
population within eight hours by the year 2027
investment (FDI) forecast to reach
flight time

Direct links to all major global

Dubai’s FDI inflows rose
$9.2
billion
by 80% annually to
markets by land, sea and air

$12.8
19.05 million 9.38 million
1st in the World Bank’s Ease of
billion
by 2026
Doing Business Index for MENA

16th in the World Bank’s Ease of in 2022 The number of mobile internet The number of internet
Doing Business Index globally phone subscriptions in the UAE users in the UAE

4
DUBAI ECOSYSTEM ENABLERS

ACCELERATORS AND INCUBATORS

SECTOR SPECIALIZATIONS: SECTOR SPECIALIZATIONS: SECTOR SPECIALIZATIONS: SECTOR SPECIALIZATIONS: SECTOR SPECIALIZATIONS: SECTOR SPECIALIZATIONS: SECTOR SPECIALIZATIONS:
Technology and Technology, media, design, Disruptive technologies Smart city solutions, fintech Aerospace, air transportation, Technology Agnostic
technology- enabled science hospitality, tourism, travel
PROGRAMS: PROGRAMS: PROGRAMS: PROGRAMS:
PROGRAMS: PROGRAMS: The Future of Generative AI Dubai Smart City Accelerator; PROGRAMS: Sandbox Hamdan Innovator and
Create Apps in Dubai, in5 Tech; in5 Media; in5 in Government Services; The Fintech – Dubai; AI – Dubai Accelerator; Incubator; Incubator (HI2)
Business in Dubai Design; in5 Science Future of Generative AI in Idea lab
Media and Communication;
Area 2017; Dubai Future Labs;
Dubai Design Lab; Dubai Future
Fellowship; Dubai 10X; Futurism
Program; Open Challenges

SECTOR SPECIALIZATIONS: SECTOR SPECIALIZATIONS: SECTOR SPECIALIZATIONS: SECTOR SPECIALIZATIONS: SECTOR SPECIALIZATIONS: SECTOR SPECIALIZATIONS: SECTOR SPECIALIZATIONS:
Fintech, AI, insurtech, regtech, Technology Metaverse, Web3, AR/VR Retail Technology and technology- Impact Technology, fashion and
digital assets, blockchain, enabled lifestyle, leisure, climatetech
metaverse PROGRAMS: PROGRAMS: PROGRAMS: PROGRAMS:
Gamechangers; Fast Pilot Project Incubation; Technical Startup Studio; Entrepreneur PROGRAMS: C3 Impact Accelerator PROGRAMS:
PROGRAMS: Programs; Enterprise Consulting; Investments and in Residence; L’Occitane FI Core Program; Founder Launchpad X
FinTech Accelerator Program; Innovation Crowdfunding MENA Lab; FI Venture Network
AccelerateHer; Women in
Tech; Metaverse Accelerator
Program

THE CO-DUBAI

SECTOR SPECIALIZATIONS: SECTOR SPECIALIZATIONS: SECTOR SPECIALIZATIONS: SECTOR SPECIALIZATIONS: SECTOR SPECIALIZATIONS:
Tech, education, clean energy, Food production Impact Retail, food Technology
water, transport, health, space SECTOR SPECIALIZATIONS: SECTOR SPECIALIZATIONS:
Technology Web 3, blockchain, AI,
PROGRAMS: PROGRAMS: PROGRAMS: PROGRAMS: metaverse, DeFi
PROGRAMS: Local Business Incubator Humanitarian Accelerator Retail Accelerator Program; Idea to product program;
MBRIF Accelerator; Guarantee The Co-Kitchen Food PROGRAMS:
Tech co-founder program;
Scheme Business Incubator Scale2Dubai PROGRAMS:
Grow your startup program;
Global Web3 and Blockchain;
Raise capital program
AI accelerator; DeFi
Accelerator

Note: Dubai is a rapidly advancing economy and this document serves only as a snapshot of the continually evolving wider ecosystem

5
DUBAI’S FUNDING ECOSYSTEM: INVESTORS

PRE-SEED SEED SERIES A SERIES B GROWTH

6
 OPENING A UAE BUSINESS BANK ACCOUNT
The final step in the process of setting up your business is opening a bank account. UAE regulations do not allow you to do business through a personal account.
You will need to open a corporate bank account to process financial transactions for your business.
DOCUMENTS REQUIRED TO SETUP A UAE BANK ACCOUNT
Banks will require you to undergo their know-your-customer (KYC)
process when applying for an account, which can often take time.
Requirements can differ based on scope of business activity and
requirements of the bank. Opening a bank account has often
been identified as a challenge by founders in Dubai, so in order
to demonstrate trustworthiness, here is a comprehensive list of
documents you can provide to strengthen your application.
A completed application form describing what your business
does, and goods and services you will be trading in
A detailed business plan
Examples of similar businesses or business models or case
studies of successful business models that have previously been
cause for similar concerns that can help the bank understand the
high-risk or new-age sector better
STARTUP-FRIENDLY BANKS
Every bank has a target market. Banks decide whether you fit their
customer criteria based on your area of business, turnover and
product usage. International banks in the UAE typically do not have
a proposition for smaller companies with annual turnover of less
Note: You cannot open a business banking account without establishing a company. Banks in the UAE do not charge money to open a business bank account
Research on your market segment and opportunity
Proof of any awards or grants won at a pitch competition
Passport and visa copies for the business owner(s),
shareholders and authorized signatories
A CV describing the owner’s professional background and
experience
Proof of a local address
Company trade license
Company memorandum and articles of association
A valid trade name reservation certificate issued by the
Department of Economic Development (DED)
than AED 50 million or limited number foreign exchange and
trade transactions, and cash management business. On the
other hand, some regional and local banks in UAE offer more
startup-friendly propositions, including:
Global neo banks
Some tech startups in the
UAE with global customers
prefer to bank in USD and
use global neobanks like:
7
USEFUL WEBSITES
TO COMPARE AND
CONTACT BANKS
List of the names of at least five suppliers and five customers
Disclosure of the source of funds
Rent agreement for the commercial space where the business will
be located (if applicable)
A valid health card and Emirates ID for the business owner(s) and
any partners
Minimum of three months’ bank statements of business owners
Certificate of share capital deposit
FACTORS TO CONSIDER WHEN DECIDING
WHICH BANK TO OPEN YOUR ACCOUNT WITH
What is the minimum balance required?
In what instances you might you need to pay fees and penalties
What online facilities does the bank offer?
What corporate card facilities does the bank offer?
How many withdrawals can you make each month?
What fees apply to new checkbooks and debit or ATM cards?
Do you need to transfer money overseas? If so, where to, and how long do transactions
take to target countries?
Do your potential clients or competitors bank with them?
In what instances can the bank freeze your account
SETTING UP A BUSINESS IN DUBAI

LIST OF FREEZONES IN DUBAI

1 Dubai Academic City

2 Dubai Airport Free Zone
3 Dubai Biotechnology & Research Park (DUBIOTECH)
4 Dubai Car and Automotive City Free Zone (DUCAMZ)
5 Dubai Design District
6 Dubai Gold and Diamond Park
7 Dubai Healthcare City
9 8 Dubai Industrial City (DIC)
7 2
11 9 Dubai International Financial Centre (DIFC)
13
10 10 Dubai Internet City (DIC)
6 5
23 27 11 Dubai Knowledge Village
12 Dubai Logistics City
13 Dubai Media City
25 4 14 Dubai Outsource City
3 18
15 Dubai Silicon Oasis (DSO)
26 16 Dubai Technology Entrepreneur Campus (DTEC)
24 17 Meydan Freezone
21
18 Dubai Multi Commodities Centre (DMCC)
22
19 Dubai South
20 17 20 Dubai Studio City
16 15
12 21 Dubai Techno Park
14 22 International Free Zone Authority (IFZA)
19 1
8 23 International Media Production Zone
24 Jebel Ali Free Zone
25 Dubai Science Park
26 Dubai World Trade Centre (DWTC)
27 Dubai CommerCity

LEGAL STRUCTURES VISAS FOR ENTREPRENEURS AND INVESTORS

There are three company setup options available when setting
up a business in Dubai:
Mainland companies are incorporated onshore entities,
licensed by the Department of Economic Development (DED).
You are free to incorporate a mainland company anywhere
in the UAE and can conduct businesses within and outside
the local market.
Free zone companies are entities incorporated within special
economic zones that are self-regulated by the managing
authorities. Free zone entities can only conduct business and trade
with the local UAE market with the assistance of a local service
agent. Unlike mainland companies, free zone entities can only
conduct business and trade with the local UAE market with the
assistance of a local service agent.
Offshore companies in the UAE are entities that operates outside
of its country of origin. Companies choose to establish an offshore
setup to take advantage of Dubai’s numerous business incentives
including the exemption from taxes. They are often used for
investments, financial transactions, and asset protection.
Living and working in the UAE requires a visa, which can be for
2, 3, 5, or 10 years based on eligibility.
GOLDEN VISA
The Golden Visa offers 10 years of renewable residency for
entrepreneurs, scientists, inventors skilled professionals,
humanitarian pioneers, and investors, without the need for a
sponsor. Entrepreneurs must own a startup with locally invested
capital of AED 2,000,000 ($545,000). To view detailed criteria
and apply click here.
GREEN VISA
A Green Visa offers 5 years renewable residency to freelancers
and self-employed professionals without the need for a sponsor.
Entrepreneurs must own a startup with locally invested capital of
AED 1,000,000 ($272,000). To apply, click here.
INVESTOR VISA
This type of visa provides entrepreneurs starting a business in
Dubai in any of its free zones with renewable residency for 3
years in any free zone across the UAE.

8
DUBAI FREEZONES BY SECTORS

Fintech
Edtech Edtech Metaverse & Web3
Software, IT, SAAS Software, IT, SAAS Digital Assets
Healthtech AI
Cybersecurity
Software, IT, SAAS Healthtech Software, IT, SAAS
AI Digital Assets
Software, IT, SAAS
Edtech Software, IT, SAAS 3D Printing
AI 3D Printing
Cybersecurity Edtech Fintech
Software, IT, SAAS Software, IT, SAAS AI
Software, IT, SAAS Healthtech Software, IT, SAAS
3D Printing

Software, IT, SAAS

AI AI
Fintech
Cybersecurity Healthtech
Digital Assets
Software, IT, SAAS 3D Printing
Fintech AI Software, IT, SAAS
Healthtech Digital Assets Cybersecurity
3D Printing AI Software, IT, SAAS
Cybersecurity Healthtech
Software, IT, SAAS Software, IT, SAAS
Edtech 3D Printing
AI Edtech
Fintech Software, IT, SAAS
Software, IT, SAAS Software, IT, SAAS Digital Assets
3D Printing Healthtech
Healthtech Cybersecurity Fintech
Cybersecurity Software, IT, SAAS AI
Cybersecurity
Edtech
Healthtech
Software, IT, SAAS Fintech
Software, IT, SAAS Software, IT, SAAS
3D Printing Digital Assets
AI Software, IT, SAAS
Cybersecurity Edtech
Software, IT, SAAS
Software, IT, SAAS Healthtech
3D Printing

DIGITAL SECTORS FREEZONES

Fintech Software, IT, SAAS Dubai Academic City Dubai Industrial City (DIC) Dubai Silicon Oasis (DSO) International Free Zone Authority (IFZA)

Digital Assets Healthtech Dubai Airport Free Zone Dubai International Financial Centre (DIFC) Dubai Technology Entrepreneur Campus (DTEC) International Media Production Zone

Metaverse & Web3 3D Printing Dubai Biotechnology & Research Park (DUBIOTECH) Dubai Internet City (DIC) Meydan Freezone Jebel Ali Free Zone

AI Edtech Dubai Car and Automotive City Free Zone (DUCAMZ) Dubai Knowledge Village Dubai Multi Commodities Centre (DMCC) Dubai Science Park

Cybersecurity Dubai Design District Dubai Logistics City Dubai South Dubai World Trade Centre (DWTC)
Dubai Gold and Diamond Park Dubai Media City Dubai Studio City Dubai CommerCity
Dubai Healthcare City Dubai Outsource City Dubai Techno Park

9
ETTING UP A FINTECH IN DUBAI of all FinTech companies
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and and Access to incubator, investment
> Subsidized
> Subsidized innovation
innovation
testing
testing support,
venture
venture
capitalists,
corporate
support,
capitalists,
partnercapitalists,
venture labs, events onon0%0%payment
payment plans
plans sector
> Access totechnology
clubs knowledgeecosystem
series andbuilder
license
support, ~AED
venture5,500 per year
capitalists, events
> Subsidized innovation testing corporate corporate corporate
partnerpartner partner
labs,labs,
events labs, events
events sector
sector
clubsclubsAstrolabs support, networks, events
license
license
~AED ~AED 5,500 5,500
per year
per year corporate partner labs, events sector clubs
license ~AED 5,500 per year
AVERAGE SETUP TIME ~4 WEEKS
AVERAGE
AVERAGE SETUP
SETUPTIME
TIME~6~6WEEKS
WEEKS AVERAGE
AVERAGESETUP
SETUP TIME ~1~1
TIME WEEK
WEEKS AVERAGE SETUP TIME ~4 WEEK AVERAGE
AVERAGESETUP TIME
SETUP ~4 WEEKS
TIME ~4 WEEKS AVERAGE SETUP
AVERAGE TIMETIME
SETUP ~1 WEEK
~1 WEEKS
PHYSICAL PRESENCE REQUIREMENT NO
AVERAGE
AVERAGE
SETUPSETUP
TIME TIME
PHYSICAL ~6PRESENCE
WEEKS
~6 WEEKS
PRESENCE AVERAGE
REQUIREMENT AVERAGE
YES SETUPSETUP
TIME TIME
PHYSICAL~1PRESENCE
WEEK
~1 WEEK
PRESENCE AVERAGE
AVERAGE
SETUP SETUP
TIME TIME
~4PRESENCE
WEEK
~4 WEEK AVERAGE
AVERAGE
SETUPSETUP
TIME TIME
~4PRESENCE
WEEKS
~4 WEEKS AVERAGE
NO AVERAGE
NO SETUPSETUP
TIME TIME
~1PRESENCE
PHYSICALWEEK
~1 WEEK
PRESENCE REQUIREMENT
YES YES
PHYSICAL TIMEREQUIREMENT YES PHYSICAL ~1REQUIREMENT
TIMEREQUIREMENT YESYES PHYSICAL REQUIREMENT
WEEKVISA);NO PHYSICAL
PHYSICAL PRESENCE REQUIREMENT
TIMEREQUIREMENT PHYSICAL TIMEREQUIREMENT
AIN REGULATORS
AVERAGE SETUP ~6 WEEKS AVERAGE SETUP WEEK STARTS SETUP
AVERAGE AT AEDTIME
12,500
~4 (W/O AVERAGE SETUP ~4 WEEKS AVERAGE SETUP ~1 WEEK
PHYSICAL
PHYSICALSTARTS
PRESENCE AT
PRESENCE AED 25,000/YEAR
REQUIREMENT
REQUIREMENT
YES YES PHYSICAL
PHYSICAL STARTS
PRESENCE
PRESENCEATAED15,000/YEAR
AED 15,000/YEAR
REQUIREMENT
REQUIREMENT
YES YES PHYSICAL
PHYSICAL
PRESENCE
PRESENCE
REQUIREMENT
REQUIREMENTNO VISA);
NO PHYSICAL
PHYSICAL STARTS
PRESENCE
PRESENCE ATREQUIREMENT
AED 35,000/YEAR
REQUIREMENT NO NO PHYSICAL
PHYSICAL STARTS
PRESENCE
PRESENCE AT AED 40,000/YEAR
REQUIREMENT
REQUIREMENT
YES YES
EVENTS & CONFERENCES
STARTS AT AED25,000/YEAR
PHYSICAL PRESENCE REQUIREMENT YES STARTS AT
PHYSICAL PRESENCE REQUIREMENT YES
AED
STARTS 14,350
AT (1 VISA)
AED12,500 (W/O
PHYSICAL PRESENCE REQUIREMENT NO STARTS AT AED35,000/YEAR
PHYSICAL PRESENCE REQUIREMENT NO STARTS AT AED40,000/YEAR
PHYSICAL PRESENCE REQUIREMENT YES
STARTS
STARTS
AT AED25,000/YEAR
AT AED25,000/YEAR STARTS
STARTS
AT AED15,000/YEAR
AT AED15,000/YEAR STARTS
STARTS AED14,350
AT AED12,500
AT AED12,500(1 VISA)
(W/O (W/O
VISA);VISA); STARTS
STARTS
AT AED35,000/YEAR
AT AED35,000/YEAR STARTS
STARTS
AT AED40,000/YEAR
AT AED40,000/YEAR
ERSEEING THE FINTECH AND FINANCIAL SERVICES SECTORS IN DUBAI
STARTS AT AED25,000/YEAR STARTS AT AED15,000/YEAR AED14,350
AED14,350 STARTS
(1 VISA) AT AED12,500 (W/O VISA);
(1 VISA)
AED14,350 (1 VISA)
STARTS AT AED35,000/YEAR STARTS AT AED40,000/YEAR

MAIN REGULATORS EVENTS & CONFERENCES

MAIN REGULATORS EVENTS & CONFERENCES
MAIN
MAINREGULATORS
REGULATORS
OVERSEEING
MAIN
THE FINTECH AND FINANCIAL SERVICES SECTORS IN DUBAI
REGULATORS
In 2022, Dubai opened
OVERSEEING its first Open FinanceEVENTS
THE FINTECH AND FINANCIAL SERVICES SECTORS IN DUBAI EVENTS
& CONFERENCES
& CONFERENCES
EVENTS & CONFERENCES FinTech beca
OVERSEEING
OVERSEEING
THE
THE
FINTECH
FINTECH
AND
AND
FINANCIAL
FINANCIAL
SERVICES
SERVICES
SECTORS
SECTORS
IN DUBAI
IN DUBAI
OVERSEEING THE FINTECH AND FINANCIAL SERVICES SECTORS IN DUBAI fastest grow
Lab, to helps educate
banks, regulators and sector in the
the industry on open International
In 2022,
finance andDubai opened
related Centre (DIFC
In 2022,
In 2022,
DubaiDubai
its opened
first opened
Open Finance FinTech became the
FinTech
In 2022,applications.
Dubai opened FinTech
FinTech
became
became
the the
fastest
its first
its Open
first Open
Finance
Finance
Lab, to helps educate
its first Open Finance FinTech growing
became the
fastest
fastest
growing
growing the Dubai
sector
Lab, Lab,
to helps
to helps
educate
banks,
Lab,
educate
to
regulators and
helps educate fastest ingrowing
* As packages across freezones vary, in addition to license costs you may need to budget for additional costs where
banks,
banks, applicable
regulators
regulators andand
and not inclusive such as data protection fees ~AED 2,000, establishment card ~AED 1,500 and other one-time setup fees ~AED 2,000. sector
sector
in the
in Dubai
the Dubai Financial
International
the industry on open sector in the Dubai
Note: Regulations and requirements may vary across diffrent free zones in Dubai, so it’s important to thoroughly researchbanks,
and regulatorstheand
the industry
the industry
on onunderstand
open
finance and related specific rules and regulations of each free zone before setting up your FinTech startup. It’s also recommended to seek professional advice from legal
open and financial
International
International experts
Financial
Centre to ensure
Financial
(DIFC) in 2022
the industry International Financial
compliance with local laws and regulations. Investors will need to consider which legal form is most appropriate
financeforand
theirrelated
finance business
and related
FinTech andon
theopen
types of commercial activities that they intend to conduct. Dubai is a rapidly advancing economy and this document serves only as a snapshot of theCentre
applications. continually
Centre evolving
(DIFC)
(DIFC) wider
in 2022 ecosystem.
in 2022
finance and related Centre (DIFC) in 2022
FinTech
FinTech
applications.
applications.
FinTech applications.
10
egulations and requirements may vary across different free zones in Dubai, so it’s important to thoroughly research and understand the specific rules and regulations of each free zone before setting up your FinTech startup. It’s also recommended to seek professional advice from legal and financial experts to en
FINTECH SUCCESS STORY

www.stripe.com

$817 billion
Founded in 2010
The Silicon Valley unicorn opened it’s Middle East headquarters
in Dubai in 2021 to tap into the region’s booming digital economy.
in payments processed by
businesses on Stripe in 2022

Stripe is a technology company that builds economic infrastructure for the internet. Businesses of every “The UAE is a thriving hub for technology,
size—from new startups to public companies—use its software to accept payments and manage their supported by strong investor appetite, internet-savvy
businesses online. Stripe makes money by taking a percentage and a fixed fee on each payment it processes.
consumers, and an open, innovative ecosystem
of business leaders and entrepreneurs.
As of January 2023, Stripe was valued at Similarly, the pool of tech talent in the
Operating in 130 countries $95 billion
Middle East is growing very rapidly.
However, companies still face challenges

1.14 million websites use Stripe when trying to accept payments, make
to accept payments payouts, and manage the financial side of
internet businesses. Stripe removes these
complexities so businesses can focus
on what makes them special. Our launch
Stripe is reportedly the most valuable private company ever to come out of Silicon Valley after
its valuation nearly tripled in less than a year. It is worth more than both Uber and Facebook were today also means we can now connect
before they went public. our global user base to the Gulf, enabling
them to seamlessly expand their operations
in the region.”
MISSION Stripe has raised a total of
- Matt Henderson, Europe Middle East and Africa

“To increase the GDP $2.235 billion (EMEA) Business Lead at Stripe

of the internet.” in disclosed funding across 12 rounds,

including $600 million in its latest funding Tesla founder Elon Musk and billionaire investor Peter Thiel
round, announced in March 2021 were early investors in Stripe.

11
 DIGITAL ASSETS GUIDE: SETTING UP A BUSINESS IN DUBAI

3 5
SETUP JOURNEY

7 9
1
Pick your
business
4 Show a clean
crypto wallet 6 Additional Open a bank

2 8
structure approvals account
Show founders’
Identify your technical Apply for trade
business qualifications license
activity
Know the Visa
regulations applications
As you set up your digital assets startup, make sure to learn the local regulations for digital assets governed by Dubai’s Virtual Assets
Regulatory Authority (VARA). You will be required to show a detailed business plan and proof of share capital during the setup process.

SUPPORTING FREEZONES FOR DIGITAL ASSETS ACCELERATORS,

MINIMUM REQUIREMENT: ~ AED 15,000 per year * + license costs ** INCUBATORS &
SANDBOXES

Flexi-desk coworking package,
fixed desk or private office
Permit to secure up to 4 residency
visas on a flexi-desk
Own Common Law judicial system,
independent risk-based regulator
access to accelerators, investment
support, venture capitalists, events
Flexi-desk coworking package, fixed
desk or private office
Permit to secure up to 2 residency
visas on a flexi-desk
Access to incubator, investment
support, venture capitalists, corporate
partner labs, events
Coworking, private offices, business
centre with boardrooms, meeting
rooms, auditoriums and event spaces
Access to incubator, investment
support, strategic partner introductions
Metaverse platform METADAFZ to
conduct virtual meeting
Flexi-desk, serviced offices or private
office with option to buy
Permit to secure up to 1 residency Flexi-desk and dedicated office
visas on a basic package
0, 1, 3 and 6 visa packages
Access to knowledge series and
sector clubs; subsidised licenses License packages available
through technology ecosystem on 0% payment plans
builder Astrolabs

AVERAGE SETUP TIME ~2 WEEKS AVERAGE SETUP TIME ~4 WEEKS

AVERAGE SETUP TIME ~6 WEEKS AVERAGE SETUP TIME ~1 WEEK PHYSICAL PRESENCE REQUIREMENT NO AVERAGE SETUP TIME ~4 WEEKS PHYSICAL PRESENCE REQUIREMENT NO
PHYSICAL PRESENCE REQUIREMENT YES PHYSICAL PRESENCE REQUIREMENT YES STARTS AT AED 41,625 WITH 6 SQM OFFICE PHYSICAL PRESENCE REQUIREMENT NO STARTS AT AED 12,500 (W/O VISA);
STARTS AT AED 25,000/YEAR STARTS AT AED 15,000/YEAR PER YEAR STARTS AT AED 35,000/YEAR AED 14,350 (1 VISA)

MAIN REGULATORS EVENTS & CONFERENCES ** Any firm seeking to carry on Virtual Asset Activities in or from Dubai (excluding DIFC, which would
require a DIFC Innovation License) must apply for a VARA License prior to commencing operations.
Applying for a VARA License is completed in two stages; First, application for initial approval to
OVERSEEING THE DIGITAL ASSETS SECTORS IN DUBAI establish a legal entity and to commence operational setup, then an application for the Virtual Asset
Service Provider (VASP) License Application. To file an application for a license, you must prepare
documents for a chosen virtual asset activity and you pay an application fee, from AED 40,000 to
AED 100,000. Payment does not guarantee a license. You also need to compensate for supervision,
from AED 80,000 to 200,000 annually. Licensing is complex. It incorporates 4 levels: Minimum
Viable Product (MVP) Provisional; MVP Preparatory; MVP Operational; Full Market Product (FMP)
Operational. Timeframes can range between 4 weeks to several months at the regulator’s discretion.

* As packages across freezones vary, in addition to license costs you may need to budget for additional costs where applicable and not inclusive such as data protection fees ~AED 2,000, establishment card ~AED 1,500 and other one-time setup fees ~AED 2,000.
Note: Regulations and requirements may vary across different free zones in Dubai, so it’s important to thoroughly research and understand the specific rules and regulations of each free zone before setting up your digital assets startup. It’s also recommended to seek professional advice from legal experts to ensure compliance
with local laws and regulations. Investors will need to consider which legal form is most appropriate for their business and the types of commercial activities that they intend to conduct.
12
DIGITAL ASSETS SUCCESS STORY

www.bybit.com

Founded in 2018
MISSION
Opened global headquarters
in Dubai in 2023 “Unleashing the full potential of crypto believers seeking to level up via Web3
with next-generation tools, support, and opportunities.”

Bybit is the world’s third most visited crypto exchange, and the second largest crypto “We are excited to be part of Dubai’s futuristic
exchange in the Middle East and North Africa (MENA). Operates in 160 countries and in 16+ languages. skyline and most importantly, to be able to
officially call Dubai home. The digital economy
is advancing at incredible speed and crypto

15 million users
ByBit’s daily trading volume surpassed and blockchain technology will be the mainstay

$4 billion
and the connective tissues. As one of the most
worldwide progressive digital assets hubs in Middle East
in 2020. and North Africa (MENA) and the world, Dubai is
optimally positioned to capture the opportunities
in the sector by bringing together state-of-the-art
tech and infrastructure, international talent and
vision. The new office will be an innovative hub
for dreamers and creators to exchange ideas and
unlock next level opportunities of Web3.”
- Ben Zhou, CEO and co-founder of Bybit

> 270 Assets > 200 Contracts

Bybit was granted a Minimum Viable Product (MVP) Preparatory Licence by Dubai’s
Virtual Assets Regulatory Authority (VARA) in 2023. This follows the Provisional
Perpetual & Quarterly Futures Licence it received in 2022.

13
 METAVERSE & WEB3 GUIDE: SETTING UP A BUSINESS IN DUBAI
SETUP JOURNEY
1
Identify your
business
activity
SUPPORTING FREEZONES FOR METAVERSE
** MINIMUM REQUIREMENT: ~ AED 15,000 per year * + license costs **
Flexi-desk coworking package,
fixed desk or private office
Permit to secure up to 4 residency
visas on a flexi-desk
Own Common Law judicial system,
independent risk-based regulator
access to accelerators, investment
support, venture capitalists, events
AVERAGE SETUP TIME ~6 WEEKS
PHYSICAL PRESENCE REQUIREMENT YES
STARTS AT AED 25,000/YEAR
MAIN REGULATORS
MAIN REGULATORS OVERSEEING THE METAVERSE
AND WEB3 SECTORS IN DUBAI
* As packages across freezones vary, in addition to license costs you may need to budget for additional costs where applicable and not inclusive such as data protection fees ~AED 2,000, establishment card ~AED 1,500 and other one-time setup fees ~AED 2,000.
Note: Regulations and requirements may vary across different free zones in Dubai, so it’s important to thoroughly research and understand the specific rules and regulations of each free zone before setting up your metaverse startup. It’s also recommended to seek professional advice from legal experts to ensure compliance
with local laws and regulations. Investors will need to consider which legal form is most appropriate for their business and the types of commercial activities that they intend to conduct.
3 4 5 6 7
2 Pick your
business
structure
Apply for trade
license
Metaverse Service
Provider license
application
Additional
approvals
Visa
applications 8
Know the Open a bank
regulations account
As you set up your metaverse or Web3 startup, make sure to learn the local regulations for operating in the metaverse as well as virtual
assets governed by Dubai’s Virtual Assets Regulatory Authority (VARA). You will be required to show a detailed business plan and proof
of share capital during the setup process.
ACCELERATORS,
INCUBATORS &
SANDBOXES
Flexi-desk, serviced offices or private
Flexi-desk coworking package, fixed office with option to buy
desk or private office
Flexi-desk, fixed desk or private office Permit to secure up to 1 residency Flexi-desk and dedicated office
Permit to secure up to 2 residency visas on a basic package
visas on a flexi-desk Permit to secure up to 2 residency 0, 1, 3 and 6 visa packages
visas on a flexi-desk Access to knowledge series and
Access to incubator, investment sector clubs; subsidised licenses License packages available
support, venture capitalists, corporate Access to incubator, investment through technology ecosystem on 0% payment plans
partner labs, events support, networks, events builder Astrolabs
AVERAGE SETUP TIME ~4 WEEKS
AVERAGE SETUP TIME ~1 WEEK AVERAGE SETUP TIME ~1 WEEKS AVERAGE SETUP TIME ~4 WEEKS PHYSICAL PRESENCE REQUIREMENT NO
PHYSICAL PRESENCE REQUIREMENT YES PHYSICAL PRESENCE REQUIREMENT YES PHYSICAL PRESENCE REQUIREMENT NO STARTS AT AED 12,500 (W/O VISA);
STARTS AT AED 15,000/YEAR STARTS AT AED 40,000/YEAR STARTS AT AED 35,000/YEAR AED 14,350 (1 VISA)
EVENTS & CONFERENCES
A Metaverse Service Provider license is also required for startups involved in the hosting and
development of virtual environments, and is available through government authorities including
Dubai Economy and Tourism (DET), Dubai Silicon Oasis Authority (DSOA), Dubai Multi Commodities
Center (DMCC) and the Dubai AI and Web 3.0 Campus via the Dubai International Financial Centre
(DIFC). To acquire a metaverse license and begin a metaverse business in Dubai, the following
actions must be taken: Creating a 3D universe for the brand; creating metaverse on the website;
publishing some other metaverse applications on the metaverse site; and then applying to register
for a metaverse license. This license doesn’t allow for crypto asset trading or the creation and issue
of exchange-tradable tokens. The total cost of a Metaverse Services license varies from AED 15,999
to AED 27,000 based on the type of business that the provider wants to establish in the metaverse,
as well as the service or goods to be offered.
14
METAVERSE & WEB3 SUCCESS STORY

everdome.io

Founded in 2021
MISSION WINNER
“Creating the most hyper-realistic metaverse.” Metaverse Innovation Award at Future Innovation
Summit 2022

Everdome is a metaverse company that allows users to purchase, rent and lease property in virtual worlds. “We’re innovating solutions to problems that probably
The company has built a high-fidelity Mars and space exploration-themed metaverse didn’t exist one year, one month, maybe even
environment, bringing together individuals, creators, brands and businesses to collaborate on immersive one hour ago. Our 3D avatars and virtual
and shared digital adventures. Users can engage in professional activities, socializing and branding their objects, such as NFTs, can be used across
business through VR games and AR features, enabling users to interconnect digital and physical worlds. a vast range of platforms from medical
Monetization comes from B2B, B2C and P2P streams. and art to social media, fashion, and, of
course, gaming. We’ve had a phenomenal
response to the plots of land released so
Everdome says it has built a community of In 2023, Bahamas-based digital far, as each hexagonal plot of land can

500,000+
asset investment firm GEM be developed however the owner wishes.
Digital Limited increased its It’s very much like investing in land in the
supporters, with circa investment in Everdome real world, only without any of the limitations

90,000+
from $10 million to you could potentially face. In the metaverse, the only

$60 million
limitations are the ones we impose, so things like access to
unique wallets holding $DOME, materials, or even gravity itself, don’t have to be taken
its utility token. into consideration.”
- Robert Gryn, Founder And CEO, Metahero And Everdome

Everdome is harnessing the power and flexibility of Unreal Engine 5 as its design environment
for prototyping and initial designs for in-experience locations. Used widely across high- Everdome is launching a Metaverse-as-a-Service
fidelity gaming, or film and TV releases such as The Mandalorian or Westworld, Unreal Engine (MaaS) platform to simplify metaverse use.
5 provides power previously unavailable to all but the largest development teams.

15
 AI GUIDE: SETTING UP A BUSINESS IN DUBAI

SETUP JOURNEY

3 4 5 6 7
1
Identify your
2 Pick your
business
structure
Apply for trade
license
Additional
approvals
Visa
applications
Open a bank
account
business Know the
activity regulations

As you set up your AI, make sure to learn about local regulations for and-money laundering. data security standards,
Know Your Customer (KYC) and custody. You may also be asked to show a detailed business plan and proof of share
capital (where applicable) during the setup process.

SUPPORTING FREEZONES FOR ARTIFICIAL INTELLIGENCE (AI) ACCELERATORS,

MINIMUM REQUIREMENT: ~ AED 15,000 per year * INCUBATORS &
SANDBOXES

Shared desk, dedicated offices

Flexi-desk coworking package,
fixed desk or private office
Permit to secure up to 4 residency
visas on a flexi-desk
Own Common Law judicial system,
independent risk-based regulator
access to accelerators, investment
support, venture capitalists, events
Flexi-desk coworking package, fixed
desk or private office
Permit to secure up to 2 residency
visas on a flexi-desk
Access to incubator, investment
support, venture capitalists, corporate
partner labs, events
laboratories, land plots, warehouses
Assists in creating alliances and
affiliation with specialized hospitals and
science-related institutes
Access to in5 innovation centers,
incubator, investment support; MOU
with the Ministry of Health which allows
registered businesses to apply for
scientific office approval
Flexi-desk, serviced offices or private
office with option to buy
Permit to secure up to 1 residency Flexi-desk, fixed desk or private office
visas on a basic package
Permit to secure up to 2 residency
Access to knowledge series and visas on a flexi-desk
sector clubs; subsidised licenses
through technology ecosystem Access to incubator, investment
builder Astrolabs support, networks, events

AVERAGE SETUP TIME ~6 WEEKS AVERAGE SETUP TIME ~1 WEEK AVERAGE SETUP TIME ~2 WEEKS AVERAGE SETUP TIME ~4 WEEKS AVERAGE SETUP TIME ~1 WEEKS
PHYSICAL PRESENCE REQUIREMENT YES PHYSICAL PRESENCE REQUIREMENT YES PHYSICAL PRESENCE REQUIREMENT NO PHYSICAL PRESENCE REQUIREMENT NO PHYSICAL PRESENCE REQUIREMENT YES
STARTS AT AED 25,000/YEAR STARTS AT AED 15,000/YEAR STARTS AT AED 50,000/YEAR STARTS AT AED 35,000/YEAR STARTS AT AED 40,000/YEAR

MAIN REGULATORS EVENTS & CONFERENCES Artificial Intelligence (AI) and coding licence
OVERSEEING THE AI SECTORS IN DUBAI The DIFC offers a special Artificial Intelligence (AI) and coding license, in
cooperation with the UAE Artificial Intelligence Office. Companies holding the
license will be able to work within the DIFC Innovation Hub, which is the largest
cluster of FinTech and innovation companies in the region. In addition, the license
provides an opportunity to obtain UAE Golden Visas for employees

* As packages across freezones vary, in addition to license costs you may need to budget for additional costs where applicable and not inclusive such as data protection fees ~AED 2,000, establishment card ~AED 1,500 and other one-time setup fees ~AED 2,000.
Note: Regulations and requirements may vary across different free zones in Dubai, so it’s important to thoroughly research and understand the specific rules and regulations of each free zone before setting up your AI startup. It’s also recommended to seek professional advice from legal experts and healthcare authorities to
ensure compliance with local laws and regulations. Investors will need to consider which legal form is most appropriate for their business and the types of commercial activities that they intend to conduct.
16
AI SUCCESS STORY

www.d14.ai

Founded in 2018
MISSION WINNER
“To help companies grow by removing the complexity of scheduling and New Entrepreneur of the Year: Melda Akin, D14.ai
managing their teams so they can run their business more efficiently.” Gulf Capital SME Awards

Dimension14, a decision-making as a service company, provides AI decision-making tools that can be “Appreciate [that] the Middle East and North Africa
deployed in various industries to solve exponentially hard optimization problems, helping enterprise to make (MENA) region has its own business culture. You
better decisions in a short time. Users of D14’s solution include companies in sectors like last-mile delivery, need to understand it, its reliance on building
healthcare, higher education, governmental area and SMEs, who need scheduling, prediction relationships, and the trust they engender. We
and optimization solutions. live in a globalized world, and understanding
other cultures is vital, especially if your
team, your suppliers, and especially your
customers are from other regions. As a
Incubated by With the help of its unique
meeting point of international trade, the
algorithms, D14 says its
MENA is a rapidly growing and changing
Top 8 start-ups in the MENA region by technology can schedule more
kaleidoscope of opportunities, and an
than 1 million orders within

3,000
ideal location to start a new enterprise.
minutes and It really is the place to be, with support and

times faster
encouragement available if the government’s
Top 10 Follow that Startup program by
economy and visions align with yours.”
than other solutions. - Melda Akin, co-founder and CEO of D14.AI

D14 is a startup from Womentum 2019, a women in tech Operates regionally

accelerator by in partnership with

17
 CYBERSECURITY GUIDE: SETTING UP A BUSINESS IN DUBAI

SETUP JOURNEY

3 4 5 6 7
1
Identify your
2 Pick your
business
structure
Apply for trade
license
Additional
approvals
Visa
applications
Open a bank
account
business Know the
activity regulations

As you set up your cybersecurity startup, make sure to learn about Information Security Regulations (ISR) issued by the government of Dubai.
You may also be asked to show a detailed business plan and proof of share capital (where applicable) during the setup process. Based on
your business model, secondary regulatory approvals may be required from the Telecom Regulatory Authority (TRA), as well as authorities of
individual sectors you might be working with such as oil and gas or health authorities.

SUPPORTING FREEZONES FOR CYBERSECURITY ACCELERATORS,

MINIMUM REQUIREMENT: ~ AED 15,000 per year * INCUBATORS &
SANDBOXES

Flexi-desk coworking package, Flexi-desk, serviced offices or private

fixed desk or private office
Permit to secure up to 4 residency
visas on a flexi-desk
Own Common Law judicial system,
independent risk-based regulator
access to accelerators, investment
support, venture capitalists, events
Flexi-desk coworking package, fixed
desk or private office
Permit to secure up to 2 residency
visas on a flexi-desk
Access to incubator, investment
support, venture capitalists, corporate
partner labs, events
Flexi-desk and dedicated office
0, 1, 3 and 6 visa packages
License packages available
on 0% payment plans
office with option to buy
Permit to secure up to 1 residency
visas on a basic package
Access to knowledge series and
sector clubs; subsidised licenses
through technology ecosystem
builder Astrolabs
Flexi-desk, fixed desk or private office
Permit to secure up to 2 residency
visas on a flexi-desk
Access to incubator, investment
support, networks, events

AVERAGE SETUP TIME ~4 WEEKS

AVERAGE SETUP TIME ~6 WEEKS AVERAGE SETUP TIME ~1 WEEK PHYSICAL PRESENCE REQUIREMENT NO AVERAGE SETUP TIME ~4 WEEKS AVERAGE SETUP TIME ~1 WEEKS
PHYSICAL PRESENCE REQUIREMENT YES PHYSICAL PRESENCE REQUIREMENT YES STARTS AT AED 12,500 (W/O VISA); PHYSICAL PRESENCE REQUIREMENT NO PHYSICAL PRESENCE REQUIREMENT YES
STARTS AT AED 25,000/YEAR STARTS AT AED 15,000/YEAR AED 14,350 (1 VISA) STARTS AT AED 35,000/YEAR STARTS AT AED 40,000/YEAR

MAIN REGULATORS EVENTS & CONFERENCES

OVERSEEING THE CYBERSECURITY SECTORS IN DUBAI

* As packages across freezones vary, in addition to license costs you may need to budget for additional costs where applicable and not inclusive such as data protection fees ~AED 2,000, establishment card ~AED 1,500 and other one-time setup fees ~AED 2,000
Note: Regulations and requirements may vary across different free zones in Dubai, so it’s important to rules and regulations of each free zone before setting up your cybersecurity startup. It’s also recommended to seek professional advice from legal and financial

18
CYBERSECURITY SUCCESS STORY

www.spidersilk.com

Founded in 2019
MISSION Operates globally
“To protect human beings from
the impact of cyber threats.”

spiderSilk is a VC-backed cybersecurity technology firm, specializing in attack surface management (ASM) “We are the first cybersecurity technology
and threat detection. The company’s proprietary platform helps organizations identify, manage and protect company from the region with such
their attack surfaces. global aspirations, and we are thrilled
by the support we’ve received from
all our partners and investors. There
spiderSilk aised

$2.25 million
spiderSilk’s proprietary technology is a common misconception about
scans the open internet on a continuous the Middle East and North Africa

basis- that’s 4.3 billion in a pre-Series A round in 2021.

The company also
(MENA) region’s ability to develop
engineering-centric, deeptech solutions,
internet protocol addresses, which especially in the cybersecurity space where
raised a $500,000
allows companies to build a full most of the technology is imported from abroad.
seed in 2020.
understanding of their technology We are excited to be part of a growing narrative that
ecosystem, and how they can be is changing that.”
compromised. - Rami El Malak, co-founder at spiderSilk

SpiderSilk has discovered some of the

Part of the biggest data breaches: Blind, the allegedly spiderSilk says it has discovered threats that
anonymous social network that exposed private complaints would have potentially affected over
by Silicon Valley employees; a massive spill of unencrypted
120 million
individuals
customer card numbers at now-defunct MoviePass; and a
accelerator program lab leaked highly sensitive Samsung source code. globally

19
 SOFTWARE, ICT, SAAS GUIDE: SETTING UP A BUSINESS IN DUBAI

SETUP JOURNEY

3 4 5 6 7
1
Identify your
2 Pick your
business
structure
Apply for trade
license
Additional
approvals
Visa
applications
Open a bank
account
business Know the
activity regulations

As you set up your tech startup, make sure to learn the local regulations for data security, intellectual property and specific sectors that your
solutions serve. You will be required to show a detailed business plan and proof of share capital during the setup process.

SUPPORTING FREEZONES FOR SOFTWARE, ICT, SAAS ACCELERATORS,

MINIMUM REQUIREMENT: ~ AED 15,000 per year * INCUBATORS &
SANDBOXES

Smart desk, private offices, shell and

core space, warehouses and event
facilities

Pay-as-you-go pricing solutions;

special arrangements for customs
duties. For example, foreign goods can
enter without paying duties and are
kept in the bonded zone
E-commerce enablement ecosystem
with fulfillment, warehousing, last-mile
delivery and customs consulting
solutions on-site
Flexi-desk coworking package, fixed
desk or private office
Permit to secure up to 2 residency
visas on a flexi-desk
Access to incubator, investment
support, venture capitalists, corporate
partner labs, events
Coworking, private offices, business
centre with boardrooms, meeting
rooms, auditoriums and event spaces
Access to incubator, investment
support, strategic partner introductions
Metaverse platform METADAFZ to
conduct virtual meeting
Flexi-desk, serviced offices or private
office with option to buy
Permit to secure up to 1 residency Flexi-desk, fixed desk or private office
visas on a basic package
Permit to secure up to 2 residency
Access to knowledge series and visas on a flexi-desk
sector clubs; subsidised licenses
through technology ecosystem builder Access to incubator, investment
Astrolabs support, networks, events

AVERAGE SETUP TIME ~2 WEEK AVERAGE SETUP TIME ~2 WEEKS

PHYSICAL PRESENCE REQUIREMENT NO AVERAGE SETUP TIME ~1 WEEK PHYSICAL PRESENCE REQUIREMENT NO AVERAGE SETUP TIME ~4 WEEKS AVERAGE SETUP TIME ~1 WEEKS
STARTS AT AED 28,000 WITH SMART DESK PHYSICAL PRESENCE REQUIREMENT YES STARTS AT AED 41,625 WITH 6 SQM OFFICE PHYSICAL PRESENCE REQUIREMENT NO PHYSICAL PRESENCE REQUIREMENT YES
AND 2 VISAS STARTS AT AED 15,000/YEAR PER YEAR STARTS AT AED 35,000/YEAR STARTS AT AED 40,000/YEAR

MAIN REGULATORS EVENTS & CONFERENCES

OVERSEEING THE TECH SECTORS IN DUBAI

* As packages across freezones vary, in addition to license costs you may need to budget for additional costs where applicable and not inclusive such as data protection fees ~AED 2,000, establishment card ~AED 1,500 and other one-time setup fees ~AED 2,000.
Note: Regulations and requirements may vary across different free zones in Dubai, so it’s important to thoroughly research and understand the specific rules and regulations of each free zone before setting up your tech startup. It’s also recommended to seek professional advice from legal experts and healthcare authorities to
ensure compliance with local laws and regulations. Investors will need to consider which legal form is most appropriate for their business and the types of commercial activities that they intend to conduct.
20
SOFTWARE, ICT, SAAS SUCCESS STORY

www.zoho.com

Founded in 1996
MISSION Zoho surpassed $ 1 billion in annual revenue in 2022;

“To provide software and services to the bootstrapped company has never raised external capital.
help businesses excel in their work.”

Zoho is an India-born global software-as-a- service (SaaS) company that offers a comprehensive suite of “Dubai is one of the most happening cities in
business, communication, productivity, and collaboration applications, including CRM, email, office suite, the world today. It’s a beautiful city, but I also
project management, invoicing, email marketing and social media management. see the mirror image of the rural areas of places
I live in. These two are not separate. We
cannot just draw everyone from rural areas
In 2023, Zoho committed

$27.2 million
Zoho’s operations into giant cities. It won’t work for either side.
in the UAE have grown Just the cost of real estate in Dubai is

10x over the last five years. in investment for expansion in

the UAE, which will go toward local
sky-high, which means that we have to
find a balance where cities thrive and
The global tech firm’s UAE revenues were

45%
up in 2022, which made it the
second-highest growing market
for the company globally for the year.
rural areas thrive. That integration is very
hiring, growing its partner network,
important. These are the things that
adding Arabic support to its products,
startups and the tech world aren’t thinking about.”
and integrating with local payment gateways
- Sridhar Vembu, co-founder and CEO of Zoho Corporation
to adapt solutions for the local market.

Since 2020, Zoho has

Zoho has steered more than Zoho’s growth in the UAE has also

100 million+ 3,500 small

been accelerated by its partnership
with the Dubai Department of
users around the world businesses in the UAE Economy and Tourism to make
across hundreds into its cloud. enterprise technology available to
of thousands of companies. businesses of all sizes.

21
 HEALTHTECH GUIDE: SETTING UP A BUSINESS IN DUBAI

3 5
SETUP JOURNEY

7 9
1 4 6
Dubai Health
Pick your Authority approval
business Liability insurance Open a bank
(if applicable)

2 8
structure (if applicable) account
Identify your Apply for trade Additional
business license approvals
activity
Know the Visa
regulations As you set up your healthtech, make sure to learn about local regulations on use of information and communication technology in applications
health fields, medical liability, consumer protection, health data and records management. You may also be asked to show a detailed business
plan and proof of share capital (where applicable) during the setup process. Budget ~AED 15,000 for additional regulatory approvals.

SUPPORTING FREEZONES FOR HEALTHTECH ACCELERATORS,

MINIMUM REQUIREMENT: ~ AED 15,000 per year * INCUBATORS &
SANDBOXES

Issues commercial license for both

clinical facilities as well as non-clinical
facilities.
Permit to secure up to 2 residency
visas; number of visas varies
depending on size of facility
Access to Dubai Healthcare City
Accelerator and network of partners
and patients
AVERAGE SETUP TIME ~10 DAYS
PHYSICAL PRESENCE REQUIREMENT YES
STARTS AT: PRIVATE OFFICE PACKAGES
FROM AED 60,000 PER YEAR;
COWORKING EXECUTIVE DESKS START
FROM AED 35,000 PER ANNUM
Flexi-desk coworking package, fixed
desk or private office
Permit to secure up to 2 residency
visas on a flexi-desk
Access to incubator, investment
support, venture capitalists, corporate
partner labs, events
AVERAGE SETUP TIME ~1 WEEK
PHYSICAL PRESENCE REQUIREMENT YES
STARTS AT AED 15,000/YEAR
Shared desk, dedicated offices
laboratories, land plots, warehouses
Assists in creating alliances and
affiliation with specialized hospitals and
science-related institutes
Access to in5 innovation centers,
incubator, investment support; MOU
with the Ministry of Health which allows
registered businesses to apply for
scientific office approval
AVERAGE SETUP TIME ~2 WEEKS
PHYSICAL PRESENCE REQUIREMENT NO
STARTS AT AED 50,000/YEAR
Flexi-desk, serviced offices or private
office with option to buy
Flexi-desk, fixed desk or private office
Permit to secure up to 1 residency
visas on a basic package
Permit to secure up to 2 residency
visas on a flexi-desk
Access to knowledge series and
sector clubs; subsidised licenses
through technology ecosystem builder Access to incubator, investment
Astrolabs support, networks, events
AVERAGE SETUP TIME ~4 WEEKS AVERAGE SETUP TIME ~1 WEEKS
PHYSICAL PRESENCE REQUIREMENT NO PHYSICAL PRESENCE REQUIREMENT YES
STARTS AT AED 35,000/YEAR STARTS AT AED 40,000/YEAR

MAIN REGULATORS EVENTS & CONFERENCES

OVERSEEING THE HEALTHTECH AND FINANCIAL SERVICES SECTORS IN DUBAI

* As packages across freezones vary, in addition to license costs you may need to budget for additional costs where applicable and not inclusive such as data protection fees ~AED 2,000, establishment card ~AED 1,500 and other one-time setup fees ~AED 2,000.
Note: Regulations and requirements may vary across different free zones in Dubai, so it’s important to thoroughly research and understand the specific rules and regulations of each free zone before setting up your HealthTech startup. It’s also recommended to seek professional advice from legal experts and healthcare
authorities to ensure compliance with local laws and regulations. Investors will need to consider which legal form is most appropriate for their business and the types of commercial activities that they intend to conduct.
22
HEALTHTECH SUCCESS STORY
Founded in 2019
Instapract’s collaboration with hospital
partners in the UAE came about
through applying to Dubai Chambers
Market Access program and
their facilitated introductions.
800,000+
onboarded patients
www.instapract.ae
MISSION Privately funded,
operates globally
“Always think ahead.”
“Telemedicine or telehealth has existed for some time
Instapract is a white-label patient health record
but people were not aware of its importance or its
and telehealth platform, while allows practices,
benefits. It was a buzz word or a feather
clinics, insurance firms, sports organizations and
in the cap to the providers or hospitals
telecommunications providers to offer Health
offering the service. However, in recent years
Insurance Portability and Accountability Act of
there has been a gradual shift in its favor.
1996 (HIPAA)-compliant video consultations online
Patients are now pushing the clinics and
with payment integration using web, Android
hospitals for virtual visits. The visionaries who were
or IOS devices. The platform is compliant with
earlier not convinced on the success of this model, or
international standards for transfer of clinical and
that telehealth can bring return on investment, are now
administrative data between software applications
beginning to realize that without such digital platforms,
including Health Level Seven (HL7v2) and Fast
clinics can go out of business in present circumstances.”
Healthcare Interoperability Resources (FHIR) to ensure
- Jijo James, co-founder of InstaPract HealthTech
interoperability of health information.
IT Solutions
18,000+ 100+
consultations Practitioners
23
 3D PRINTING GUIDE: SETTING UP A BUSINESS IN DUBAI

SETUP JOURNEY

3 4 5 6 7
1
Identify your
2 Pick your
business
structure
Apply for trade
license
Additional
approvals
Visa
applications
Open a bank
account
business Know the
activity regulations

As you set up your 3D printing startup, depending on the sector you are working with, make sure to learn about guidelines for manufacturing,
construction, medical products and consumer products. You may also be asked to show a detailed business plan and proof of share capital
(where applicable) during the setup process.

SUPPORTING FREEZONES FOR 3D PRINTING ACCELERATORS,

MINIMUM REQUIREMENT: ~ AED 15,000 per year * INCUBATORS &
SANDBOXES

Private office, industrial land,

Shared desk, dedicated offices
laboratories, land plots, warehouses
Assists in creating alliances and
affiliation with specialized hospitals and
science-related institutes
Access to in5 innovation centers,
incubator, investment support; MOU
with the Ministry of Health which allows
registered businesses to apply for
scientific office approval
AVERAGE SETUP TIME ~2 WEEKS
PHYSICAL PRESENCE REQUIREMENT NO
STARTS AT AED 50,000/YEAR
Flexi-desk coworking package, fixed
desk or private office
Permit to secure up to 2 residency
visas on a flexi-desk
Access to incubator, investment
support, venture capitalists, corporate
partner labs, events
AVERAGE SETUP TIME ~1 WEEK
PHYSICAL PRESENCE REQUIREMENT YES
STARTS AT AED 15,000/YEAR
warehouses, worker’s accommodation,
commercial spaces, open yards,
showrooms
Flexi-desk, private office, retail space,
land plots for light energy enterprises,
30 employment visas for spaces
Flexi-desk, private office, coworking, boutique studios, warehouses, storage
above 350 sqm
warehouses facilities
Access to International Centre for
Permit to secure up to 2 residency Permit to secure up to 1 residency
3D Printing with research centers
visas on a flexi-desk visa on a flexi-desk
and laboratories for testing materials,
incubator, proximity to ports
Access to equipment rental, 3D Access to equipment rental,
printing labs, incubator, investment incubator, investment support,
AVERAGE SETUP TIME ~12 WEEKS
support, networking, events networking, events
PHYSICAL PRESENCE REQUIREMENT YES
STARTS AT AED 35,000/YEAR; MINIMUM
SHARE CAPITAL REQUIRED TO AVERAGE SETUP TIME ~1 WEEKS AVERAGE SETUP TIME ~6 WEEKS
ESTABLISH A LIMITED LIABILITY PHYSICAL PRESENCE REQUIREMENT YES PHYSICAL PRESENCE REQUIREMENT YES
COMPANY IN AED 300,000 STARTS AT AED 25,000/YEAR STARTS AT AED 15,000/YEAR

MAIN REGULATORS EVENTS & CONFERENCES

OVERSEEING THE 3D PRINTING SECTORS IN DUBAI

* As packages across freezones vary, in addition to license costs you may need to budget for additional costs where applicable and not inclusive such as data protection fees ~AED 2,000, establishment card ~AED 1,500 and other one-time setup fees ~AED 2,000.
Note: Regulations and requirements may vary across different free zones in Dubai, so it’s important to thoroughly research and understand the specific rules and regulations of each free zone before setting up your 3D printing startup. It’s also recommended to seek professional advice from legal experts to ensure compliance
with local laws and regulations. Investors will need to consider which legal form is most appropriate for their business and the types of commercial activities that they intend to conduct.
24
3D PRINTING SUCCESS STORY

www.sinterex.com

Founded in 2016
96% of Sinterex’s customers have
MISSION placed repeat orders
“We make it where you need it.”

“Dubai is a great place to get started;

Sinterex uses 3D printing technology to produce mission critical parts that could take the challenge is to build success.

weeks to arrive in the country, solving

the challenge of localization of manufacturing The emirate itself is still small in

capacity across a spectrum of sectors including dental, medical, as well as the oil and gas industries. population terms -about the size of
a large city in Europe, or a medium-
sized city in the US- which can limit
growth potential. It is also ferociously
Experts from the Dubai Health Authority’s
Sinterex has raised competitive, and it attracts
Primary Healthcare Centre and Rashid

$2 million
businesses from around the world.
Hospital collaborated with Sinterex to save
However, if you can make it work in
the jaw of a patient with an aggressive
from angel investors in Dubai. Dubai, then you have a great chance
tumor. Given the aesthetic implications and
Sinterex also closed a non-equity of expanding across the region.”
complexity of the case, it was critical to use
assistance round from MBRIF. - Julian Callanan, founder
digital planning and 3D printing to create a
and CEO of Sinterex
patient-specific solution.

Sinterex is the first

company to
Winner, Best Pitch Award commercially deploy metal 3D Winner, Best 3D-Printed
Mohammed bin Rashid printing technology in the UAE, as well as Healthcare Products
Innovation Fund (MBRIF), the first to design and manufacture a patient- Manufacturer
Innovation Accelerator, specific implant and operate a Point-of-Care Global Health & Pharma (GHP)
Cohort 5 2023 Hospital 3D printing facility. Technology Awards 2019

25
 EDTECH GUIDE: SETTING UP A BUSINESS IN DUBAI

SETUP JOURNEY

3 4 5 6 7
1
Identify your
2 Pick your
business
structure
Apply for trade
license
Additional
approvals
Visa
applications
Open a bank
account
business Know the
activity regulations

As you set up your edtech, make sure to learn about local regulations on use of information and communication technology in education fields,
intellectual property protection, data protection and privacy and content approval for distribution. You may also be asked to show a detailed
business plan and proof of share capital (where applicable) during the setup process. Budget ~AED 10,000 for additional regulatory approvals.

SUPPORTING FREEZONES FOR EDUTECH ACCELERATORS,

MINIMUM REQUIREMENT: ~ AED 15,000 per year * INCUBATORS &
SANDBOXES

Flexi-desk, serviced offices or private

Shared office, open office, private
office and executive suites
Permit to secure 1 visa per 80 sq ft of
working space leased
Access to incubator, investment
support, networking, events
Flexi-desk coworking package, fixed
desk or private office
Permit to secure up to 2 residency
visas on a flexi-desk
Access to incubator, investment
support, venture capitalists, corporate
partner labs, events
office with option to buy
Permit to secure up to 1 residency
visas on a basic package
Access to knowledge series and
sector clubs; subsidised licenses
through technology ecosystem
builder Astrolabs
Flexi-desk, private office, coworking,
warehouses
Flexi-desk, fixed desk or private office
Permit to secure up to 2 residency
visas on a Flexi-desk Permit to secure up to 2 residency
visas on a flexi-desk
Access to equipment rental, 3D
printing labs, incubator, investment Access to incubator, investment
support, networking, events support, networks, events

AVERAGE SETUP TIME ~1 WEEKS AVERAGE SETUP TIME ~1 WEEK AVERAGE SETUP TIME ~4 WEEKS AVERAGE SETUP TIME ~1 WEEKS AVERAGE SETUP TIME ~1 WEEKS
PHYSICAL PRESENCE REQUIREMENT NO PHYSICAL PRESENCE REQUIREMENT YES PHYSICAL PRESENCE REQUIREMENT NO PHYSICAL PRESENCE REQUIREMENT YES PHYSICAL PRESENCE REQUIREMENT YES
STARTS AT AED 15,000/YEAR STARTS AT AED 15,000/YEAR STARTS AT AED 35,000/YEAR STARTS AT AED 25,000/YEAR STARTS AT AED 40,000/YEAR

MAIN REGULATORS EVENTS & CONFERENCES

OVERSEEING THE EDTECH SECTORS IN DUBAI

* As packages across freezones vary, in addition to license costs you may need to budget for additional costs where applicable and not inclusive such as data protection fees ~AED 2,000, establishment card ~AED 1,500 and other one-time setup fees ~AED 2,000.
Note: Regulations and requirements may vary across different free zones in Dubai, so it’s important to thoroughly research and understand the specific rules and regulations of each free zone before setting up your edtech. It’s also recommended to seek professional advice from legal experts to ensure compliance with local
laws and regulations. Investors will need to consider which legal form is most appropriate for their business and the types of commercial activities that they intend to conduct.
26
EDTECH SUCCESS STORY

www.almentor.net

180+ MISSION
Founded in 2016

employees “To increase accessibility to affordable quality education for Arabic speaking
communities, and serve 10 million learners in the Middle East and North Africa.”

almentor is an online video learning platform in Arabic and English that offers
“We are now leading the continuous
free crash courses and paid full tracks for both organizations and individuals on
video learning industry in the
different topics including entrepreneurship, soft skills, parental and relationship
Arab region, and we have a
management, sales and marketing, business management, humanities, health
responsibility that goes beyond our
and fitness, and technology.
ambitions for Almentor Company.
Our responsibility now is to work
almentor has introduced thefirst Arabic In 2023, almentor raised
unceasingly to improve the industry
course on Climate Change and
Sustainability in the Middle East, led by $10 million as a whole in the Arab region,
and this can only be achieved
Dr. Mahmoud Mohield in the UN in growth capital in a pre-series C round led by e&
through gaining the confidence
Special Envoy on capital, the tech investment arm of e&. The proceeds
of the Arab learners in the value,
Financing the 2030 will be used to accelerate almentor’s growth towards
professionalism, and impartiality
Development its goal of serving 10 million learners
of the content provided by the
Agenda and UN in the MENA region. e& capital joins
platform, and working in line with
Climate Change existing investors Partech, Sawari
the global learning trends.”
High-Level Ventures, Egypt Ventures, Sango
- Dr. Ihab Fikry, co-founder and
Champion for Egypt. Capital and Endure Capital.
CEO of almentor

Almentor has worked with more than 950 mentors to create over 1,000 online courses Offices in Dubai, Cairo,
and Saudi Arabia
for individuals, corporations, and government entities.

27
28