Dubai, UAE: Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, today 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 start-ups and scale-ups in the region from within DIFC.

Venture Studio Regulations

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. Further information on the Launchpad can be found here.

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. The Venture Studio Regulations came into effect on 26 April 2023.

Jacques Visser, Chief Legal Officer at DIFC, commented: “We are pleased to announce the enactment of the DIFC Venture Studio Regulations, 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.”

Proposed Amendments to the Data Protection Regulations

In addition, DIFC recently announced proposed amendments to the Data Protection Regulations to enhance the current data protection framework within DIFC (Link).

Further details about the proposed Data Protection Regulations can be found in Consultation Paper No 2. of 2023, available here. The proposed regulations have been posted for a 30-day public consultation period with the deadline for providing comments ending on 17.05.2023.

Prescribed Companies Regulations

Finally, minor amendments have been made to the Prescribed Companies Regulations to align the definition of “Family”, in the context of Family Operated Businesses that benefit under the regime, with the recently enacted DIFC Family Arrangements Regulations.

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About Dubai International Financial Centre  

Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and an estimated GDP of USD 8 trillion.  

With a close to 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe and the Americas through Dubai.   

DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of over 36,000 professionals working across over 4,300 active registered companies – making up the largest and most diverse pool of industry talent in the region.     

The Centre’s vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.     

Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations.   

For further information, please visit our website: difc.ae, or follow us on LinkedIn and Twitter @DIFC.   

For media enquiries, please contact:     
Omar Nasro  
ASDA’A BCW
omar.nasro@bcw-global.com    
Rasha Mezher | Dubai International Financial Centre Authority    
Consultant, Marketing & Corporate Communications
t-rasha.mezher@difc.ae