UAE passport holders have to apply for a visa before stepping into the territory of the USA, whether as immigrants or non-immigrants. Applying for an American visa from UAE is not difficult provided you follow the correct steps. If you are a person residing in UAE and want to immigrate to the USA, you must...Read More
Visa is the first and foremost requirement for setting foot in a foreign country. For both immigrants and non-immigrants, the visa is placed within the passport, and grants the holder permission to enter, leave and stay in a foreign country for a particular duration of time. If you are an international traveller who qualifies for...Read More
The new Labour Lawof UAE came into force on Wednesday,February 2nd this year replacing the Federal Law No. 8 of 1980. Through this Law, the Ministry of Human Resources and Emiratisation (MOHRE) aims to bring radical changes in labour interconnections.Employers are required to build a suitable framework for applying the new law in their respective organisations....Read More
Since Canada is one of the most prosperous and peaceful countries in the world, a large number of people from the UAE are migrating there with each passing year. In Canada, there are ample opportunities for nationals as well as for foreigners. In this article, we are going to discuss how to migrate from Canada...Read More
Do you dream to build a business with a high ROI?UAE is the destination for you! There are a plethora of functioning and verified businesses in UAE which is a testament to the successful business model that this country offers to investors. UAE maintains an ideal business environment, has excellent professionals, 100% foreign ownership in...Read More
The residence visa in UAE is provided for a limited period of time (normally 2-3 years) to the citizens and visitors. After the completion of the said period, the visa expires, and the person has to leave the country within a grace period. However, the interested person may get the visa renewed with the help...Read More
In a landmark decision, Dubai Court of Cessation ordered a UAE-based bank to pay AED 9.5 million as compensation to a customer who lost his hard-earned money in a SIM card swap fraud. The fraud came to light when the brother of the aggrieved customer made a complaint that numerous unauthorised transactions over the value...Read More
As a groundbreaking move in the field of arbitration, the government of Dubai has notified new rules for the appointment and the procedure of working for arbitrators in a fault-based divorce. The new rules have comprehensive provisions, such as equal power of both the spouses in appointment of arbitrator, necessary conditions to qualify as an...Read More
In a bid to support start-ups, the Crown Prince of Dubai announced to launch a new venture capital finance fund valuing over Dh370 Million in the Emirate. The main objective of setting up this fund is to promote Dubai as a global start-up and entrepreneurial hub. This fund will be governed by the Dubai International Financial Centre (DIFC), which is also a 15% contributor to this fund. This new fund will come into effect from June 2022.
In this article, we will discuss the major highlights of this new finance fund with the help of our best lawyers of Dubai. Further, we will also shed light on how the emerging start-ups can avail benefits from this fund.
Venture capital finance fund
In the opinion of our best lawyers of Dubai, this finance fund will cater to the financial needs of small and medium-sized start-up projects. It will not only help them to scale but also mark a global presence. It is an integrated funding system having numerous suitable options to promote economic diversification and sustainable economic growth.
This fund will contribute around AED 3 billion to the Gross Domestic Product (GDP) of the Dubai Emirate during the implementation period. It is highlighted by our top lawyers of Dubai that this fund is set up for a period of 8 years, which can be extended for 2 additional years.
Job creation and impact on start-ups
Our best lawyers of Dubai have pointed out that this new fund will create more than 8000 jobs in the Emirates. Further, investors and entrepreneurs from all over the world will set up their start-ups in Dubai, which will reinforce the status of the Emirate as a leading fintech innovation hub. It is pertinent to note that there is a sharp rise in the demand for fintech services after the pandemic as people have shifted to a cashless economy and e-banking services become a popular mode of money transfer.
In-short
Undoubtedly, this new finance fund will assist considerably the start-ups to raise funding in the initial phase of the business. However, the modalities relating to the eligibility are yet to be rolled out. To take full advantage of this opportunity, you can set up your business with the help of our best company formation lawyers of Dubai.
BSB legal is a specialized company formation law firm in Dubai. Our bestlawyers will assist you in drafting key legal documents, advisory, and obtaining timely approval from all the authorities. To know more information, kindly contact one of our best company formation lawyers in UAE. You can email us at info@bsb.legal or call +971 5016 05046.
To ensure welfare of children affected by custody conflicts, a new Custody Committee will be set up in Dubai. The Deputy Ruler of Dubai issued Decision No. (7) of 2022 relating to the formation of a custody committee in the Emirate, which shall be affiliated to Dubai courts. In the opinion of our best family...Read More
