UAE
Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, today announced theenactment 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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