What is meant by business incubators?
They are institutions that work to support initiators
of new entrepreneurs who have ambitious ideas, a sound economic study of the
project, and some of the resources necessary to achieve their ambitions, so
that a suitable work environment is provided for them during the first years
of establishing the project and increasing the chance of its success by
completing the technical and administrative aspects at a nominal cost, which
helps and motivates the project owner to focus on the essence of work and
develop the project properly.
What are the classifications and types of
incubators?
Industrial Incubator
Business Incubator
Tech Incubator
Design Incubator
Kitchen Incubator
What are the forms of business incubators?
Non-Profit Incubator
Private Incubator/ profit incubator
Academic Incubator
Shared incubators (Between the public and the private sector)
What services are provided by different incubators?
Providing technical advice on economic feasibility studies, market studies, depending on production and estimated market size, and studies on employment, providing raw materials for starting production.
Effective contribution to the development of the detailed action line, and through this stage, consultations are provided that will develop an integrated plan in the financial, technical, advisory, legal and other fields.
Incubator provides advice in financial areas such as the placement of discretionary budgets and financing requirements for starting production, provision of financial liquidity, dates of need for investment amounts, development of balance sheets, regulation of loans, methods of repayment, etc., with respect to financial aspects
Incubators work in a major manner to develop distinct relationships with local and global institutions related to management development, technology transfer to local and global universities, research and development centers, industrial cities and communities, municipalities, chambers of commerce and industry, banks, insurance companies, and other institutions that can benefit from their resources and information available to them in the process of building successful projects.
Incubators usually carry out intensive training courses for the incubated institutions on some issues related to the success of the project
What are the eligible entities for obtaining a business incubator license?
Governmental institutions wishing to establish incubation centers for projects
Educational institutions including national and local universities and institutes.
Businessmen or individuals who are citizens of the United Arab Emirates.
Businessmen / investors residing in the country, in accordance with the terms of the Department of Economic Development with regard to licensing.
Residents are not subject to the conditions of exemption from the license granted for the activity.
What are the conditions for obtaining a business incubator license?
Fill out an application for obtaining the approval of the business incubator license for the institution
Providing an integrated feasibility study for the business incubator, including the type of incubator, objectives, services provided, packages, work team, partners... etc.
Incubator operating plan.
Copy of the applicant's passport, trade license or decree establishing the entity.
Copy of the incubator's location scheme with a rented site area of at least 1,500 square feet
A notarized and certified lease contract for the rental space that has been allocated for the establishment of the incubator center (to be able to issue lease contracts and trade licenses for companies registered in the incubator, even if the signatories are affiliated with the same entity wishing to establish the incubator).
What are the obligations of the business incubator to
abide by?
The applicant for the incubator shall be obliged to submit a periodic report on the functioning of the incubator, including an administrative and financial disclosure of the performance of the incubator.
The applicant for the license is obliged to submit the investment financial report if it is found in the incubated companies or is financed by other entities and is provided with an incubation service in addition to the companies that have been incubated for the second phase of the financing or investment.
The applicant is obliged to use the logo of Dubai SME as a form of cooperation between the parties in all of the Center's advertising and advertising materials, and to use the phrase supported by the Hamdan Innovation and Innovation Center.