For new entrepreneurs and startups that cater to the FinTech domain, the DIFC offers the perfect work environment for setting up a business in Dubai. The co-working space is the latest trend that is catching up in the UAE as companies are moving on to a new business ecosystem that helps remove the expenses of traditional office spaces. DIFC offers a shared workspaces option for FinTech, InsurTech and RegTech firms for approximately USD 500 a month.
Launched in 2004, the DIFC has been aiming to position itself as a leader in the future of finance. The DIFC is home to a multitude of financial companies whose primary focus falls on banking and brokerage, wealth management, capital markets, Islamic Finance and many more. DIFC has been striving to bring all the innovations, cutting-edge technologies, and the latest trends in the business landscape to the companies operating there. Setting up a business in DIFC is highly advantageous with the flexible co-working spaces.
Dubai has been at the forefront of supporting the growth of entrepreneurs by providing cost-effective solutions for business products and services. The Dubai International Financial Centre (DIFC) has devised strategies that recognize the prominence of entrepreneurship by offering co-working spaces & making the business setup cost-effective in Dubai.
How Companies Can Set Up Businesses With Co-working Spaces in DIFC?
The DIFC has created a cost-effective platform to support the finTech firms that thrive in the region in the form of co-working spaces in Dubai. The co-working spaces can be set up at the DIFC Work Hub. It offers flexible and cost-effective co-working spaces, supported by enabling infrastructure and access to a financial community of over 22,000 professionals working across more than 2,000 firms. The space offers excellent connectivity; high-speed Wi-Fi, state-of-the-art Audio/Visual and conferencing facilities, in addition to cafes, restaurants and retail outlets.
The following types of businesses are provided with the co-working facilities in DIFC Work Hub:
- FinTech firms
- InsurTech firms
- RegTech firms
The DIFC Work Hub offers the following benefits to FinTech firms that avail of the co-working facility:
- Reduced commercial license fees
- Flexi-desk arrangements and low-cost workspaces
- No minimum share capital requirement
Who Get Benefits from the New Co-Working Spaces in DIFC?
DIFC’s innovative co-working spaces offer a perfect solution for freelancers working remotely for the firms across UAE. They get to work flexible hours without being isolated. A co-working space creates the best of both worlds for freelancers, as it gives them total flexibility to choose their own hours and schedule without isolation. At the same time, freelancers get a sense of community which they would not get if forced to work alone at home, or in a remote café. It encourages creativity and networking opportunities that would have not existed.
Startups in Dubai find themselves facing a myriad of challenges in the initial years of their inception. Till they secure enough funding and investors startups have to deal with small teams that offer them services. The startups, especially FinTech startups, would find the DIFC co-working spaces an ideal platform to find a co-founder as such spaces help in networking.
There is a general perception that co-working environments best suit the requirements of emerging startups whose requirements are often comparatively moderate. However, large corporates can also avail of the benefits of company formation in Dubai with co-working spaces if they want to scale up or scale down at any time. It is also important to note that desks at the offices in a traditional business setup in UAE often sit empty at an estimated 30% of the time. This can happen due to employees’ sick days, annual leave and travels related to work. Flexible working spaces offer lesser disk utilization that is advantageous to the corporates. In line with this trend, corporates can downsize their office and move to a co-working space.
Why Businesses Opt for the Co-Working Space in DIFC?
Cost-Effective & Need-Based Office Solution
Co-working spaces provide entrepreneurs with the ability to rent out only what they require. They can avoid unnecessary costs of renting out an entire private office space by joining an affordable co-working space in DIFC Work Hub at USD 500 per month plus marginal license fees of USD 1,500. The subsequent year’s cost will be USD 8,118 including the cost of Work Hub i.e. USD 500 per month. The decision to choose a shared space is a wiser choice than investing in one. The companies can avoid pressure on facilities, such as car parking and conference rooms. Co-working spaces reduce the company formation cost in Dubai & remove the pressure of negotiating lease terms, maintenance costs, furniture fittings, utilities, and additional services.
Co-working spaces in DIFC offer entrepreneurs greater focus and productivity as they can interact with other like-minded business people by feeding off their energy. Shared office spaces promote an environment that promotes self-motivated innovators. In the case of employees, a flexible working schedule and the presence of other like-minded professionals take the pressure of work off their shoulders and resulting in better productivity.
How Jitendra Business Consultants (JBC) Can Help?
Business setup in DIFC with the facility of co-working spaces is one of the most chosen options for entrepreneurs, especially for new businesses. Jitendra Business Consultant (JBC) help entrepreneurs in getting the process of company formation in Dubai done quickly with no hassle. The process of joining the DIFC Work Hub takes only 3 steps:
- Discuss Co-working space requirements with JBC
- Application submission
- Final Approval
Jitendra Business Consultants (JBC) has helped thousands of entrepreneurs, startups and fintech companies to set up their businesses across various free zones in Dubai especially in DIFC. Contact us for the best suitable advice on your plan of starting a business in Dubai, UAE.