Join Dubai’s no.1 co working space for Tech Startups
On Wednesday, I had the pleasure of visiting digital tech hub, Astrolabs in Dubai to speak to Head of Operations Zaen Hamid. I spoke to Zaen about the current startup ecosystem in Dubai and what it’s like to set up a business in this Emirate’s booming economy.
With access to a market of approximately 2 billion people, startup founders make Dubai their home for market validation. Given the easy access founders have to multiple demographics, testing a minimal viable product has never been more convenient.
After visiting Astrolabs, I was able to get a better insight into how Astrolabs help to ease the process of starting up in one of the world’s most luxurious countries.
Setting up a business in Dubai independently isn’t exactly cheap, Zaen explains to me. When you arrive with your team, you’ll have to cover multiple expenses including visa costs, licensing and other government expenses up to a total of €15,000 - and that’s before you even get started on setting up. Moreover you have to be sure you can afford to live in Dubai for months on end without a secure month to month income. With Dubai’s high cost of living, savings are important and essential before applying for a visa and a license for your company.
Zaen went on to illustrate the diference between onshore and offshore companies and Dubai’s business “free zones”. Onshore companies require a partnership with an Emirati who will own 51% of your company. However onshore companies are not necessary until you reach a point of scale.
If you are just starting off, creating a company in one of Dubai’s free zones is your best option. Some of these free zones include Dubai Multi Commodities Centre (DMCC), Dubai health care city (DHCC), Fujairah, and more. You keep 100% of your company and have full control over operations.
All of this sounds confusing right? Here’s where AstroLabs comes in. AstroLabs is a privately run co-working space for tech companies that simplifies the process and logistics of setting up your own company in Dubai. Astrolab’s core technology partners include Google for entrepreneurs and IBM.
Startups who get accepted into AstroLabs will be given access to:
- 5 visas for their entire team,
2. A license to operate in Dubai,
3. A co-working space,
4. Government resources and funding.
The digital tech hub also offers practical training programmes in coding, digital marketing, web and mobile analytics, big data and data science.
Albeit they do have a strict company screening process that requires all startups to have:
1. An excellent business plan that will face a process of intense scrutiny
2. A minimal viable product upon application to the firm
3. More than one co founder
4. A capable team with high potential for achievement
5. Enough capital to live on for at least 18 months of their stay in Dubai
Furthermore AstroLabs regularly hosts public events at their space in Jumeirah Lake Towers to build on their mission of developing a thriving tech ecosystem in Dubai. Lucey Fund will be collaborating with AstroLabs Dubai in September for a large scale event on entrepreneurship and VC funding. Watch this space!
Astrolabs currently has over 90 high potential international tech startups enrolled into their exclusive membership programmes. If you want to become a licensed member of the tech community in Dubai (without the attached stress), it costs 2,500 AED/€580 for a licensed membership. AstroLabs’ community membership and moonlighter status memberships are 1,500 AED/€350, and 750 AED/€175 respectively. Check out the perks of each type of membership here.
