The startup packages will support Lebanese businesses to relocate to the UAE free zones.
Because of the Beirut explosion on August 4th, many Lebanese entrepreneurs have lost their businesses. Dubai-based startup launchpad, Launch DXB, has teamed up with Virtuzone, the leading company setup specialists in the UAE, have come together to support Lebanese entrepreneurs by providing them with support packages to relocate and set up their business in the UAE free zones. Businesses will have perks such as 10% ownership, 0% corporate and income tax rate, no custom duties on both imports and exports, as well as the opportunity to repatriate 100% of the business’ profits. Additionally, the entrepreneurs will be able to access a pool of information and expertise from within their fields, on account of the free zones being sector-specific.
The initiative – spearheaded by Launch DXB’s Lebanese co-founder Diala Daoud – was launched in response to requests Daoud received from the Lebanese entrepreneurial community. “I felt helpless, so I started this initiative because I had promised to do everything within my capacity in order to support people in my native Lebanon,” Daoud commented. “Currently, we are working closely with Virtuzone along with top industry experts in the region and partner organisations to field stricken business founders with all the support they need.”
Launch DXB is also extending its MentorshipPad – led by top experts from various local, regional and international organizations – to support these startups in their relocation to the UAE, as well as those who decide to remain in Lebanon, with post-crisis strategies. They will help them build connections with the UAE startup ecosystem, providing them with access to new markets and various free value-added benefits, in addition to Launch DXB collaborating with various other key figures in the UAE ecosystem.
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