2.1. Purpose of Venture Studio and Venture Studio Company

2.1.1         A Venture Studio is a Company incorporated in the AIFC or an existing Company converted into a Venture Studio pursuant to the provisions of section 143 of the AIFC Companies Regulations and these Rules for the sole purposes of sponsoring Ventures and establishing Venture Studio Companies in the AIFC and all matters ancillary thereto.

2.1.2         A Venture Studio Company is a Private Company incorporated by a Venture Studio in the AIFC pursuant to the provisions of section 143 of the AIFC Companies Regulations and these Rules as part of its business of being a Venture Studio.

2.2. Qualifying requirements for a Venture Studio

2.2.1       An application to incorporate, or convert an existing Company into, a Venture Studio in the AIFC must be made by a Qualifying Applicant to the Registrar in the prescribed form against payment of the required fees, as if each is a Private Company, or Public Company if applicable, under Schedule 5 of the AIFC Fees Rules to be evidenced.

2.2.2   Before making an application to the Registrar under subrule 2.2.1, the Qualifying Applicant must apply to the Commissioner for Innovation to validate the experience and resources of a Qualifying Applicant to conduct venture building in the AIFC by completing the form prescribed by the Commissioner for Innovation and filing the form with the Commissioner for Innovation accompanied by such documents as are specified in the form, against payment of the required fees under Schedule 2 of these Rules to be evidenced.

2.2.3       In assessing an application by a Qualifying Applicant, the Commissioner for Innovation may:

(a)                make any enquiries which it considers appropriate, including enquiries independent of the applicant; and

(b)                take into account any information which the Commissioner for Innovation considers to be relevant.

2.3. Venture Studio Permitted Activities

2.3.1         Subject to the other provisions of these Rules, a Venture Studio may:

(a)     sponsor Ventures; and

(b)      incorporate Venture Studio Companies.

2.3.2     Unless otherwise permitted by the Commissioner for Innovation in Writing, a Venture Studio must not at any one time:

(a)  sponsor more than 20 Ventures; and 

                        (b) have responsibility for more than 10 Venture Studio Companies pursuant to subrule 4.1.2(d).