The Innovation Factory has been built on the site of the former Mackies engineering works on Springfield Road.
About half the money for the £9m project came from the EU, with the rest split between the city council and Invest NI.
The building will be managed by Oxford Innovation, who run a network of similar centres across the UK.
It has 111 business units and is targeting firms specialising in technology and product development.
About a dozen tenants have already been signed up.
Economy Minister Simon Hamilton said the scheme is "an impressive space for entrepreneurs and growing businesses".
Finance Minister Máirtín Ó Muilleoir said it was "great to see the former Mackies site reborn as a hub of innovation".
A building that will provide workspace for about 100 start-up businesses in west Belfast has officially opened.