#adgm company set up cost

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In this article, we will have an in-depth look at ADGM company set-up costs or business license costs. Contact us for a free consultation.

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A Comprehensive Guide to Business Setup in Dubai and Abu Dhabi: Navigating General Trading and E-Commerce Licenses"

Business Setup in Dubai

Dubai is renowned for its strategic location, robust infrastructure, and investor-friendly policies. Business Setup in Dubai involves several key steps:

Steps to Setup a Business in Dubai

Determine Business Activity: Identify your business activity, as Dubai categorizes licenses into commercial, industrial, professional, and tourism sectors.

Choose a Business Structure: The main structures include Limited Liability Company (LLC), Free Zone Company, Branch Office, and Representative Office. Each has unique benefits and regulatory requirements.

Select a Location: Decide between a mainland or free zone setup. Mainland businesses can trade directly within the UAE market, while free zones offer 100% foreign ownership and tax benefits.

Register Business Name: Select a unique trade name and register it with the Dubai Department of Economic Development (DED).

Initial Approval: Obtain initial approval from the DED or relevant free zone authority to proceed with the business setup.

Draft a Memorandum of Association (MOA): Required for LLCs, the MOA outlines the roles and ownership percentages of the shareholders.

Lease Office Space: Secure a physical office space or a flexi-desk in a free zone.

Obtain Licensing and Approvals: Submit all required documents to obtain your business license. Additional approvals may be needed based on the business activity.

Open a Corporate Bank Account: Choose a bank and open a corporate account to facilitate business operations.

Visa Processing: Apply for residence visas for yourself and your employees.

Company Setup in Dubai

Company Setup in Dubai involves specific steps and requirements:

Choose Your Company Type: Decide on the type of company — LLC, free zone company, branch office, or representative office.

Register with Authorities: Depending on your business type, register with the DED or the relevant free zone authority.

Secure Necessary Licenses: Apply for licenses based on your business activities — commercial, industrial, or professional.

Fulfill Legal Requirements: Ensure all legal documents are in order, including the MOA, lease agreements, and shareholder agreements.

General Trading License in Dubai

A general trading license in Dubai is essential for businesses looking to trade a wide range of goods. Here’s how to obtain it:

Choose Business Structure: Typically, an LLC or a free zone company.

Register Your Business: Complete the registration process with the DED or the relevant free zone authority.

Submit Documents: Required documents include the MOA, passport copies of shareholders, and proof of business address.

Pay Fees: Pay the applicable fees for the license issuance and any other associated costs.

Receive License: Once approved, you will receive your general trading license, allowing you to start trading in Dubai.

E-Commerce License in Dubai

The e-commerce sector is booming, and Dubai offers excellent opportunities for online businesses. Here’s how to get an e-commerce license in Dubai:

Choose Mainland or Free Zone: Both setups are viable, with free zones like Dubai Internet City and Dubai Silicon Oasis being popular choices.

Register Your Business: Complete the registration process with the DED for mainland setups or the relevant free zone authority.

Apply for the License: Submit necessary documents, including business plans, passport copies, and proof of address.

Legal Compliance: Ensure your online business complies with local regulations.

Launch Your E-Commerce Platform: With the license in hand, set up your online store and start selling.

E-Commerce License in Abu Dhabi

Abu Dhabi, the capital of the UAE, also presents lucrative opportunities for e-commerce businesses. Here’s how to get an e-commerce license in Abu Dhabi:

Select the Free Zone: Popular choices include Abu Dhabi Global Market (ADGM) and Twofour54.

Register Your Business: Complete the registration with the relevant free zone authority.

Submit Required Documents: Provide documents such as passport copies, business plans, and proof of address.

Obtain the License: Pay the required fees and receive your e-commerce license.

Set Up Your Online Presence: Launch your e-commerce platform and begin operations.

Conclusion

Setting up a business in Dubai or Abu Dhabi opens doors to vast opportunities in a thriving market. Whether you’re looking at general trading or e-commerce, the UAE provides a conducive environment for business growth. By understanding the specific steps and requirements for obtaining the necessary licenses, you can establish a successful business in this dynamic region. Dubai and Abu Dhabi continue to be attractive destinations for entrepreneurs and investors worldwide, offering a robust foundation for commercial success.

[ms-ca]

Navigating the New Era: How MSCA Empowers Your Business Success in DMCC & ADGM

The UAE's business landscape has undergone a significant shift with the introduction of corporate tax. While this may seem like uncharted territory, fear not! MSCA, your trusted advisors, stand ready to be your expert guide on this exciting journey, particularly if you're setting sail in the dynamic free zones of DMCC and ADGM.

Unlocking the Potential of DMCC & ADGM:

Each free zone presents a unique ecosystem of benefits, regulations, and tax considerations. MSCA empowers you by:

Decoding the complexities: Our team possesses an in-depth understanding of the specific tax frameworks, exemptions, and incentives that govern both DMCC and ADGM. We translate legalese into clear, actionable insights, ensuring your business seamlessly adheres to all legal requirements while maximizing the advantages these free zones offer.

Crafting personalized tax strategies: We delve deep into your unique business vision and financial standing within your chosen free zone. This allows us to tailor strategies that minimize your tax burden, optimize profitability, and leverage any special free zone benefits to your full advantage.

Ensuring stress-free compliance: From registration to filing returns, we take care of all the paperwork and liaise with the relevant authorities. Let us navigate the complexities of tax compliance in both DMCC and ADGM, allowing you to focus on what matters most – growing your business.

Beyond Tax Compliance: Building Your Business Foundation

MSCA offers a comprehensive suite of services that transcend mere tax compliance, empowering your journey within DMCC and ADGM:

Streamlined DMCC company formation: We guide you through the entire process of setting up your company in DMCC, ensuring a smooth and efficient start, saving you valuable time and resources.

Navigating licenses and permits: We handle all the necessary licenses and permits required for your specific business activity within the chosen free zone, ensuring hassle-free operations.

Facilitating visas and immigration: From visa applications to employee sponsorship, we simplify the visa and immigration process for both you and your employees, enabling seamless operations within the free zone.

Transparency through accounting and bookkeeping: We maintain accurate financial records and provide valuable insights for informed decision-making, giving you a clear picture of your financial health.

Risk management and peace of mind: We minimize risks and ensure financial transparency with our auditing and risk management services, offering you peace of mind and a solid foundation for growth.

Why Choose MSCA as Your Partner in the New Tax Era?

Proven track record: We have a long and successful history of helping businesses navigate the complexities of the UAE's business and tax landscape, ensuring your journey is smooth and successful.

Holistic expertise: Our team consists of experienced tax consultants, business advisors, and legal professionals, offering a one-stop solution for all your business needs in one convenient location.

Tailored approach: We believe in a personalized approach, tailoring our services to your specific requirements and goals, ensuring you receive the best possible guidance and support.

Proactive communication: We keep you informed every step of the way, addressing your concerns and providing clear, timely advice, so you can make informed decisions for your business.

Cost-effective solutions: We offer competitive rates and transparent pricing, ensuring you get the best value for your investment, allowing you to focus on your business growth without undue financial strain.

Charting Your Course with Confidence

Don't let the new corporate tax landscape deter you from pursuing your business goals in DMCC or ADGM. With MSCA as your trusted partner, you can navigate this new era with confidence, optimizing your tax strategy and maximizing your success.

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Taxes In UAE For Foreigners: Everything You Need To Know

The United Arab Emirates (UAE) is known for its dynamic business environment, luxurious lifestyle, and tax advantages. For foreigners looking to work, invest, or set up businesses in the UAE, understanding the country’s tax system is crucial. In this guide, we will explore the ins and outs of taxes in the UAE for foreigners.

Basic Overview of the UAE Tax System

The UAE operates on a territorial tax system, which means that taxes are imposed only on activities that occur within the country’s borders. This tax system has several key components:

No Personal Income Tax: Individuals in the UAE, including foreigners, are not subject to personal income tax. This is a significant advantage for expatriates.

No Capital Gains Tax: There is no tax on capital gains in the UAE, making it an attractive destination for investors.

No Inheritance Tax: The UAE does not impose inheritance tax on the transfer of assets upon a person’s demise.

Income Tax in UAE for Foreigners

As mentioned, there is no personal income tax for individuals in the UAE. This means that foreign workers can enjoy their earnings without the burden of income tax deductions, allowing them to save more of their income.

VAT in UAE

The UAE introduced Value Added Tax (VAT) in 2018. Currently set at 5%, VAT applies to most goods and services, but there are several exceptions, including essential food items, healthcare services, and education. Businesses with an annual turnover exceeding the mandatory threshold must register for VAT.

Other Indirect Taxes Foreigners Should Be Aware Of

In addition to VAT, the UAE imposes excise taxes on specific goods, such as tobacco products and sugary drinks. Understanding these taxes is essential, as they can significantly affect the cost of certain items.

Tax Obligations for Foreign Companies

Foreign companies operating in the UAE should be aware of the following tax obligations:

Corporate Income Tax: As of now, the UAE does not impose corporate income tax on businesses, which is advantageous for foreign companies operating in the country.

Withholding Tax: The UAE generally does not impose withholding tax on dividends, interest, or royalties, but it’s essential to review the specifics of tax treaties between the UAE and your home country.

Tax-Free Zones for Foreign Businesses

The UAE offers various free zones designed to attract foreign investment. Companies registered in these zones can benefit from 100% foreign ownership, no import or export duties, and no personal income tax for employees. Some of the popular free zones include Dubai Multi Commodities Centre (DMCC), Jebel Ali Free Zone (JAFZA), and Abu Dhabi Global Market (ADGM).

Navigating the UAE Tax Landscape

Navigating the UAE tax landscape can be complex, especially for foreign businesses and investors. It’s advisable to seek professional guidance from tax advisors and consultants who are well-versed in UAE tax regulations. This will help ensure that you comply with all obligations and take full advantage of the tax benefits the UAE has to offer.

In summary, the UAE’s tax system is highly favorable for foreigners. With no personal income tax, a reasonable VAT rate, and numerous tax-free zones, it’s a prime destination for expatriates, entrepreneurs, and investors looking to make the most of their earnings and business opportunities. However, staying informed about tax regulations and consulting experts is essential to make the most of the UAE’s tax advantages.

M.Hussnain

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[dubaifuture]

SPV (Special Purpose Vehicle) companies are separate legal entities created for people who are interested to purchase Buy to Let (BTL) properties. It has its own assets and liabilities, and legal status as well. The other uses of these types of companies include handling the transfer of any type of asset or loan to an existing business. However, the prime objective of setting up an SPV company is to isolate financial risk. For instance, if the parent company goes insolvent, the SPV can still continue with its operations. Thus, it is a “bankruptcy-remote entity”.

[corplexcorporateservices-blog]

ADGM company set up costs vary from industry to industry. Registration Authority of UAE provides help in establishing your legal business of the ADGM holding company in UAE. If you want to set up your business in Dubai then the ADGM – Abu Dhabi Market Free Zone is an ideal location for you.

[businessweekme]

Abu Dhabi Powers Ahead

Abu Dhabi’s economy remained stable in 2018 and looks set for growth this year

Despite declining oil prices and a slowing world economy, Abu Dhabi’s economy has retained its strength and looks set for a year of robust growth in 2019. S&P Global Ratings assigned Abu Dhabi a stable outlook in December, based on the expectation that the UAE capital’s economic growth will “steadily recover” and the UAE’s fiscal position will remain strong through 2019-2020, it said in a report. S&P affirmed its ‘AA/A-1+’ sovereign credit ratings on Abu Dhabi based on its strong fiscal and external positions. “The exceptional strength of the government’s net asset position provides a buffer to counteract the effect of oil price swings on economic growth, government revenues, the external account, and increasing geopolitical uncertainty,” the organization said in a statement.

Experts from sectors including banking and finance, film and TV production, real estate as well as consultancy firms offer their perspectives on the year ahead for Abu Dhabi.

THE EXPERTS

Rola Abu Manneh, CEO, UAE, Standard Chartered,

Emilio Pera, Partner and Head of Audit and Financial Services, KPMG in the Lower Gulf

Sameer Lakhani, Managing Director, Global Capital Partners

Dr. Ryan Lemand, Senior Executive Officer and Board Director at ADS Investment Solutions, Global Head of Wealth Management at ADSS

Greg Rung, Partner, Financial Services, Oliver Wyman

Amr El Saadani, Managing Director, Financial Services, Middle East, Accenture

How has Abu Dhabi’s economy performed in 2018 in your opinion and what are your expectations for 2019?

Lemand: In line with most of the oil exporting countries Abu Dhabi has seen moderate economic activity in 2018, which is in-line with the lower than expected oil prices in 2017 and early 2018. The level of economic activity, as with previous years, has been made possible by the diversification of the economy away from oil. This has been driven by a number of important Government initiatives.

Emilio Pera, KPMG

The continued consolidation in the banking sector has been noteworthy and will help banking and financial institutions run more efficiently. This has been supported by the performance of the Abu Dhabi Exchange which has had a good year, compared to other stock markets in the region, which has also had a positive impact on the financial sector as a whole.

Lakhani: For Abu Dhabi, the fact that the pace of development is gradual, increasingly diverse and enticing enough to encompass the mid income spectrum of the market implies that the upside potential will become a factor in the decision making for investors. It is important to recognize in this context that institutional money flows are expected to increase as well (albeit gradually) into the real estate sector, especially now that the Central Bank has removed the 20% exposure cap on the real estate sector; we opine that this will imply increased money flows towards the asset class. Again this is likely to be gradual, given the headwinds that the sector has faced over the last three years. In the final analysis, given the structural improvements in the economy, as well as the reforms that have been announced, there is reason to increase exposure, as the economy gathers steam in 2019.

  Which areas of the banking industry have the most room for growth and development in Abu Dhabi?

Rola Abu Manneh: We continue to see interest for a range of financing products in the market. In particular, Debt Capital Markets, is an area where we see good business momentum in the region. As a matter of fact, Standard Chartered has been the top manager for bonds and sukuk in the Gulf region this year, according to Bloomberg data.

Rola Abu Manneh, Standard Chartered, UAE

The drop in oil price, resulting in low supply of capital, has given us the opportunity to tap our international network and attract investors from outside the emirates. Another area of growth is wealth management where there is a demand for tailored investment and insurance products. Our products are structured with the client in mind which is one of the reasons why despite the market softening with oil prices dropping, our volumes have picked up last year.

The stimulus plan in Abu Dhabi as well as the numerous infrastructure projects that are currently taking place are a big boost in driving economic activity in the UAE as well. The EXPO 2020 will see the banking sector play a significant role as it will likely have positive implications on three key parts of the economy: housing, infrastructure and hospitality.

Pera: There is opportunity to further grow in most segments within the bank, however, in order to remain competitive in the retail banking sector and attract new customers, it appears like banks will have to consider investing in new digital solutions to remain relevant. In addition, by enhancing internal processes, cross-selling may also be improved. For corporate customers, large exposure limits and a slowdown in some segments of the economy will require banks to look for opportunities outside the traditional geographic focus in order to maintain strong growth momentum.

What are the main challenges facing the banking sector in Abu Dhabi? How can these challenges be overcome?

Rung: The main challenges to be overcome internally continue to be a customer centric approach and operational efficiency. Most banks have a clear opportunity to maximize the revenue from their client base by developing a 360 degree view of those and marketing them the products they need at the right time and with the right channel. Getting new clients and new products is very competitive and expensive. In addition, significant operational automation opportunities exist that help cost efficiency as well as provide better process control.

Greg Rung, Partner, Financial Services, Oliver Wyman.

Alsadani: Well, the GDP growth is expected to rebound in 2018, however, business sentiment remains cautious. The lending and the deposit volume from the private sector have increased marginally over the last three years, and trade volumes have also remained relatively stable since 2014. There is no peak.

Bank credit has been steadily growing, with Islamic finance growing at the rate of four times faster than the conventional finance. But digital banking will require lots more investment from all the banks and that’s part of the reason why we now see these mergers happening.

How is Abu Dhabi developing as a financial center?

Lemand: The sustained development of the Abu Dhabi Global Market (ADGM), which is becoming a strong emerging market financial centre, is supporting international and local financial and banking institutions. This emergence has been strengthened by the passporting agreement between the Dubai International Financial Centre’s (DIFC) the Dubai Financial Services Authority (DFSA), the onshore Securities and Commodities Authority (SCA) and ADGM’s Financial Services Authority (FSRA). This retrospective agreement allows authorised companies to practice activities across the three UAE jurisdictions, which is one of the most important regulatory milestones since 2011.

The ADGM is now recognised as being better regulated than other comparable offshore financial centers. Having a legal system based on England law and having a fast to market turnaround is attracting many renowned businesses to the ADGM. So, it is no surprise that several tier 1 international financial and banking institutions have established a presence in the ADGM. This is in addition to Abu Dhabi Investment Authority (ADIA), Abu Dhabi’s sovereign wealth fund, and other Emirati banks, which are taking advantage of the benefits the ADGM provides.

We have already seen significant consolidation in Abu Dhabi’s banking sector with the creation of FAB in 2017.

Do you expect to see more consolidation in 2019? What will the effects be?

Alsadani: This consolidation will drive local players to become more efficient. They cannot sustain just single banks and they need this basis to grow significantly, and mergers allow this.  Moreover the emergence of larger and more sophisticated players will increase the standing of Abu Dhabi as an international financial hub. The UAE and Saudi both want to become financial hubs. We’re seeing a merger start in Saudi Arabia: They’ve realized only the stronger will survive. The smaller players require more investments and they cannot sustain it.

Rung: The consolidation trend has continued with proposed merger between ADCB, UNB and Ali Hilal. There are ~50 banks for a population of 9 million people. We expect this trend to continue, likely involving smaller banks which are running sub-scale operations. Mergers are a welcome trend that bring higher efficiencies, reduced funding costs and new business opportunities due to larger balance sheet and capabilities.

Pera: In addition to the merger of NBAD and FGB to form FAB in 2017, in Abu Dhabi we are also currently seeing the three-way merger of ADCB, UNB and Al Hilal. With additional regulations and the need to invest in technology to remain relevant in an increasingly competitive environment, there is an expectation to see further consolidation, or banks re-focusing on their niche segments of the market.

What are the key strengths of Abu Dhabi’s major banks, and of Abu Dhabi as a banking hub?

Pera: Increased consolidation appears to be creating critical mass. Individual players in the market and those with a stronger capital base would be better positioned to participate in transactions of scale. Consolidation of resources also allows for attraction and retention of more competent employees.

Rung: The local banks are well-capitalized, with good liquidity profiles and good cost-income ratios which shows good efficiency. Overall the UAE and Abu Dhabi banking sector has a stable outlook, recovering gradually over the past year. We expect gradual credit recovery in corporate sector due to an improving economic outlook. In retail we expect a major push on digitalization and automation. Within the SME sector, we expect banks to wait and continue being cautious in the near term. In corporate banking, we expect an increasing focus and opportunities in transaction banking.

Alsadani: ADCB, FAB and Al Hilal, they have been driving innovation agendas for their countries. We are seeing now the Neo banks, with the objective of increasing financial inclusion in the area. And Hilal executed the first Sukuk transaction using blockchain technology. I believe that we will see more FinTech solutions adopted by the large players.

Retail banking and that of the small medium enterprises will be the first adopters, I think in the first wave of innovation. Typically, mobile first will start, so mobile banks and Neo banks will become the new paradigm in the consumer banking space and wealth management.

Do you expect the AED 50 billion stimulus announced earlier this year to have much of an impact? What will be the role of banks in this stimulus, and will banks benefit much?

Rola Abu Manneh: Abu Dhabi’s recent announcement of AED 20 billion (USD 5.45 billion) spending next year reiterates the Emirate’s confidence that it will achieve the economic goals set out in its Vision 2030. This is part of the original announcement in June of Abu Dhabi’s three-year AED 50 billion economic reform and stimulus programme.

For the banking sector, the plan is expected to include a credit guarantee scheme to support businesses that face challenges in accessing bank financing. Generally speaking, liquidity conditions in the banking system have improved as deposit growth has outpaced loan growth. However, there are initial signs of a recovery in credit to the private sector. The Central Bank of the UAE’s latest Credit Sentiment Survey suggests that demand for loans from corporates and small businesses increased in Q3 2018.

We see these measures by Abu Dhabi government as confident and proactive in the need to make cyclical and structural changes to support the domestic economy. We think that the use of counter-cyclical fiscal policy is likely seen as regional competition for human and financial capital as the region picks up. We believe that the UAE is well positioned to benefit economically from the planned changes, given the already-diversified nature of the economy.

Lemand: This was a targeted stimulus which will have great benefits for specific sectors and projects, helping to drive these forward, and was not intended to have a direct impact on the overall economy. However, the improved legal and regulatory framework, with the introduction of the bankruptcy laws, will allow banks to play a bigger role in financing SMEs, which is the main driver of sustainable economic growth in any emerging economy.

Alsadani: It’s a tough question but I would say it will become the cornerstone of the development of the banking sector because we expect to see more SME activity around that investment, and as a result increased banking lending to the sector. The Abu Dhabi stimulus plan follows a similar approach that was being implemented in Dubai. So the combination of these two measures is expected to increase the benefits to the overall UAE private sector.

The post Abu Dhabi Powers Ahead appeared first on Bloomberg Businessweek Middle East.

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3 Reasons Why You Should Get an ADGM Tech Startup License - 10 Leaves

Working on innovation has never been easy. It takes a great sense of ambition, responsibility, and willpower to decide to become an entrepreneur?—?especially in highly competitive and fast-paced industries such as the tech industry.

As such, your top priority is to find a place that knows how to help you grow your business. A location that offers good licensing options, stable infrastructure, and a vibrant community. For all these requirements, doing business in the ADGM is a top consideration especially if you are working on developing a tech.

The benefits of doing business in the ADGM include the ADGM tech startup license, a strong regulatory environment, and a community of fellow entrepreneurs as well as industry experts who know how to help you get your solutions up and running.

Let’s take a look at those benefits individually:

1. The ADGM Tech Startup License: At a nominal cost of AED2,570, entrepreneurs can already avail of an ADGM tech startup license. This license is highly flexible, offers four residential visas, and meets the requirement for a registered address with just $700.

The ADGM will nurture the new businesses through their lifecycle, from seed capital to listing on a stock exchange. Unlike the typical operating license, no physical office space is required for an ADGM tech startup license. You may choose to go for a virtual office space provided by a registered services provider.

This low-cost operating license helps break down the barrier for entry into the tech industry. Entities from all industries are eligible for the license, and will adhere to globally recognised operating standards that the current ADGM funds, multinationals, SMEs, advisers, and other registered entities benefit from.

Getting an ADGM tech startup license is a fairly straightforward process. In fact, from start to finish, there are only six steps you need to take before you’re doing business in the ADGM. However, some of these steps may require in-depth knowledge of local rules and regulations. Thus, it’s important to find a company formation expert to assist you through it.

2. The RegLab:

The Regulatory Laboratory (RegLab), launched in 2016, is the ADGM’s sandbox regime that allows innovators to test and develop their fintech solutions in a specially-tailored regulatory framework. More than seventy local and global fintech applications expressing strong interests in supporting the financial services in Abu Dhabi and the UAE.

If you are interested in joining the RegLab, you must first become authorised by the FSRA. The Lab is open to all participants in the fintech space, from emerging start-ups to existing regulated companies?—?and one of the qualifications is a capability to demonstrate an innovative technological solution that, while currently being developed, is ready for testing.

3. The ADGM Regulatory Framework: Beyond the RegLab, businesses in the ADGM benefit from a stable Regulatory Framework, part of which allows for Private Financing Platforms (PFPs) that let private companies, startups, and SMEs in their early to pre-IPO stage source financing from private and institutional investors.

This is supported by a range of special purpose vehicles (SPVs) that offer flexibility in capital structuring, securitisation, and asset transfer options.

In the future, the hub’s upcoming Belt-and-Road Exchange collaboration with the Shanghai Stock Exchange can also provide more choices for companies to raise capital through IPOs and public markets.

Has the ADGM’s tech startup license won you over? From hereon, there are a number of steps you need to take to make your business a reality. Some of these steps are simple, while others may require more work. Throughout this, it is recommended that you have a company formation expert with you to help you get through the process of setting up as smoothly as possible.

[himaja1]

3 Questions for Company Formation in the ADGM - 10 Leaves

ADGM is still a young financial centre, but it’s already made waves in the region’s business and finance industry. It’s a popular destination for entrepreneurs and ADGM holding companies because of its strategic location and seamless set-up process.

If you are an entrepreneur thinking of setting up within the region, this hub must have crossed your mind at least once. Before you make your final decision, however, there are three questions you need to clear out to make sure that you have a solid understanding of what you want to establish.

Are you setting up a regulated or a non-regulated business?

Three independent authorities govern the Abu Dhabi Global Market:

1. the Registration Authority 2. the Financial Services Regulatory Authority (FSRA) 3. the ADGM Courts

These three bodies work in tandem to ensure that the organisations within the hub continue to operate in line with international best practices that are  recognised by major financial centres around the world. Thus, your first task is to find out whether your company falls is one that is considered to be regulated or non-regulated. It determines which authority is to govern your company and what is required for you to trade in the free zone.

Regulated companies are under the FSRA. They include the following:

1. International and Islamic banks 2. Lending and credit institutions 3. Fund management companies 4. Investment businesses 5. Non-regulated companies include consultancy services, ADGM holding companies, and accountancy and audit firms. These businesses are not under the FSRA.

What requirements do you need to fulfill? For regulated companies operating from the ADGM, there are a few more requirements you need to comply with:

1. Take physical office space within the hub 2. Appoint an authorised individual who is a UAE resident for the following positions: 3. Senior Executive Officer 4. Chief Financial Officer 5. Compliance Officer 6. Money Laundering Reporting Officer

3. Renew your licence with the ADGM as well as the FSRA on an annual basis, because your business licence is issued by both entities.

If you are a non-regulated company, you do not need to take physical office space and you only need to renew your licence with the ADGM.

What kind of corporate bank account should you go for? Some factors that help influence the kind of bank account that would be right for you and your business setup in the ADGM include the following:

1. Services offered 2. Maintenance fees 3. Cash/transaction limits 4. Flexible debit cards 5. Easy integrations

There are more than 49 banks in the UAE that you can consider for your company, and throughout this process you can choose to be assisted by the hub’s staff. However, having a company formation expert to consistently guide you from the first to the last step is likely to be a more cost-efficient and hassle-free decision.

Have we helped clarify how business setup in the ADGM looks like? Now that you have an idea of what to do, it is recommended that you find the right company formation expert to help you make your ideas into a reality. It is possible to set up your business even while you are not in the country, and a dedicated expert can really help streamline it.

[himaja1]

Establishing an SPV in the ADGM - 10 Leaves

The Abu Dhabi Global Market (ADGM) has been open for business only since October 2015, but it has already garnered much praise and respect over its efforts to differentiate itself through unique offerings. It recently concluded the inaugural FinTech Abu Dhabi summit, attended by over five hundred global Financial Technology (FinTech) personalities; and has launched a series of collaborations with different companies such as Temenos, Al Ansari, and Mastercard to help forward its FinTech initiative.

Another such initiative is the Special Purpose Vehicles (SPV) regime. The SPV regime is open to a wide variety of business types, uses, and industry sectors, such as corporates, government-related entities, single family offices, sovereign wealth funds, trustees, and individual investors.

Lets take a look at the main spv in the adgm advantages below:

1. The cost of setting up is considerably reduced:

Registration is not as costly for SPVs as it is for normal private limited companies, and there is no need to acquire a physical office space?—?SPVs only need to provide a registered address to the Registrar, which can be the address of a corporate service provider, an existing company, a holding company, or a virtual office. The fully digital application also means that you spend less time applying.

2. The ADGM offers limited public disclosure in some cases:

Restricted Scope Companies (RSC) can avail of this advantage. It will be desirable for family offices that want to manage their assets discreetly, as well as for multinational corporate groups that require passive entities.

The limited public disclosure applies to an RSC’s records of Directors, Shareholders, financial statements, beneficial ownerships, and filing of accounts.

3. The legal system is based on English common law:

The ADGM is an independent jurisdiction, with its own court as well as its own civil and commercial laws. Its foundation on the common law means it is directly applicable and it provides high levels of legal certainty.

Establishing an SPV in the ADGM will give you a platform to fulfill any narrow, specific, or temporary corporate goals you may have in mind. As an up-and-coming international financial centre in the capital of the United Arab Emirates, you can rest assured that establishing a business in the area will enable you to conduct business with plenty of support and to operate with confidence.

[himaja1]

Establishing an SPV in the ADGM:

The Abu Dhabi Global Market (ADGM) has been open for business only since October 2015, but it has already garnered much praise and respect over its efforts to differentiate itself through unique offerings. It recently concluded the inaugural FinTech Abu Dhabi summit, attended by over five hundred global Financial Technology (FinTech) personalities; and has launched a series of collaborations with different companies such as Temenos, Al Ansari, and Mastercard to help forward its FinTech initiative.

Another such initiative is the Special Purpose Vehicles (SPV) regime. The SPV regime is open to a wide variety of business types, uses, and industry sectors, such as corporates, government-related entities, single family offices, sovereign wealth funds, trustees, and individual investors.

Lets take a look at the main advantages below:

1. The cost of setting up is considerably reduced:

Registration is not as costly for SPVs as it is for normal private limited companies, and there is no need to acquire a physical office space?—?SPVs only need to provide a registered address to the Registrar, which can be the address of a corporate service provider, an existing company, a holding company, or a virtual office. The fully digital application also means that you spend less time applying.

2. The ADGM offers limited public disclosure in some cases:

Restricted Scope Companies (RSC) can avail of this advantage. It will be desirable for family offices that want to manage their assets discreetly, as well as for multinational corporate groups that require passive entities.

The limited public disclosure applies to an RSC’s records of Directors, Shareholders, financial statements, beneficial ownerships, and filing of accounts.

3. The legal system is based on English common law:

The ADGM is an independent jurisdiction, with its own court as well as its own civil and commercial laws. Its foundation on the common law means it is directly applicable and it provides high levels of legal certainty.

Establishing an SPV in the ADGM will give you a platform to fulfill any narrow, specific, or temporary corporate goals you may have in mind. As an up-and-coming international financial centre in the capital of the United Arab Emirates, you can rest assured that establishing a business in the area will enable you to conduct business with plenty of support and to operate with confidence.