Abu Dhabi is one of the fastest-developing and prosperous markets in the globe. For traders wishing to start a company in the Middle East, Abu Dhabi is a feasible place of choice. The corporate standards and business plans in the Emirates are easy, and it takes just a few days for setting up a company in Abu Dhabi. Setup in the heart of Abu Dhabi, the Abu Dhabi Global Market (ADGM) Free Zone is an ideal location for entrepreneurs to set up a company in the financial sector, wealth management, unusually private banking, and asset management.
The Abu Dhabi free zone offers an efficient and robust business ambiance for the companies operating in the financial service industry. Started in the year 2015, Abu Dhabi Global Market License (ADGM) has made substantial progress in collaborating with the bigwigs, both internationally and domestically. ADGM is intended to be a varied financial services hub for regional, local, and international institutions. Entities set up within Abu Dhabi Global Market License (ADGM) can have 100 percent foreign ownership and are subject to a civil law commercial and regulatory ambiance.
Abu Dhabi Global Market License (ADGM) are categorized into financial, no-financial, and retail activities. All financial activities are managed by the FSRA. These comprise businesses like brokers, banks, assets, managers, insurance intermediaries, and many more.
The ADGM is not only for financial services. Its legal and operational platform is attractive for a broad range of professional and business services, along with family businesses, corporate headquarters, and several management functions. It also offers a beneficial ambiance for domicile holding companies, special motives vehicles, and other structures to hold and protect assets. The Registration Authority oversees all phases of registration, incorporation, and licensing of legal entities in ADGM.
The Abu Dhabi Global Market has three independent authorities offering a comprehensive ambiance by permitting companies to operate from the center. They are:
1. Registration Authorities
If a person wishes to set up a business in ADGM free zone, Registration Authorities are the first point of contact for the same. They support and guide you through the entire procedure of company setup, registration, and licensing.
2. Financial Service Regulatory Authority (FSRA)
The primary aim of FSRA is to set up a robust and well-regulated financial market with a high level of regulatory transparency and engagement.
3. Abu Dhabi Global Market (ADGM) Courts
They have a completely common law framework to adjudicate civil and commercial disputes.
How To Start A Business In Abu Dhabi Global Market (ADGM) Free Zone?
For companies seeking to start a business in the Abu Dhabi Global Market Free Zone, there are several choices available. The individual can open a business limited by shares where the presence of at least two directors is compulsory, or you can open a branch of the company already set in the United Arab Emirates (UAE) or any overseas land. To set up a business in Abu Dhabi’s financial market, each business is obliged to fill out the application forms online through Abu Dhabi Global Market (ADGM) online registry solutions. The Abu Dhabi Global Market (ADGM) free zone has four steps to set up a business ADGM free zone.
Steps To Start A Business In ADGM Free Zone
1. Business Development
A special business development team to discuss the needs of your business is offered, after which you can finish the business application form through online registry solutions and submitting it after filling.
2. Registration And Incorporation
After getting approval from the officials for the business application, proceed to complete the online registration/incorporation form. You can also need to submit all the documents mentioned in the form.
3. Commercial License
When you get the approval for the filled registration form, a commercial license will be issued within days. If all the documents are offered perfectly then it will not need more than a week for approval.
4. Government Services
Apply for a FAWRI account and Establishment Card. They are mostly needed in order to apply for the Abu Dhabi Global Market (ADGM) issued visas.
- FAWRI Account:- Every company is expected to be enrolled in the FAWRI’s system so that it can continue with the visa processing.
- Establishment Card:- An Establishment Card is required for all services associated with visas and is compulsory for new companies in Abu Dhabi Global Market.
Abu Dhabi Global Market License Cost
Abu Dhabi Global Market (ADGM) free zone applies a business activity based methodology for registration and incorporation cost and charges a fee for initial registration and an annual fee for renewal. The fee includes many components comprising a one-off fee for name reservation (mandatory) and application for registration of legal entity and a recurring variable fee for an application for a commercial license which is determined by a number of business activities and business activities type.
Advantages Of Setting Up A Business In ADGM Free Zone
- 0 % tax for 50 years
- 100% foreign ownership
- Common law jurisdiction
- Availability of dedicated skilled professionals
- Simples and convenient business procedures
- No requirement to have corporate documents authenticated and legalized (in most cases)