Set in the heart of Abu Dhabi, the Abu Dhabi Global Market (ADGM) Free Zone is an ideal location for investors to set up a company in the financial sector, especially private banking, wealth management, and asset management. The Abu Dhabi free zone provides an efficient and robust business environment for the firms operating in the financial service industry. Commenced in the year 2015, ADGM has made substantial progress in collaborating with the bigwigs, both domestically and internationally. They have collaborated with prominent authorities like the Economic Department in Abu Dhabi, the UAE’s Central Bank, Insurance Authority, Abu Dhabi Municipality and the Financial Service Commission in Jersey.
The Abu Dhabi Global Market has 3 independent authorities providing a holistic environment by allowing companies to operate from the center. They are:
If an individual wants to establish a business in ADGM free zone, Registration Authorities are the first point of contact for the same. They support and guide you through the whole process of company formation, registration and licensing.
Financial Service Regulatory Authority (FSRA)
The main objective of FSRA is to establish a robust and well-regulated financial market with a high level of regulatory transparency and engagement.
They have a fully independent common law framework to adjudicate civil and commercial disputes.
Benefits of Setting Up a Business in ADGM Free Zone
Just like any other free zone in the UAE, ADGM also had its own advantages for setting up a business:
- 100% foreign ownership
- 0% tax for 50 years
- Zero restrictions on the repatriation of capital and profits
- Common law jurisdiction
- Simple and convenient business procedures
- Availability of dedicated skilled professionals
- No requirement to have corporate documents attested and legalized (in most cases)
- No physical office space required in ADGM. As a registered agent, the Sovereign will provide registered addresses for special purpose vehicles (SPVs)
- No restrictions on nationality for the purposes of share ownership
Documents Required to Set Up a Business in ADGM Free Zone
- Copy of passport, visa page or immigration entry stamp and Emirates ID of director(s), secretary and shareholder(s)
- Application form for reservation of the proposed name of the company
- Copy of business plan
- Statement of capital and initial shareholding, for companies limited by shares
- Statement of guarantee, for companies limited by guarantee
- Statement of proposed officers of the entity
- Trade name reservation document
- A statement with the intended address of the proposed company
- Copy of Articles of Association (AOA) and resolution of the board of directors
- A copy of lease agreement for the office space
- Confirmation of restricted scope of the company
- Duly filled and signed data protection form
- Duly filled and signed beneficiary or ultimate owner form
- Any other documents that may be required by the authorities, based on the scope of activities that the company would be undertaking