Business Setup in ADGM
The Abu Dhabi Global Market is an upcoming financial free zone in Abu Dhabi. Located on Al Maryah Island, it offers financial and non-financial licenses.
The Abu Dhabi Global Market has also recently been declared one of the top freehold areas in Abu Dhabi. This will allow foreigners to purchase property on the island.
The ADGM is located on Al Maryah Island, at the entrance of Abu Dhabi, next to Yes Island and Saadiyat Island.
The ADGM is not just limited to the finance industry. Beyond banking, wealth management, and other financial services – brokers, consultants, & service and product providers from other industries are welcome to start their business here as well. Aside from providing a wealth of opportunities for your business, this means that you can rest assured most of what you need is only a few blocks away. Company formation in the ADGM is something you should consider because it means your business will be close to many other important businesses and lifestyle activities.
ADGM Special Purpose Vehicles (SPVs) are among the most versatile in the region. Click here to read about ADGM SPV formation.
The ADGM is well-known for its efficient setup process. However, there will be slight changes between regulated and non-regulated companies, and the nature of your business will play a factor as well. Get in touch with a company formation consultant to make sure that your business setup in the ADGM will go well.
Staying in the ADGM won’t be cheap, but their clear and straightforward pricing structure will be of great benefit and will reassure you that you are getting your money’s worth. Here’s a quick breakdown:
Initial setup costs: USD21,000
Licensing fees, office costs, up-front share capital: USD50,000
Creating a business plan may also cost a few thousand dollars. All these payments as well as any other payments to the ADGM or any other authority must be in US dollars.
You can check the following links to know more about the costs involved in setting up in the ADGM.
Airtight auditing and bookkeeping requirements
The ADGM’s strict auditing and bookkeeping requirements are one of the many reasons that it is one of the most respected free zones in the region. Make sure that your business keeps its books updated and that you file an annual report.
Setting up a corporate bank account
Setting up your bank account is, without a doubt, a top priority for you and your business. Fortunately it is easy to open one and we can advise you on the bank that best suits your needs. You can read our detailed article on Corporate Banking in the UAE to explore banking options in the country.
Has the idea of company formation in the ADGM won you over? What will your next steps be? There are several steps you’ll need to accomplish, with varying levels of difficulty and requirements depending on the type of license you are applying for and the kind of business you are planning to run. It is recommended that before going through the process, you already have a trusted company expert by your side to guide you through your application, ensuring that you go through the entire process as efficiently as possible.