The Abu Dhabi Global Market Free Zone, which has won a lot of praise and awards, is on Al Maryah Island in the middle of Abu Dhabi. As a Free Zone and global financial hub, this place has everything. As a result of its strategic position, it is able to service the rapidly expanding economies of Africa, Asia, and the Middle East.
The Registration Authority, the Financial Services Regulatory Authority (FSRA), and the ADGM Courts are three independent entities inside the ADGM Abu Dhabi Global Market Freezone Free Trade Area.
It’s one of the things that sets the ADGM Free Zone apart from others. All major financial centers recognize businesses operating inside Abu Dhabi Global Market Square because of this mix of factors.
As of 2015, it has been widely praised for its rich, inventive, and responsive environment for commercial organizations. The financial sector, in particular private banking, wealth management, insurance, and asset management, thrives in this locale.
In addition, ADGM made history by being the first regional body to govern cryptocurrencies and digital assets. According to ADGM Free Zone, the UAE’s Free Zones have only lately started getting licenses to run bitcoin exchanges.
ADGM’s foresight is noteworthy. There are several advantages to setting up shop in ADGM Free Zone apart from the activities themselves. These include English common law-based legislation, comprehensive data and intellectual property protection regulations, and so on.
Setting up a business in Abu Dhabi Global Market Free Zone can be a great way to get started in the UAE. Here’s what you need to know.
How to Set up a Business in ADGM Free Zone?
If a company or entrepreneur wants to commence operations in one of the safest, most prosperous, and quickly increasing markets in the world, they should do so at the Abu Dhabi Global Market.
The process of creating a company in the ADGM Free Zone is straightforward and may be done quickly. The whole process may be completed in only a few steps and within a few days. Consult the most reputed business setup professionals in Abu Dhabi to guarantee that the registration of your company runs smoothly.
To initiate the company formation in ADGM Free Zone, the following procedures must be taken:
- Consult with business consultants.
- Prepare your documents.
- Send in your application.
- Wait for ADGM to review and approve your application.
- Choose an appropriate office location.
- Begin the visa application procedure.
- Create a bank account.
Documents Required for Business Formation in ADGM Free Zone
The structure of your company and the business configuration that you desire will decide the specific procedures that you will need to follow to establish your business in Abu Dhabi Global Market.
These stages will be determined by the structure of your business. In the majority of cases, you will be required to produce the necessary documentation, including the following:
- Form of application that has been finished
- Copies of the owner(s) or owners’ passports are required.
- Two images of passport size, each with a colored border and a white backdrop
- In accordance with the requirements, proof of share capital
In the majority of cases, the ADGM company formation phase may be completed in a few days if the application is presented in its whole and has no errors. As was said earlier, it is essential to keep in mind that any inconsistencies in the application can either cause delays or possibly lead to the denial of the request.
Company Formation Costs in ADGM Free Zone
Businesses that want to set up shop in the Free Zone of Abu Dhabi Global Market have a lot of options. You can start a limited-by-shares company, which needs at least two directors, or you can start a branch of a company that is already set up in the United Arab Emirates or another country.
Starting a business in the ADGM Free Zone isn’t cheap, so you shouldn’t let yourself be fooled by tempting online offers in this area.
To get a license in ADGM, you have to rent an office for at least US $13,600 (AED 50,000) per year. For businesses that are not in the financial sector, this starts at US$10,300 (AED 38,000) per year.
When you think about the costs of the Set-Up Services, you should plan on spending at least US $28,000 (AED 103,000) in the first year. You should plan to spend at least $40,000 (AED 150,000) on dealing with financial institutions in the first year.
Advantages of Setting up Business in ADGM Free Zone:
ADGM Free Zone provides its investors with a business environment that is both effective and adaptable. ADGM is a prestigious financial center that wins awards and provides the following advantages for business owners and operators:
- The simplicity of the first setup process
- Cost-effectiveness of the yearly licensing fee
- The English Common Law
- Independent jurisdiction
- Possibility of obtaining up to four job visas
- A comprehensive set of legislative mechanisms
- Dual license to operate in Abu Dhabi mainland
- Zero corporate or income tax
- 100 percent ownership held by non-natives
- The Availability of Experienced and Qualified Professionals
- There are no monetary constraints
- Capability to establish complicated organizational frameworks, such as endowments, trusts, and family offices
- Complete and total repatriation of all capital and earnings
- Location strategically important in Abu Dhabi and also close to other major free zones like
- Abu Dhabi Airport Free Zone (ADAFZ)
- Khalifa Industrial Zone (KIZAD)
- Masdar Free Zone City
- Industrial City of Abu Dhabi (ICAD)
Conclusion
Since its inception in 2015, the Abu Dhabi Global Market Free Zone (ADGM) has collaborated with notable organizations like the Economic Department in Abu Dhabi, the Central Bank of the United Arab Emirates, the Insurance Authority, Abu Dhabi Municipality, and Jersey’s Financial Service Commission.
There are several options available to companies interested in setting up a shop in an Emirati-Free Zone. Local and international firms of all sizes may be found at ADGM. In addition to world-class office space, the 114-hectare property in Abu Dhabi Global Market contains state-of-the-art recreational, entertainment, and hospitality amenities.
Setting up a business in Abu Dhabi Global Market Free Zone is a simple process that can be completed in as little as five days. The first step is to complete an online application form, which will ask for your company name, registered agent, and other basic information. You’ll also need to provide copies of your passport and company documents.
Once you’ve submitted the application form, you’ll need to pay the registration fee and set up a corporate bank account. Your next step will be to open an office in the Free Zone and register with ADGM authorities.
The final step is to apply for your trade license, which will allow you to conduct business in the Free Zone.
For further information, we recommend you to read further articles on Free Zones. If you want to learn more about how to set up a business in UAE, we also have a comprehensive guide for you.