12-month Moratorium Announced by ADGM Registration Authority for Registered CSP License ApplicationADGM RA 03/06/2022
The ADGM Registration Authority (RA) has released a notice of 12-month moratorium on accepting new licence applications to become a registered Company Services Provider (CSP) within its jurisdiction.
This moratorium includes any amendment to the business activities of existing ADGM licence holders, as well as new applications for registration including activity, 7025 – Company Service Provider.
The moratorium will commence on Friday, June 17th, 2022, and will be applicable for a period of one-year until Friday, June 16th, 2023.
Any new applications for the activities under CSP licence will not be accepted until the end of this moratorium, unless an exception has been granted by the Registrar, Mr. Dhaher Bin Dhaher AlMheiri.
The CSP regime came into force on the 12th of July 2021. Since then, over 50 entities have been approved to conduct CSP activities within the ADGM jurisdiction.
The announcement comes in line with continued commitment and efforts of the Registration Authority to provide applicants with an efficient yet robust incorporation process. It has implemented this moratorium to review the current ecosystem, and implement any amendments and alterations required to enhance the quality and the proficiency of the services provided.