Abu Dhabi Department of Economic Development and Abu Dhabi Global Market agree on dual-licensing regime for companies operating in the capital and the International Financial Centre on Al Maryah IslandADGM RA 14/11/2017
A major milestone established for entities* registered in ADGM to service businesses throughout Abu Dhabi without having a physical presence on the mainland
Abu Dhabi Global Market (ADGM), the international financial centre of Abu Dhabi, and Abu Dhabi Department of Economic Development (ADDED) today announced a significant agreement on mutual licence recognition for dual licensing of eligible entities* established in ADGM's jurisdiction. The agreement was signed by H.E Khalifa Salem G. Al Mansouri, Undersecretary, ADDED and Mr Dhaher bin Dhaher Al Mheiri, CEO of the Registration Authority of ADGM.
The agreement between ADGM's Registration Authority and ADDED allows entities* established on Al Maryah Island to hold both an ADGM commercial and an ADDED trade licence on condition that they satisfy and fulfil the respective licencing requirements of each jurisdiction and operate according to their respective rules and regulations. This dual licensing also allows for ADGM registered entities to service their clients in the Capital without the need of having an office presence in Abu Dhabi mainland. ADGM entities seeking to provide financial services to clients in the Emirate of Abu Dhabi will remain subject to any other relevant regulatory obligations and applicable laws, including any licensing requirements which may be imposed by any Federal regulators of financial services.
This agreement is an enhancement of the 2015 MoU between ADDED and ADGM that supported doing business for existing entities with Abu Dhabi DED licences based on Al Maryah Island. The new agreement has expanded the ease of doing business from ADGM to include existing Abu Dhabi entities and new ADGM registered firms to be under the remit and oversight of the Registration Authority of ADGM and ADDED. The MOU will allow an entity to have two licences permitting them to engage in activities within the ADGM and the Emirate of Abu Dhabi, from a single office located on Al Maryah Island.
H.E. Khalifa bin Salem Al Mansouri, Undersecretary, ADDED of Abu Dhabi said that this step will add to the competitiveness of the business environment in the Emirate of Abu Dhabi, providing as one of the most important catalysts to attract more investments to the Emirate of Abu Dhabi and expand the activity of the private sector and activate its role in leading the local economy.
H.E. Khalifa bin Salim Al Mansouri said that strengthening partnership and cooperation between the DED and the ADGM through the granting of dual commercial licenses to registered companies in the market will positively affect the business environment in the Emirate of Abu Dhabi and contribute to enhancing the competitiveness of the emirate in the business sector.
Mr Dhaher bin Dhaher Al Mheiri, CEO of the Registration Authority of ADGM, said: "We would like to thank Abu Dhabi Department of Economic Development for their cooperation and unwavering support throughout our journey. This agreement further strengthens Abu Dhabi's position as an innovative, efficient and successful business hub for local and global entities who have established Abu Dhabi as their home. We will continue to work closely with ADDED and all government bodies and stakeholders to meet the evolving needs and requirements of businesses thriving in Abu Dhabi and the UAE."
Mr Dhaher added, "The mutual licence recognition further augments ADGM's advantage as an IFC that provides strategic access and connection into Abu Dhabi, the region and the growing economies of the India, Asia and Africa."
This agreement follows the MoU between ADGM and ADDED last year regarding respective policies, company registration, licensing and regulatory matters as well as statistics and information sharing. For more information of the ADGM Dual-Licencing regime and the Guidance Note, please visit the ADGM Registration Authority.
ADGM is the dedicated Financial Free Zone established by UAE Federal Decree and its jurisdiction encompasses the entire 114 hectares (1.4sqkm) of Al Maryah Island. ADGM's Registration Authority, is one of the three independent Authorities within ADGM, that all aspects of incorporation, registration and licensing of all legal entities on Al Maryah Island, as well as the registration of Real Property Interests and Charges.
* Entities who are eligible for the dual-licensing are those who satisfy and fulfill the licencing requirements of each jurisdiction, as well as, operate according to their respective rules and regulations.
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre located in the capital city of the United Arab Emirates, opened for business on 21st October 2015.
In line with the Abu Dhabi’s Economic Vision, ADGM is a natural extension of Abu Dhabi's role as a reliable and responsible member of the global financial community. Strategically situated in Abu Dhabi, home to one of the world's largest sovereign wealth funds, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance that connects the growing economies of the Middle East, Africa and South Asia.
ADGM's three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, enable registered companies to conduct business in a zero-percent tax environment and operate with confidence within an international regulatory framework with its own independent judicial system and legislative infrastructure based on the Common Law.
Established by a UAE Federal Decree as a broad based financial centre, ADGM's foundation is anchored on three of Abu Dhabi's strategic strengths - private banking, wealth management and asset management and will continually expand its financial services in response to the needs of its businesses and marketplace.
Abu Dhabi Global Market is located on Al Maryah Island, a 114-hectare development that is home to world-class business and lifestyle facilities such as the Rosewood and Four Seasons Hotels and Residences, the first ever specialty Cleveland Clinic Hospital outside of USA, luxury retail at the Galleria Mall, and grade-A offices spaces to meet Abu Dhabi's long-term development and economic needs. All these complement ADGM's international financial centre position as a vibrant destination in the capital city in Abu Dhabi. For more details of ADGM, please visit www.adgm.com or follow us on Twitter: @adglobalmarket and LinkedIn: ADGM
For more information, please contact:
Joan Lew Kwan
Tel: +971 2 3338 8858