ADGM Launches New Commercial License for Tech Start-ups and Professional Services Support Programme to transform Abu Dhabi’s start-up sectorsADGM RA 02/08/2018
Abu Dhabi Global Market (ADGM), the leading international financial centre (IFC) of Abu Dhabi is pleased to announce the launch of the new commercial license for ADGM Tech Start-ups for entrepreneurs.
The start-up license is sector-agnostic and enables entrepreneurs to obtain an ADGM operational license, taking advantage of the same globally recognized international operating standards that current ADGM funds, multinationals, SMEs, advisers and other registered entities benefit from. A unique regional platform based on Common Law, ADGM is favoured by financiers and other stakeholders across multiple capital-raising, structuring and investment activities, giving start-ups the optimal base and ideal environment for capitalization and growth.
The new Tech Start-up License is highly flexible; where start-ups can receive a full operational license, the option to apply for four residential visas and meet the requirement for a registered address through a range of options, at a nominal cost of $700 only.
Nurtured through their financing lifecycle, from seed to IPO, start-up ventures can begin their journey in this highly cost-effective way, underpinned by the reputable legal framework, robust regulatory regimes for finance, flexibility in structuring options, and access to a growing community of funds, banks, family offices and advisers found at ADGM.
In addition to the new start-up license and as part of its commitment to support the region's fast growing start-ups, ADGM is also addressing the growing demand for business-building skills by introducing the Professional Services Support Programme. The first of its kind in the UAE, the programme is a partnership with leading local and international advisers, aiming to help entrepreneurs from all sectors build up business skills and enhance the investability and scalablility of their ventures, covering areas such as legal, compliance, Finance, accounting and VAT. This programme complements and adds to the support available from the many sector-specific incubators and accelerators in Abu Dhabi and the UAE, to which ADGM-registered start-ups have access.
Commenting on the launch of the ADGM Tech Start-up License, Dhaher Bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority said, "The Tech Start-up License and the Professional Services Support Programme provide tangible solutions to address set-up costs, access to funding and business support. They are only two of the many ADGM initiatives designed to help this important sector. Together with the many excellent support initiatives from Abu Dhabi government and the greater entrepreneurship ecosystem, they will serve to make Abu Dhabi an even more attractive base for new businesses and ultimately promote economic diversification, foster growth and stimulate the region’s innovation environment."
Omeed Mehrinfar, Managing Partner of Plug and Play, one of the world's largest innovation platforms and incubators, added, "Plug and Play sees ADGM as the ideal platform to host startups from across our international locations that are looking to expand in the GCC, and larger Middle-East region. With the new license and Professional Services Support Programme, startups will be able to leverage ADGM's top-tier ecosystem of investors, advisors and corporate partners and operate their businesses at scale."
Both of the new initiatives are in line with the strategic objectives set by ADGM to contribute to boosting the success of start-ups by aligning more broadly with the National Innovation Strategy and Priority Sectors. The latter aims to support economic diversification and encourage innovation with a view to generating new growth opportunities as part of the wider Abu Dhabi 2030 Economic Vision.
About Abu Dhabi Global Market:
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by UAE Federal Decree as a broad-based financial centre, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance. It serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
Based in Abu Dhabi, home to one of the world’s largest sovereign wealth funds and one of the highest concentrations of high-net-worth-individuals in the world, ADGM's strategy is anchored by Abu Dhabi's key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, it enables registered financial institutions, companies and entities to thrive and operate within an international regulatory framework based on Common Law.
Since its inception, ADGM has been awarded the "Financial Centre of the Year (MENA)" for two consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
As part of its mandate, ADGM oversees and governs the Al Maryah Island, a designated financial free zone covering 114-hectares of financial and commercial services including residential, retail, leisure, hotel and office developments. For more details of ADGM, please visit www.adgm.com or follow us on Twitter: @adglobalmarket and Linked : ADGM
* Source: The Global Investor Middle East and North Africa (MENA) Awards
For more information Kindly contact:
Afra AL Rashdi
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Tel: +0097156 4777 7797