First phase focused on existing non-financial tenants of Al Maryah Island with either Private Ltd or Branch Office legal structures
Abu Dhabi Global Market (“ADGM”), the new international financial centre on Al Maryah Island, today announced that from 15th June 2015 it will begin accepting licence applications from existing non-financial services tenants of Al Maryah Island that have either a Private Limited or Branch Office legal structure. This is the first phase in a series of activities as ADGM looks to ramp up its efforts in preparation for launch in the second half of this year.
Dhaher Bin Dhaher Almheiri, Chief Executive Officer of ADGM’s Registration Authority, said: “This is the first in a series of licencing phases, which will be announced in the coming months. Our primary focus at this stage is on existing Al Maryah Island tenants. Over the past few weeks we have reached out to them, met with them and spoken to them to ensure that they are fully aware of our activities and our service offering, that they understand the registration and licensing process and requirements and also understand the options available to them.” He added, “Our Business Development team will continue to work closely with the tenants and will guide them moving forward during this transitional period in line with our commitment to making this as easy and seamless an experience as possible.”
All Island tenants who are eligible to apply during this first phase will have a 12 month grace period during which to decide and apply for an ADGM licence.
Other types of companies, including financial services institutions and those that are not currently tenants of Al Maryah Island, will be able to apply for an ADGM licence later in the year.
ADGM’s enacted commercial regulations were published on 14th June 2015. Currently, ADGM’s financial services regulations are being reviewed by ADGM’s Expert Panel and they will be issued for open market consultation in the coming weeks.
Today’s announcement follows the signing of a memorandum of understating (“MoU”) late last month between ADGM and the Abu Dhabi Department of Economic Development (“DED”), covering many aspects including; the registration and protection of company names and licences, both onshore and within ADGM; developing the process for transferring and renewing the trade licences of those companies already operating in Al Maryah Island; establishing a mechanism for ADGM and DED to cooperate wherever they may need to in the future; and cooperating in the exchange of information regarding regulations, standards and business classifications to ensure consistency between them.