Information for company service providers (CSPs)
Being a licensed ADGM Company Service Provider (CSP) enables CSPs to provide company services (e.g. company formation, registered office address and company filing services), including company services to non-exempt SPVs and foundations under ADGM’s CSP Framework.
To be a licensed CSP, entities must apply for and obtain approval from the ADGM Registration Authority to undertake the business activity “7025 – Company Service Provider”.
The CSP licensing requirements under the CSP Framework include:
- requirements to be fit and proper;
- maintaining adequate insurance coverage;
- demonstrate adequate human, financial and systems resources; and
- additional obligations for CSPs that hold or control ‘client money’, which are designed to safeguard money belonging to clients against potential misuse, misappropriation or fraud.
Applying for CSP activity
From 12 April 2021 all applicants intending to provide company services, including ADGM Licensed Persons currently licensed to conduct the activity “7021 - Corporate Service Provider”, must file a licence application (or licence variation application) to conduct the activity “7025 - Company Service Provider”.
For existing firms: licence variation applications are filed via the online registry system and cost USD 100. (Maintain Business activities function on the portal)
All applicants must:
- complete and submit the “Company Service Provider Activities Application Checklist & Supplementary Information” (located below); and
- satisfy the specific conditions of licence as set out in Rule 12 and Schedule 1 of the Commercial Licensing Regulations 2015 (Conditions of Licence and Branch Registrations) Rules 2021.
The current business activity “7021 – Corporate Service Provider”, is no longer available and will be phased out during 2021. From 12 July 2021, existing ADGM CSPs will not be eligible to provide company services to non-exempt SPVs and Foundations unless they obtain business activity 7025 – Company Service Provider.
Please Note: 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. Please view the recent media announcement here.