ADGM Company Formation:
Many companies looking to start their business inside any of the United Arab Emirates (UAE)’ free zones consider Abu Dhabi Global Market (ADGM) as the gateway. ADGM is well established international financial center in the MENA region for business and fintech. Its common law framework, its excellent infrastructure and its tax efficiencies make it the perfect place to consider as a home base for your company.
This UAE free zone offers a lot of advantages to its companies, here are the main ones. ADGM offers a full English common law environment when it comes to its corporate rules and regulations, the corporate income tax for all ADGM companies is 0%, there’s no foreign ownership restrictions for shareholders in any ADGM company, there’s no limits on repatriation of profits and no withholding taxes, ADGM have an independent court system and ADGM companies can benefit from financial services regulator.
A big number of business activities are allowed to set up in ADGM, whether financial, non-financial, tech startup, retail… etc. Hence, all types of business activities are attracted to ADGM, but mainly, it is the jurisdiction of choice for Holding Companies, Financial Companies and Technology Startups. Pay attention here, that each business types have a different set up process in terms of timeline, fees and visas.
But after identifying your business activity, and no matter which type of business you choose, here are the main steps you will facing:
At first, prepare your business plan and submit it to ADGM.
Then, you have to choose the perfect legal entity type for your case, is it going to be a private, a public company, a private company, or a holding etc.?
Moreover, you have to chose your company name and see if it’s available in ADGM, keep in mind that each company name must be unique.
After this, all ADGM entities must have a registered address at Al Maryah Island which is where ADGM is located. This is an easy requirement provided by various number of service providers in Abu Dhabi.
Finally, prepare your Know Your Customer documents and answer the traditional corporate questions, such as: what is the share capital, how is the ownership structure of the company, who is the beneficial owner, who are the shareholders… etc.
Once you submit all the required documents and information, your company will be ready in 10 working days. And ADGM will provide you with the relevant corporate documents
This is when you will be eligible to apply for a business bank account with any of UAE’s banks. The process with any of UAE’s banks can seem to be complicated, but to make it simple, all you have to do is prepare all the relevant corporate along with the Know Your Customer documents.
You will also be eligible to apply to a UAE visa for you and your employees in case you have ones.