Abu Dhabi Global Market Free Zone (ADGM)

The Abu Dhabi Global Market also has some significant advantages for entrepreneurs who wish to set up a business. Some of them are:

• Simple and convenient business procedures
• Availability of dedicated skilled professionals
• No requirement to have corporate documents attested and legalized (in most cases)
• No physical office space is required in ADGM. As a registered agent, the Sovereign will provide registered addresses for special purpose vehicles (SPVs)
• 100% foreign ownership
• 0% tax for 50 years
• Zero restrictions on the repatriation of capital and profits
• Common law jurisdiction
• No restrictions on nationality for share ownership

There are four types of entities in the Abu Dhabi Global Market Free Zone which investors can set up in. Those entities are:

• Company Limited by Shares
• Branch of a Foreign Company
• Company Limited by Guarantee
• Partnership Firm

There are many options available to companies looking to set up business in the Abu Dhabi free zone. One can set up a limited company that requires the presence of at least 2 directors, or one can open a branch of an already established company in the UAE or any other country. Now, to start a business in the Abu Dhabi financial market, every business must complete an online application form via ADGM's online registration solution. The use of paper is also acceptable but will incur additional charges. The ADGM Free Zone has the following business-friendly four-step registration process:

The process of setting up a business in the Abu Dhabi Global Market Free Zone is as follows:

You will need a dedicated business development team to discuss your company's needs. After that, you can fill in the business application form via online registration solutions and submit it after filling it out.

Once you have received official approval for the business application, proceed with filling out the online incorporation/registration form. You must also submit all the documents listed on the form.

Once you receive approval for the completed registration form, a commercial license will be issued within a few days. If all documents have been properly submitted, approval will take no more than a week.

Apply for FAWRI accounts and IDs. They are primarily required to apply for visas issued by ADGM.

Each company must be registered in the Fawri system to continue visa processing.

The establishment card is required for all visa-related services and is mandatory for all new ADGM businesses.

Legal entities or entrepreneurs can register their business in the Abu Dhabi Free Zone in one of the following ways:

A limited liability company (LLC) is an independent legal entity with individual shareholders, corporate shareholders, or a mixture of both. The minimum capital requirement depends on the type of company.

Except foreign companies having permits from free zones in the UAE, foreign companies can carry out their main activities or businesses or establish offices or branch offices in the UAE after obtaining permission from the UAE Ministry of Economy and Commerce.

A company based in the United Arab Emirates can also open an office in the free zone, on the mainland or offshore.

Freelancers are granted a freelance license that identifies them as the sole trainee and allows them to do business under their maiden name rather than their brand name.

The documents foreign investors or entrepreneurs require for setting up a business in the Abu Dhabi Global Market Free Zone include:

• Statement of capital and initial shareholding, for companies limited by shares
• Statement of guarantee, for companies limited by guarantee
• Statement of proposed officers of the entity
• Trade name reservation document
• Copy of passport, visa page or immigration entry stamp and Emirates ID of director(s), secretary and shareholder(s)
• Application form for reservation of the proposed name of the company
• Copy of business plan
• A statement with the intended address of the proposed company
• Copy of Articles of Association (AOA) and resolution of the board of directors
• A copy of the lease agreement for the office space
• Confirmation of restricted scope of the company
• Duly filled and signed data protection form
• Duly filled and signed beneficiary or ultimate owner form
• Any other documents that may be required by the authorities, based on the scope of activities that the company would be undertaking

If the above benefits weren't enough, there are plenty of other reasons why you should be self-employed in the Abu Dhabi Global Market Free Zone. ADGM's legal and operational platform is ideal for a wide range of professional and business services, not just financial services. Not only do they provide a seamless business platform from which customers can work, but they also support member states by providing them with the ideal regulatory framework, legal jurisdiction and business environment they need to be successful. Apart from that, there are several other reasons like:

• Migration or continuity of existing business units is allowed
• No liquidator is required for the liquidation process
• Independent judiciary based on English common law
• Modern infrastructure and global connectivity

The ADGM environment is favorable for businesses, there are many opportunities to start a business, and the process of starting a business is simplified. However, the details of this process largely depend on the type of license you are applying for. Before starting these steps, the first port of call should always be a company set up by an expert who will walk you through every part of the application and ultimately make sure the whole process takes a little more than a few hours of your time.