20 Oct ADGM – Abu Dhabi Global Market is Open for Business
ADGM – Abu Dhabi Global Market, the international financial free zone of the UAE’s capital has announced that it is now open for business and its Financial Services Regulatory Authority (FRSA) will commence operations from October 21st, 2015.
Companies in Abu Dhabi can now apply for ADGM’s financial services that are trustworthy and internationally acknowledged by major financial centres across the globe. The ADGM also develops and aids member establishments with the regulatory framework, legal jurisdiction and the commercial environment they need for sustainable business development.
The ADGM has three independent authorities, namely – the Registration Authority, the Financial Services Regulatory Authority (FSRA) and ADGM Courts. They ensure that the business operates in accordance with international practices that are recognised by major financial centres across the world. ADGM’s initial focus is on private banking and wealth and asset management
The ADGM is one of the first steps towards Abu Dhabi’s growth for financial service firms and the country’s economy. The Chairman of ADGM, Ahmed Ali Al Sayegh said
Abu Dhabi Global Market is an essential pillar of Abu Dhabi’s Economic Vision, acting as a catalyst for the growth of its dynamic financial services sector in the UAE. At the heart of Abu Dhabi Global Market is a premise of long-term partnership and collaboration – locally, regionally and internationally.
The ADGM is regarded as a significant element in Abu Dhabi’s enduring strategy of economic expansion, as set off in the Economic Vision 2030.
The ADGM Registration Authority has been operational and reviewing licence applications from non-financial services firms since June 15th, 2015 when the ADGM commercial regulations were published. However, an official from ADGM has said that the procedures involved in preparing and considering applications as well as granting membership to financial firms could take a few months. Its operations are likely to start during the first quarter of 2016 at the ADGM headquarters on Al Maryah Island, a business and luxury lifestyle destination in the country’s capital.
A number of large and reputable regional and international banks are expected to be considering the applications for ADGM membership.
GCC Solutions provides company formation services as an approved corporate service provider for the ADGM. GCC can provide government interface services, company secretary services and act as a nominee director for SPV’s in the ADGM therein.