One of the prime reasons entrepreneurs are attracted to Dubai’s Free Zone is that the locality offers extreme temptations.
How? Well, the Free Zone comes with 100% company ownership, 0% personal & corporate tax, 100% import, no cash restrictions, 100% export and import releases and more. Apart from these the Free Zones do not restrict the benefits here.
Each free zone, for example (ADGM) Abu Dhabi Global Market comes with its specific sections of perks. Situated in the bosom of Abu Dhabi this place is ideal for the asset, and wealth management along with being the perfect sector for private banking.
So, if you wish to learn about Company formation in ADGM, you’ve come to the right place. This blog will discuss all ADGM and why it is a good idea to choose this Free Zone.
Short Note on ADGM:
ADGM stretches across 114 hectares and is home to some of the biggest international corporates in the world. It encompasses state-of-the-art office spaces, with hospitality and entertainment hubs. This place is currently the best in Dubai if you consider setting up a financial home or sector.
On that note,
What to Know before Setting up an Office in ADGM?
- Regulation vs Non-Regulation
The ADGM is governed by 3 main authorities –
- The ADGM courts
- The Registration Authority
- The Financial Services Regulatory Authority
Now, these independent entities function to ensure all the organizations/corporates in the Free Zone follow a designated international line of practice that is accepted by global financial sectors.
Therefore, as a company, it is your job to find out whether your organization is regulated or non-regulated. This will help you understand, which authority is ruling you and help you know what is required for trading.
Now, the FSRA is in charge of the regulated companies and these include fund management enterprises, lending and credit organizations, investment business, Islamic banks, etc.
The non-regulated companies are not under the FSRA and mainly include audit & accounting firms, and consultancy services.
- Easier for Sponsoring Dependents
Apart from applying for employee Visa, you also require to sponsor dependants. Now, this can be for your spouse, family, child, whoever, but the procedure requires 4 stages. The first being entry permits, then comes medical fitness test, status adjustment and lastly, visa stamping & Emirates ID registration.
Once you’re done with this you can successfully meet the criteria for setting up an account.
- Numerous Visa Options
One good thing about ADGM is that it caters to the business of all shapes & sizes. Therefore, there are no restrictions on the number of visas you can apply for. Yet, sometimes you’ll get the visas depending on the size of the premises.
Mostly, people get one visa per 100sq feet office area.
Quick Note on Setting up Office in ADGM:
Well, weighing the perks, you’ve now decided to open up a startup in the ADGM. So, what comes next is choose what kind of business you’ll do, set up your business name, get in touch with a business consultant, get your bank account opened and apply for the visa.
Once all the protocols get taken care of, you can rest assured that you’ve completed most of the specifics associated with company formation in ADGM. To know more, take assistance from your selected business consultants and get moving.