Any business owner starting a venture in the UAE should at the very least consider operating in one of the country’s free zones. There are undoubtedly many reasons to give it some thought, including the 0% corporate and personal tax rate, 100% ownership of the business, 100% repatriation of capital and profits, lack of currency restrictions, and 100% exemption from import and export taxes.
But there are still more benefits to starting a business in a UAE free zone. In addition to these primary advantages, each free zone also provides unique pluses of its own. Consider Abu Dhabi Global Market (ADGM) as an illustration. Its central location in Abu Dhabi makes it the perfect place for companies in the financial sector, especially those involved in private banking, wealth management, and asset management.
On a 114-hectare site that includes first-rate office space as well as cutting-edge leisure, entertainment, and hospitality facilities, ADGM is home to numerous local and international companies of all sizes. There may not be many better places to live if you’re looking to establish yourself in the UAE’s financial services sector.
Understanding the Details of Setting Up a Business in ADGM
Abu Dhabi Global Market is governed by three independent authorities: the Registration Authority, the Financial Services Regulatory Authority (FSRA), and ADGM Courts. This is because the majority of businesses operating within the free zone are in financial-related industries. Each of these organizations works to ensure that businesses operating within the free zone follow standards accepted by the world’s major financial centers.
As a regulated business operating from ADGM, you must adhere to a number of requirements. One requirement is that you lease actual office space in the free zone. The positions of senior executive officer, chief financial officer, compliance officer, and money laundering reporting officer must also be filled by an authorized person, who must be a resident of the UAE. Last but not least, since your business license is issued by both the FSRA and the ADGM, you must apply to both organizations each year to renew it. If your company is unregulated, you only need to renew your ADGM license; you are not required to rent office space.
Abu Dhabi Global Market offers visa services for companies of all sizes. The procedure is simple, regardless of its size. The maximum number of visas you can apply for is unrestricted, but it is capped based on the size of your premises. One visa is typically issued for every 100 square feet of office space.
Along with applying for employee visas, sponsoring your dependents for their visa applications is also a very simple process. Obtaining a visa involves four simple steps: obtaining an entry permit, changing your status, taking a medical fitness test, registering for an Emirates ID, and having your visa stamped. Since this is such a crucial procedure, it’s a good idea to seek guidance from a specialist in establishing UAE free zone businesses to make sure that you and the people you want to sponsor are eligible before beginning an application.
In the best office buildings in Asia’s most sought-after business districts, The Executive Centre’s iconic and immersive space in ADGM in Maryam Island maximizes functionality and ergonomics and offers cutting-edge infrastructure and unmatched service.
Every company, every goal, and every member can work there because it has an office space. The office space provides a truly exceptional workspace setup, ranging from private offices and coworking spaces to meeting rooms and Enterprise Solutions.
Discover an office space in Abu Dhabi that can be adapted to your company’s needs, where you can feel at home and thrive on both a professional and personal level. Feel motivated to succeed and supported by our global network’s knowledge. Make connections with other professionals who share your interests to gain access to new opportunities.