A COMPREHENSIVE GUIDE TO SETTING UP A BUSINESS IN ABU DHABI GLOBAL MARKET (ADGM)
Abu Dhabi Global Market (ADGM) is a financial free zone in the United Arab Emirates, established in 2015 as an international financial center. The main purpose of ADGM is to promote and develop the financial services industry in Abu Dhabi, offering a conducive environment for businesses to grow and prosper. This blog post will provide a detailed, step-by-step guide on how to set up a business in ADGM.
- Register your trade name:
Choose a unique trade name that reflects your business’s nature and services. ADGM’s Registration Authority (RA) must approve the trade name, and it should not violate any existing trademarks or copyrights. The registration process can be done online through the ADGM eServices portal.
The trade name registration process in ADGM involves the following steps:
- Conduct a trade name search to ensure that your chosen name is unique and not already registered
- Submit the trade name reservation application, along with the necessary documents, such as passport copies of the shareholders and directors
- Pay the applicable fees for the trade name reservation
Once your trade name has been approved, you will receive a trade name reservation certificate, which is valid for 90 days. You must proceed with the company incorporation process within this period.
- Apply for a license:
The next step is to apply for a business license. The license application process includes:
- Filling out the application form available on the ADGM eServices portal
- Submitting the required documents, such as passport copies, proof of the registered office address, and a detailed business plan
- Paying the applicable fees
The type of license you need depends on your business activity. ADGM offers various licenses, including financial services, non-financial services, and special purpose vehicle (SPV) licenses. Each license type has specific requirements, such as minimum capital and mandatory policies and procedures. Ensure you meet all the requirements before applying for the license.
It is essential to note that processing times for license applications can vary depending on the complexity of the business and the completeness of the application. Typically, it takes between 2 to 4 weeks for the Registration Authority to review and approve a license application.
- Open a bank account:
Opening a bank account for your business is essential to manage your company’s financial transactions. Several banks in Abu Dhabi offer corporate bank accounts for ADGM companies. To open a corporate bank account, you will need to provide the following documents:
- Certificate of incorporation
- Business license
- Board resolution authorizing the opening of the bank account
- Passport copies and personal information of the company’s shareholders and directors
It is advisable to research and compare the services, fees, and requirements of different banks before choosing the one that best suits your business needs. Additionally, some banks may require an in-person meeting with the company’s directors or shareholders, so it is crucial to plan accordingly.
- Obtain necessary permits and approvals:
Depending on your business activity, you may need additional permits and approvals from relevant authorities. For example, if your business involves importing or exporting goods, you may need to obtain import/export permits from the customs department. Similarly, if your company deals with sensitive data, you may require approvals from the ADGM Data Protection Commissioner.
It is essential to research and understand the specific permits and approvals required for your business activity and ensure that you comply with all the relevant regulations.
- Set up your office:
Once your trade name is registered, your license is approved, and you have opened a bank account, the final step is to set up your office. ADGM offers various office space options, including serviced offices, co-working spaces, and traditional leased offices.
When choosing an office space, consider factors such as location, size, layout, and cost. The Al Maryah Island area, where ADGM is situated, offers a wide range of office spaces to suit different business needs and budgets.
Here are some steps to help you set up your office in ADGM:
- Assess your office space requirements: Determine the size, layout, and facilities needed to accommodate your team and support your business operations. Consider factors such as meeting rooms, reception areas, and storage spaces.
- Research available office spaces: Explore various office space options within the ADGM area, including serviced offices, co-working spaces, and traditional leased offices. Compare the costs, terms, and conditions of each option to find the most suitable one for your business.
- Negotiate lease agreements: Once you have identified the ideal office space for your business, negotiate the lease agreement with the landlord or property management company. Ensure that the terms and conditions of the lease are favorable to your business and comply with ADGM regulations.
- Set up utilities and communication systems: Arrange for the installation of utilities such as electricity, water, and internet services. Additionally, set up communication systems, including telephone lines and internet connectivity, to ensure seamless communication within your company and with clients.
- Design and furnish your office: Create a comfortable and functional working environment for your team by designing and furnishing your office space. Consider factors such as ergonomics, lighting, and acoustics when selecting furniture and equipment.
- Hire and onboard employees:
Recruiting and onboarding employees are crucial steps in setting up your business in ADGM. You need to ensure that your workforce has the required skills, qualifications, and experience to support your business operations.
Here are some steps to help you hire and onboard employees in ADGM:
- Develop job descriptions: Create detailed job descriptions for each position, outlining the roles and responsibilities, qualifications, skills, and experience required.
- Advertise job vacancies: Use various recruitment channels, such as job portals, recruitment agencies, and social media platforms, to advertise your job vacancies and attract potential candidates.
- Conduct interviews and assessments: Screen and shortlist candidates based on their applications, and then conduct interviews and assessments to evaluate their suitability for the positions.
- Obtain work permits and visas: If you are hiring foreign employees, you will need to obtain work permits and visas for them. This involves submitting applications to the relevant authorities, such as the Ministry of Human Resources and Emiratisation and the General Directorate of Residency and Foreigners Affairs.
- Onboard new employees: Provide new employees with a comprehensive orientation program to familiarize them with your company’s culture, values, policies, and procedures. This will help them integrate seamlessly into your team and contribute effectively to your business.
Setting up a business in Abu Dhabi Global Market (ADGM) involves several steps, from registering your trade name and obtaining the necessary licenses to setting up your office and hiring employees. Following this comprehensive guide will help you navigate the process smoothly and successfully establish your business in one of the region’s most prestigious financial centers.
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