ADGM Authorizes First Fund Administrator
by Lorys Charalambous, Lowtax.net, Cyprus
26 July, 2017
PraxisIFM has become the first fund administrator to be licensed to provide a full suite of fund administrative services from the Abu Dhabi Global Market, the low-tax financial center, the company said.
PraxisIFM has been granted a license to act as an administrator of collective investment funds. Last year, it was authorized to provide trust services in the region and is currently the only authorized trust company in the United Arab Emirates operating from a regulated offshore location.
Chris Gambrell, Managing Director of Praxis Fund Holdings, said the company had seen a developing interest in the fast-growing Middle East region from its existing fund clients.
"ADGM offers an attractive, alternative jurisdiction where funds can be domiciled or fund administration can be carried out," he said. "It's somewhere 'local' for Middle East clients, advisors, and managers. It means greater choice, opportunity, and flexibility for clients and opens doors to new Middle Eastern markets."
ADGM is an international financial center established in 2013. It offers a range of attractive benefits to firms, including exemption from taxes guaranteed for 50 years, and relaxed rules on the repatriation of profits. ADGM permits 100 percent foreign ownership.
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