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Abu Dhabi Free Zone Hopes To Attract Venture Capital Firms

by Jason Gorringe, Lowtax.net, London
15 May, 2017

Abu Dhabi Global Market, the low-tax international financial center, has unveiled a regulatory framework for managers of venture capital funds.

The VC framework, which offers oversight proportionate to the level of an entity's risk, is said to be the first its kind in the Middle East and North Africa region (MENA). It was designed in close consultation with industry players.

The ADGM said "the framework recognizes the importance of VC funds in funding and nurturing start-ups, and small- and medium-sized enterprises.

The zone's regulator, the Financial Services Regulatory Authority, said the framework simplifies applicable regulatory requirements, while maintaining necessary safeguards to ensure VC funds operate in a safe and sound manner.

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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