Abu Dhabi Global Market Sees Threefold Increase In Firms
by Lorys Charalambous, Lowtax.net, Cyprus
16 November, 2017
Abu Dhabi Global Market (ADGM), the low-tax international financial center has reported a threefold increase in the number of registered firms over the previous year.
In only its second year of operation, some 550 companies and financial institutions have now made ADGM their home. They come from a broad range of industries and sectors, including well-established local family businesses, international financial institutions, funds, and professional and corporate service providers.
ADGM reported that it has seen strong interest in its new special purpose vehicle regime, with 200 companies incorporated in the first 12 months of the regime, as well as a positive response to its new foundations regime from the wealth preservation and wealth management community.
ADGM attributes the rapid growth in companies registering to factors such as ease of doing business in ADGM, consistently high levels of efficiency, a unique and comprehensive range of corporate and investment vehicles, and the full application of English common law. The increase in new companies compares favorably with other regional free trade zones, such as the Dubai International Financial Centre, an older zone, which is home to around 1,750 firms.
ADGM is an international financial center, which 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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