New Abu Dhabi Free Zone Accepting Firms
by Lorys Charalambous, Lowtax.net, Cyprus
22 October, 2015
The Abu Dhabi Global Market (ADGM), a new free zone in the United Arab Emirates, announced that its Financial Services Regulatory Authority (FSRA) commenced operations on October 21, 2015.
ADGM said that firms and individuals can now apply for the appropriate financial services licenses to conduct business in the free zone.
Ahmed Ali Al Sayegh, the Chairman of ADGM, said: "We have established ADGM with an initial core focus based on Abu Dhabi's strength of wealth management, asset management, and private banking. However, we have the flexibility to grow into a broad based international financial center attracting a wide spectrum of financial institutions who will choose ADGM as their home. This will cement ADGM's global position and ensure we contribute to the global ecosystem of international markets and business networks."
Richard Teng, CEO of ADGM's Financial Services Regulatory Authority (FRSA), said: "The FSRA team is excited and looks forward to welcoming financial services firms who wish to establish their presence and fulfill their business growth in this market and region."
"Over the next few weeks and months, we will continue to closely engage financial institutions to help them understand our regulations and assist them with the application process. As an international financial center, we are dedicated to forging long term and mutually beneficial partnerships with like-minded members and market participants," he said.
ADGM offers firms a number of benefits, including exemption from taxes guaranteed for 50 years and relaxed rules on the repatriation of profits. The zone permits 100 percent foreign ownership.
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