Rethink provides turn-key assistance on Regulated non-regulated business set up services in ADGM.
Through our team of senior level compliance advisors, combined with legal and corporate service expertise of our partners, we are able to provide the highest quality advisory for Regulated set up, at a competitive cost effective rate. The key to our success and the success of a timely business set up is the compliance and business plan advisory at the start of the process. This ensures that our clients present their plans correctly to the regulatory and /or the Registrar authority from the start.
In addition, to our services during company set up Rethink is able to provide a broad range of services, including:
- Outsourced Compliance Officer/ Money Laundering Reporting Officer
- Risk Officer
- Accounting and Finance Officer
- VAT advisory and implementation
- CRS/FATCA readiness assessment & support
- Targeted DNFBP support regarding policies and procedures and completion of AML Return support
- Assurance and Health Checks
- Regulatory Change Management
- Compliance Human Capital services
Steps to an ADGM Regulated Set up
Applicants interested in setting up operations in ADGM are required to submit an application to ADGM’s regulatory body, the FSRA, which will consider the merits and suitability of the applicant and the category of license for which the application is made.
The category of licence will depend upon the regulated activity(ies) that the business would like to engage in.
Managing an unrestricted Profit sharing investment account
Category 2: Providing Credit
Dealing in Investments as Principal (not as Matched Principal)
Category 3A Dealing in Investments as Principal (only as a Matched Principal)
Dealing in Investments as Agent
Category 3B Providing Custody (if only for a Fund)
Acting as Trustee of an Investment Fund
Category 3C Managing Assets
Managing a Collective Investment Fund
Providing Custody (other than for a Fund)
Managing a restricted Profit sharing investment account
Providing Trust Services as a trustee of an express trust
Category 4 Arranging Credit
Arranging Deals in Investments
Advising on investments or Credit
Acting as Administrator of a Collective Investment Fund
Operating a Credit Rating Agency
Administering or providing information in relation to a Specified Benchmark
Providing Money Services
Operating a Multilateral Trading Facility or Organised Trading Facility
Operating a Representative Office
Providing Trust Services (other than as a trustee of an express trust)
Category 5 is an Islamic Financial Institution managing a Profit sharing investment account
Islamic Financial Business
A Shari’a compliant regulated activities
At the initial stages of the registration process, an introductory meeting is held with the ADGM and FSRA and a draft regulatory business plan is submitted for consideration. Once the FSRA has reviewed the draft regulatory business plan, the applicant submits their full application, including a Regulatory Business Plan. The FSRA will conduct an initial review of the application documents to ensure they are in good order and will then carry out its own due diligence, entering into ongoing dialogue with the applicant. An In-Principal Approval letter is issued to the applicant once the FSRA have satisfactorily conducted their due diligence. The applicant is required to incorporate the entity open a bank account and rent office space before the FSRA grant financial services permission to the applicant.
Why the ADGM
- 100% foreign ownership
- 0% corporate tax for 50 years
- No restriction on capital repatriation
- 0% import or re-export duties
- 0% personal income tax
- No currency restrictions
- No restriction on foreign talent or employees
- US$ denominated environment
- Dispute Resolution Authority (comprising ADGM Courts and Arbitration Institution)
- Financial Services Regulatory Authority
- ADGM Courts and its judiciary are broadly modelled on the English judicial system, considered a coherent, recognised and accepted legal framework and judicial system. The foundation of the civil and commercial law in ADGM is provided by the Application of English Law Regulations 2015. Those Regulations make English common law (including the rules and principles of equity) directly applicable in ADGM. In addition, a wide-ranging set of well-established English statutes on civil matters are also applicable in ADGM.
- Enforceable judgments and rulings in ADGM and throughout the UAE in other jurisdictions
- ADGM Courts do not have jurisdiction in criminal matters. Accordingly references in the English Statutes to criminal offences have been amended to breaches of the ADGM Courts Regulation or Rules and are punishable by a monetary fine.