ADGM signs li­cence recog­ni­tion agree­ment with Abu Dhabi eco­nomic au­thor­ity

The National - News - - BUSINESS - JOHN EVERINGTON

Abu Dhabi Global Mar­ket (ADGM) reg­is­tered com­pa­nies will be able to ser­vice clients on­shore Abu Dhabi with­out the need for a sep­a­rate of­fice, fol­low­ing a mu­tual li­cence recog­ni­tion agree­ment signed yes­ter­day be­tween the free zone and the Abu Dhabi Depart­ment of Eco­nomic De­vel­op­ment (Added).

The agree­ment en­ables en­ti­ties es­tab­lished in ADGM to hold both ADGM com­mer­cial and Added trade li­cences. The frame­work hinges on con­di­tions that en­ti­ties sat­isfy and ful­fil re­spec­tive li­cenc­ing re­quire­ments of each ju­ris­dic­tion and op­er­ate ac­cord­ing to the rel­e­vant on­shore and off­shore rules and reg­u­la­tions.

El­i­gi­ble en­ti­ties reg­is­tered in ADGM’s premises will be able to con­duct busi­ness on­shore with­out the need for an on­shore of­fice. On­shore en­ti­ties wish­ing to con­duct busi­ness in ADGM, how­ever, will still re­quire an of­fice in the free zone’s premises in Al Maryah Is­land.

“We would like to thank Abu Dhabi Depart­ment of Eco­nomic De­vel­op­ment for their co-op­er­a­tion and un­wa­ver­ing sup­port through­out our jour­ney,” said Dha­her Al Mheiri, chief ex­ec­u­tive of ADGM’s reg­is­tra­tion au­thor­ity.

The agree­ment comes two days af­ter the free zone an­nounced a con­sul­ta­tion on a pro­posed new frame­work of­fer­ing re­mote mem­ber­ship to bro­kers lo­cated out­side ADGM, en­abling them to ac­cess ex­changes and clear­ing houses within the free zone.

“The pro­posed new frame­work will ex­tend the reach of ADGM-based ex­changes by al­low­ing in­ter­na­tional in­vestors to trade and set­tle their trades with greater con­ve­nience and choice,” ADGM said.

“With the in­tro­duc­tion of re­mote trad­ing mem­bers, for­eign in­vestors can also be served by the trad­ing pro­fes­sion­als with ac­cess to the Abu Dhabi and re­gional mar­kets.”

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