ADGM signs licence recognition agreement with Abu Dhabi economic authority
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.”